Oil and Gas Junior Powers Higher on Drilling Approvals

International Frontier Resources Corporation (TSXV:IFR), an oil and gas junior, jumped after announcing that its joint venture has received approvals for its first conventional horizontal well

Sean Mason | October 18, 2018 | SmallCapPower

Anticipation of the start of drilling a conventional horizontal well pumped up shares of an oil and gas junior Thursday. Here’s some small stocks making big moves on Thursday, October 18, 2018 (as of 4 pm EST):

International Frontier Resources Corporation (TSXV:IFR) shares climbed 24% to $0.13 on Thursday after the oil and gas junior announced that its joint venture, Tonalli Energia, has secured the necessary approvals for its first conventional horizontal (TEC-11) well at Tecolutla in Mexico.

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As well, shares of UrtheCast Corp. (TSX:UR) slid 16% to $0.285 as the geospatial and geo-analytics provider said it has signed a binding contract for US$30 million to provide data from the Company’s planned UrtheDaily satellite Constellation.

The Mint Corporation (TSXV:MIT), meanwhile, reported that its majority-owned subsidiary, Mint Gateway For Electronic Payments Services LLC based in the United Arab Emirates (UAE), has signed an agreement to acquire the payroll card portfolio of a UAE-based financial institution delivering payroll to over 100,000 workers. With this acquisition Mint will have over 500,000 payroll cardholders and the Company added that the acquisition is a significant milestone and is a part of Mint’s market consolidation strategy in the UAE. Mint Corporation stock moved up as much as 13% following the announcement.

To find out more about The Mint Corporation, please visit the company’s Investor Hub.

Ubika Research/SmallCapPower has received compensation from Mint to provide analyst research coverage. For full disclosure please visit here >>.

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

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