MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING WEDNESDAY, FEBRUARY 4, 1998 (4)
MOST ACTIVES
Norcen Energy Resources, Ranger Oil, Startech Energy and Probe Exploration were among the top 50 most active issues on the TSE.
Tarragon Oil & Gas gained $0.65 to $9.65.
Percentage gainers included Black Rock Ventures 18.2% to $1.30, Cavell Energy 9.3% to $1.18, Abacan Resources 8.3% to $2.87, Tarragon Oil & Gas 7.2% to $9.65, International Rochester 7.1% to $1.50, Probe Exploration 7.0% to $4.74 and Bonavista Petroleum 7.0% to $4.60.
On the downside, Startech Energy fell $0.95 to $7.00, Canadian Occidental Petroleum $0.75 to $30.40, Northrock Resources $0.75 to $19.50 and Ulster Petroleums $0.60 to $12.00.
Percentage losers included Startech Energy 11.9% to $7.00, Cypress Energy 10.5% to $4.25, Comstate Resources 7.4% to $2.50, Beau Canada Exploration 5.5% to $2.60, Triumph Energy 5.5% to $2.60 and Merit Energy 5.0% to $4.75.
There were no new 52-week highs.
Chauvco Resources International, Raider Resources and Startech Energy reached new 52-week lows.
No service companies were listed among the top 50 most active issues on the TSE.
Dreco Energy Services gained $2.15 to $42.50, Precision Drilling $1.20 to $26.25, NQL Drilling $1.10 to $12.25, ATCO I $0.75 to $37.50, Ensign Resource Services $0.55 to $28.75 and Canadian Fracmaster $0.50 to $19.00.
Percentage gainers included Petro Well Energy 13.6% to $1.25 and NQL Drilling 9.9% to $12.25.
On the downside, Mullen Transportation fell $1.00 to $20.00 and Shaw Industries A $0.70 to $43.30.
Percentage losers included Inter-Tech Drilling, down 5.0% to $0.95.
ATCO I reached a new 52-week high. Anadime reached a new 52-week low.
Over on the Alberta Stock Exchange, HEGCO Canada, Stampede Oils, Bearcat Exploration, Green River Petroleum, Colt Energy, Ionic Energy, Dakota Resources, Commonwealth Energy, Devlan Exploration, Gold Star Energy, Esker Resources, Tessex Energy and Scarlet Exploration were among the top 30 most active issues.
HEGCO Canada gained $0.96 to $3.20, Devlan Exploration $0.24 to $0.84, Cypress Energy $0.15 to $5.25, Niko Resources $0.15 to $4.40, Newquest Energy $0.10 to $5.80, Tappit Resources $0.10 to $0.50 and Commonwealth Energy $0.09 to $0.79.
Percentage gainers included HEGCO Canada 42.9% to $3.20, Devlan Exploration $40.0% to $0.84, Tappit Resources 25.0% to $0.50, Stampede Oils 19.2% to $0.31 and Fox Energy 16.7% to $0.49.
On the downside, Sunburst Oil & Gas fell $0.17 to $1.05, Solid Resources $0.15 to $6.80, Green River Petroleum $0.14 to $0.98, Gronarctic Resources $0.13 to $0.41, Lexxor Energy $0.13 to $0.75, Ascot Energy Resources $0.10 to $0.15, Belfast Petroleum $0.10 to $2.30, Beaver Lake Resources $0.10 to $0.35, Corridor Resources $0.10 to $1.30, Moxie Petroleum $0.10 to $1.50, Plexus Energy $0.10 to $0.70, Colt Energy $0.09 to $1.30 and Syner-Tech Seismic $0.09 to $1.85.
