Energy Penny Stock Powers Higher on Asset Sale

Penn West Petroleum Ltd. (TSE:PWT), an energy penny stock, shot up on a $975 million deal with Teine Energy Ltd.

Sean Mason | June 13, 2016 | SmallCapPower

Shareholders of an energy penny stock applauded a bit of debt relief Monday, while a potential diamond find sparked much speculation. Here’s some small stocks making big moves on Monday, June 13, 2016 (as of 4 pm EST):

PWT logoPenn West Petroleum Ltd. (TSE:PWT) shares soared 39% to $1.61 on Monday after the energy penny stock announced that it has agreed to sell all of its Saskatchewan assets, including its Dodsland Viking area, to Teine Energy Ltd. for cash consideration of $975 million.

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As well, shares of Sphinx Resources Ltd. (CVE:SFX) jumped 75% to $0.035 as the mineral exploration company said it has acquired a 100% undivided interest in 24 gold/copper claims in the James Bay region of Québec from Les Ressources Tectonic Inc.

Pangolin Diamonds Corp. (CVE:PAN), meanwhile, reported that it has identified a second kimberlite target at its wholly-owned Motloutse Diamond Project in Botswana. Pangolin Diamonds stock moved up 6% to $0.18 following the announcement.

Finally, Wellgreen Platinum Ltd. (TSE:WG) shares rose 17% to $0.315 after the resource project developer announced the appointment of Diane Garrett as its new President and Chief Executive Officer. Ms. Garrett was the former CEO of Romarco Minerals Inc.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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