Wellstar Energy Corp. (CVE:WSE), an energy junior, jumped after announcing a Letter of Intent to acquire certain Alberta oil & gas assets
Sean Mason | July 28, 2016 | SmallCapPower
A potential Alberta oil and gas deal pumped up an energy junior Thursday, while drilling put a charge into a popular lithium play. Here’s some small stocks making big moves on Thursday, July 28, 2016 (as of 4 pm EST):
Energy junior Wellstar Energy Corp. (CVE:WSE) surged 157% to $0.09 on Thursday after announcing that it has entered into a Letter of Intent to acquire certain oil & gas assets located in east central Alberta for a net purchase price of $12 million, $8 million of which will be cash with the remainder being Wellstar stock.
As well, shares of WiLAN (TSE:WIN) slid 16% to $2.84 as the patent licensing company said its second-quarter revenue fell to $16.0 million from $35.0 million, while swinging to a net loss of $0.03 per share for the quarter compared with a profit of $0.09 a share during the same period last year.
Lithium X Energy Corp. (CVE:LIX), meanwhile, reported that it is set to begin drilling as part of the Phase 1 exploration program at its Clayton Valley North Lithium Project in Nevada. Lithium X Energy stock moved up 11% to $1.99 following the announcement.
Finally, Jura Energy Corporation (TSE:JEC) shares jumped 71% to $0.12 after the energy junior announced that it made a gas discovery at the Guddu block in Pakistan, with test results flowing gas at an average rate of 2.95 MMcf/d.
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