Percentage losers include Ascot Energy Resources 40.0% to $0.15, Texalta Petroleum 32.0% to $0.17, Gronarctic Resources 24.1% to $0.41, Beaver Lake Resources $22.2% to $0.35, Rockport Energy $20.0% to $0.20, Canadian Blackhawk 16.7% to $0.25, Lexxor Energy 14.8% to $0.75, Sunburst Oil & Gas 13.9% to $1.05, Scimitar Hydrocarbons 13.6% to $0.51, Green River Petroleum 12.5% to $0.98, Plexus Energy 12.5% to $0.70 and Mart Resources 11.1% to $0.40.
HEGCO Canada, Lodestar Energy and Newquest Energy reached new 52-week highs.
Ascot Energy Services, Beaver Lake Resources, Blue Power Energy, Green River Petroleum, Lexxor Energy and Plexus Energy reached new 52-week lows.
An excellent summary of most actives covering all four of the Canadian Stock Exchanges can be found at quote.yahoo.com
NEW LISTING
NORTHLINE ENERGY SERVICES INC. common shares will commence trading on The Alberta Stock Exchange under the trading symbol "NES" on Thursday, February 5, 1998. NEL is a new formed private company that is engaged in the business of marketing, selling and providing endless coiled tubing and related services to the oil and gas industry in Alberta. NEL has completed the construction of its first coiled tubing unit and began operations on January 15, 1998.
KERM'S TOP 21 - SPEC 15 - SERV 9 COMPANIES IN THE NEWS
PETRO-CANADA has made a second natural gas and condensate discovery in its exploration program in Algeria.
The latest well, Timellouline Sud-1 (TMLS-1), follows the gas and condensate discovery at Hassi Imoulaye-1, announced on December 3, 1997. TMLS-1 is the third discovery in Petro-Canada's exploration program on the Tinrhert block. The first discovery led to development of the Tamadanet oil field, where Petro-Canada's 1997 share of production averaged 5,700 barrels of oil a day before royalty and production sharing.
The TMLS-1 well encountered 80 metres (262 feet) of gas-condensate pay from five different zones within the Siluro-Devonian formation. Six drill stem tests were conducted with cumulative stabilized daily rates of 117 million cubic feet of gas and 5,280 barrels of condensate. A seventh test produced only water, and an eighth test had no recovery. Petro-Canada and SONATRACH, the Algerian national oil company, are evaluating the results of these tests and those at Hassi Imoulaye-1 to determine the commercial potential of the discoveries.
The 8,000 square kilometre (2.0 million acre) Tinrhert Block is located in the Sahara Desert about 1,000 kilometres southeast of Algiers. Existing production from SONATRACH in the block supports a highly developed pipeline infrastructure for gas, oil and condensate throughout the block.
The drilling rig is currently moving to the Ouine Eslak location, where it will spud the next exploration well in mid February.
Petro-Canada said yesterday it plans talks with Algeria's state oil company about additional activities after making a second natural gas and condensate discovery in the African country. A Petro-Canada spokesman said the partners will discuss shooting additional seismic data and drilling to obtain a better idea of the reserves and production rates of the gas strikes.
"It's probably going to take a year to determine when and how we might develop these discoveries," said Tony Pargeter, director of corporate communications. Pargeter said the integrated company's 1998 international spending of $35 million is not being trimmed because of soft commodity prices. More than half of the money will be devoted to Algeria and the rest will go to its Norwegian North Sea operations.
NOTE: Also see story on Syncrude Canada.
GRANGER ENERGY CORP. announced that it has implemented a Normal Course Issuer Bid through the facilities of the Alberta Stock Exchange.
Commencing February 5, 1998 and ending February 4, 1999, the Corporation may purchase up to 10 percent of the public float of each of its three class of shares provided that no more than 2 percent of the issued shares in any given class will be puchased in any given 30 day period. The 10 percent public float limit for each class is as follows: Class A shares 463,787 -- Class B shares 367,488 -- Class C shares 10,758.
All shares purchased under the issuer bid will be canceled therebyincreasing the respective proportionate share interests of all the remaining shareholders.
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