Front Range Resources Ltd. (CVE:FRK), an energy junior, slipped after announcing results of the second well in its horizontal Montney winter drilling program
Sean Mason | May 9, 2017 | SmallCapPower
Investors soured on an energy junior Tuesday following Alberta oil and natural gas well results. Here’s some small stocks making big moves on Tuesday, May 9, 2017 (as of 4 pm EST):
Front Range Resources Ltd. (TSXV: FRK) shares plunged 51% to $0.14 on Tuesday after the energy junior announced the results of the second well in its horizontal Montney winter drilling program located on its Company operated 44-section Pepper, Alberta land block. Over the last 24 hours of the 15 day flow test period, the 6-28 Well flowed at an average rate of approximately 4.36 mmcf/d of natural gas (0.03% H2S) and 1.25 barrels per day of 42° light oil at a flowing casing pressure of 6,187 kPa (897 psi), although free oil appeared only after 42.9% of the load fluid was recovered.
As well, shares of Home Capital Group Inc. (TSX: HCG) surged 30% to $8.86 as the provider of residential and non-residential mortgage lending said its subsidiary, Home Trust, has entered into an arrangement with an independent third party that wishes to purchase funded mortgages or accept mortgage commitments and renewals up to a total of $1.5 billion.
Electrovaya Inc. (TSX: EFL) stock, meanwhile, moved up 14% to $2.25 after the Company was featured on CBC News’ The National on Monday evening. Electrovaya designs, develops and manufactures Lithium Ion Super Polymer batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications.
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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.
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