Oil and Gas Stock Rises on Potential Asset Sales

Obsidian Energy Ltd. (TSX:OBE), an oil and gas stock, moved higher after announcing that it is exploring the sale of its Alberta Viking and Peace River assets

Sean Mason | April 2, 2018 | SmallCapPower

Possible asset sales pumped up a Canadian oil and gas stock Monday. Here’s some small stocks making big moves on Monday, April 2, 2018 (as of 4 pm EST):

Obsidian Energy Ltd. (TSX:OBE), an oil and gas stock, gained 2% to $1.32 on Monday after announcing that it has retained RBC Capital Markets to explore a potential sale of the Company’s Alberta Viking assets and is engaged in ongoing discussions with China Investment Corporation regarding a disposition of the Company’s share of jointly-owned Peace River assets.

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As well, shares of Village Farms International, Inc. (TSX:VFF) slipped 10% to $5.13 as the vertically-integrated greenhouse grower said its fiscal 2017 sales increased 2% to US$158.4 million while its EBITDA for the year fell 22% to US$7.4 million.

Transcontinental Inc. (TSX:TCL.A), meanwhile, reported that it has agreed to acquire flexible packaging company Coveris Americas for US$1.32 billion. Coveris Americas generated US$966 million in revenues and US$128 million in Adjusted EBITDA for its fiscal year ended December 31, 2017. Transcontinental stock moved up 10% to $27.92 following the announcement.

Finally, Lithoquest Diamonds Inc. (TSXV:LDI) shares surged 150% to $0.60 after the diamond explorer announced that micro-diamonds have been recovered from a sample of highly-weathered outcrop at target 0702 on its 100% owned North Kimberley Diamond Project in Western Australia.

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

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