Energy Services Stock Pops on Contract Expansion

Wavefront Technology Solutions Inc. (TSXV:WEE), an energy services stock, surged after announcing the  stimulation campaign in Saudi Arabia has been expanded

Sean Mason | January 24, 2018 | SmallCapPower

Significant news from the Middle East pumped up an energy services stock Wednesday. Here’s some small stocks making big moves on Wednesday, January 24, 2018 (as of 4 pm EST):

Wavefront Technology Solutions Inc. (TSXV:WEE), an energy services stock, powered 36% higher to $0.395 on Wednesday after announcing that the original seven well Powerwave Odyssey custom stimulation campaign in the Kingdom of Saudi Arabia announced on December 13, 2017, having an approximate value of US$250,000, has now been expanded to 12 wells. Wavefront Technology is a provider of fluid injection technology for oil and gas well stimulation and Improved/Enhanced oil recovery.

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As well, shares of CanniMed Therapeutics Inc. (TSX:CMED) shot up 12% to $41.90 as the medical cannabis company said it has agreed to Aurora Cannabis Inc.’s (TSX:ACB) revised takeover offer. The new cash-and-stock offer equates to $43 per CanniMed Therapeutics share, a 79% increase from the original $24 a share bid from Aurora Cannabis.

Condor Petroleum Inc. (TSX:CPI), meanwhile, reported that commercial production has begun at its 100% owned and operated Poyraz Ridge natural gas field in Turkey. Condor’s total production is currently ranging from 1,600 to 1,700 boepd, an increase of more than four times the 2017 average of approximately 400 bopd from the Company’s oilfields in Kazakhstan. Condor Petroleum stock flew 10% higher to $0.66 following the announcement.

Finally, HIT Technologies Inc. (TSXV:HIT) shares jumped 300% to $0.10 after the distributor of lifestyle brand HITCASE announced the availability of the company’s products through Best Buy USA’s online portal at BestBuy.com and on the Best Buy mobile App for Apple and Android.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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