SMALL CAPS: Midnight Trader Stocks To Watch For Friday November 25
(Midnight Trader's Small Caps To Watch column is published in Canada's Globe and Mail newspaper under the Investing section each work day.)
PetroMagdalena Energy Corp. (PMD.V), which lost 4 cents or 2.5% yesterday, announced that it has executed a conditional assignment agreement whereby it will acquire an additional 32.5% working interest in the Arrendajo block in the Llanos basin. In addition, the company announced the conclusive and final settlement with Beta Energy Corp., whereby it regains control of two rigs located in Colombia, one of which will be used to drill the upcoming Yopo exploration well on the Cubiro block.
Bellamont Exploration Ltd. (BMX-A.V), which edged lower yesterday, provided a summary of its financial and operating results for the three and nine months ended September 30, 2011 and announced a new Montney oil pool discovery and an acquisition in its core Grimshaw area. It also provided an update herein with respect to its estimated oil and gas reserves. Net income for the latest quarter was $1.3 million compared to a net loss of 615,000 in the year earlier period. Bellamont said it has entered into an agreement to acquire a minority partner's interest in the Grimshaw area. The acquired asset consists of 13 gross sections (5.2 net) of land and includes a 25% per cent working interest in two joint Montney oil wells. Following closing of the acquisition, Bellamont will have a 100% working interest in 17 contiguous sections of lands at Grimshaw. On reserves, a Preliminary Report indicated total proved reserves of 6,912 Mboe (48.6% oil and natural gas liquids) with a net present value of future net revenue of $106.3 million and total proved plus probable reserves of 15,006 Mboe (45% oil and natural gas liquids) with a net present value of future net revenue of $190.7 million. These findings represent a 30% increase in total corporate proved plus prable reserves and a 26% increase of net present value of future net revenue over 2010.
Petro-Reef Resources Ltd. (PER.V), which closed yesterday's session touching a day high 40 cents, announced late Thursday a production increase of 181 BOE/day and a 12% increase in proved plus probable reserves. The company said gross proved plus probable reserves at October 1, 2011 indicated an increase of 12% to 1.8 million BOE from 1.6 million BOE at December 31, 2010, after extensions, technical revisions, discoveries, acquisitions, economic factors, and production.
Futuremed Healthcare Products Corporation (FMD.TO) and Cardinal Health Canada Inc., a wholly-owned subsidiary of Cardinal Health Inc., reported on developments in the Competition Bureau's review of Cardinal Health Canada's proposed acquisition of Futuremed under the Canadian Competition Act. Futuremed edged lower yesterday, taking it a bit further back from an existing year high $8.27. Cardinal Health Canada and Futuremed filed pre-merger notification filings with the Competition Bureau in respect of the proposed acquisition, and recently received Supplemental Information Requests for additional information required by the Competition Bureau to complete its review of the proposed acquisition. "The Supplemental Information Requests were not unexpected and Futuremed and Cardinal Health Canada will continue to work with the Competition Bureau through its ongoing review," a statement said. Cardinal Health Canada's offer remains subject to the satisfaction of the conditions detailed in its offer, including a minimum of two thirds of the outstanding common shares of Futuremed being deposited to the offer and regulatory approval under the Competition Act.
PharmaGap Inc. (GAP.V), which has been trading near a year low 5 cents, announced that liposomal formulations of its cancer drug have proven to meet and surpass expectations for three key elements important for clinical trials - potency, pharmacokinetic profile, and therapeutic index. While focusing on ovarian cancer for definitive efficacy testing to provide proof of concept for first clinical trial application, the company said it continues investigation and development of these liposomal peptides in order to expand initial application to other cancer indications for future marketing.
Innergex Renewable Energy Inc. (INE.TO) announced it has begun commercial operation of its Montagne-Seche wind farm, located in the Gaspe Peninsula, Quebec.
Hydrogen generation and fuel cell products maker Hydrogenics Corporation (HYG.TO) announced today that it has been awarded with the deal to deliver one HySTAT60, capable to produce 130kg a day of pure hydrogen. The company said it will be part of a complete electrolysis-based fueling station awarded to Carbagas, a fully owned subsidiary of the Air Liquide group.
Advanced Explorations Inc. (AXI.V) today announced that results of its 2011 exploration program on the western portion of the Melville Peninsula, Nunavut, include the important discovery of new nickel-copper-cobalt and copper-silver-gold mineralization. John Gingerich, President and CEO, said "The prospect of discovering high grade Ni-Cu and Cu-Ag-Au systems provides the opportunity to create additional shareholder value through possible partnerships and/or spin-offs while AEI remains focused on the development of its core iron ore assets."
Changfeng Energy Inc. (CFY.V), which has been trading near a year low of 10 cents, today announced its financial results for the three months ended September 30, 2011. The natural gas distribution utility operating in China said it had a net loss of $0.3 million or $0.005 per share, erasing year-ago income of $0.3 million or $0.004 per share. Revenues, however, increased 10% to $5.9 million. Cash flow from operating activities was $1.5 million versus $0.6 million for the corresponding periods in 2010.
Manitou Gold Inc. (MTU.V) reported today assay results received from the visible gold intersection in diamond drill hole KW-11-69 as well as channel sample results along the number 2 shear from the Kenwest Project located in Northwestern Ontario. The company said discoveries occurred during the course of the ongoing exploration programs while conducting diamond drilling and surface trenching on the Kenwest Property.
Turbo Power Systems (TPS.TO), the innovative electrical motors, generators and power electronics company, said it has entered into an agreement to provide consultancy services to Vale Solucoes em Energia on an ongoing basis, which will initially be worth GBP 0.2 million. Peter Brown, Chief Executive Officer of TPS, said "This contract reflects well upon our recent efforts and demonstrates the continued confidence that the market has in Turbo Power Systems."
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