Tuscany Energy Ltd (TSXV: TUS), a junior oil & gas explorer, experienced a strong momentum after the stock climbed over 25% in the last two days on record increases in production, revenues and cash flow from operations for the six months ended June 30, 2014. The stock gained momentum after climbing more than 11% during each of the past two consecutive trading sessions with massive number of shares exchanging hands. During the last trading session, TUS was the top performer in the Canadian energy space after gaining 12.4% and ended at its 52-week high of C$0.50 while recording significant volumes of 259,566 shares. During the past 5-trading sessions, TUS gained 28.2% while recording daily average trading volumes of 108,383 shares, while the stock accumulated over 19% in the last one month with daily average trading volume of 819,506 shares. We note that the stock is up 228% year-to-date.
Recently, TUS reported strong operating and financial results for second quarter and first six months of fiscal 2014. For the quarter ended June 30, 2014 production averaged a record 758 BOED compared with 675 BOED in Q1 2014. Revenues during the quarter increased 198% to C$4.9 million over the same quarter last year. For the first half of 2014, the company’s revenues jumped 209% to C$9.0 million from the same period of 2013, while cash flow from operations increased to C$4.3 million or C$0.11 per share, significantly higher than the $0.6 million reported in 2013. For the first half average production increased to 717 BOED compared with 295 BOED in 2013.
Company Description:
Tuscany Energy Ltd (TSXV: TUS) explores for, develops, and produces oil and gas. The company holds interests in properties located in the Hayter area of Alberta, Canada.
1-Year Stock Chart:
Source: Bloomberg
