Canadian issues that are moving on early news
Forent Energy Ltd. reported a second-quarter 2012 net loss of $692,730, or $0.01 per share, on revenues of $824,158. In the same period last year, net loss was $112,747 on revenues of $1.3-million. No analyst estimates were available for comparison.
ePals Corporation reported a second-quarter 2012 net loss of $4.2-million, or $0.03 per share, on revenues of $3-million. In the corresponding period last year, net loss was $2.3-million, or $0.82 per share, on revenues of $485,000. No analyst estimates were available for comparison.
Pinecrest Energy Inc. announced its 2012 second-quarter results and provided an operational update. Among other highlights, it increased average daily production to 2,951 boe/d from 830 boe/d in second quarter 2011; generated an operating netback of $63.97/boe; lifted funds from operations to $15.9-million from $4.6-million; reduced second-quarter 2012 production and transportation costs to $15.08/boe from $21.76/boe; and exited the quarter with a strong balance sheet with net debt and working capital deficit of $6.6-million on a bank line of $125-million.
Orca Exploration Group Inc. announced its results for the second quarter. It said: "The past 12 months have been trying ones for Orca's management and our shareholders. However the positive developments of the past few months give us reason to believe that a mutually satisfactory resolution of all outstanding financial and contractual issues can now be achieved, allowing Orca to move forward with confidence. Both Orca and the Government of Tanzania have re-committed to a closely cooperative relationship in moving towards our common interests."
Laurentian Bank Securities kept a "buy" rating but raised its target price on Legumex Walker Inc. to $13.00 from $12.50 on this week's news it has entered into a letter of intent to acquire privately-held Keystone Grain Ltd. Legumex Walker shares rose more than 12 per cent Tuesday.
Hawk Exploration Ltd., which rose 16 per cent Tuesday, said it averaged 486 boe/d of production for the second quarter of 2012, a 30 per cent increase over second-quarter 2011. It also increased oil production by 38 per cent; increased the oil weighting as a per cent of total production to 95 per cent in the second quarter of 2012 from 90 per cent and achieved quarterly funds flow from operations of $1.3-million in the second quarter of 2012, an 8 per cent increase.
BlueScout Technologies, which is trading near a year low 6 cents, recorded a net loss for the second quarter of $2.5-million (U.S.) or $0.02 per share, compared to a net loss of $2.2-million or $0.03 per share for second quarter 2011.
Emerald Bay Energy Inc. provided an operational update on its Guadalupe County and Medina County operations in Texas.
YANGAROO Inc. reported its second-quarter results just after market close Tuesday. It posted revenue growth of 104 per cent year over year and said its net loss was down 68 per cent over the same period in 2011.
Lignol Energy Corporation reported a fourth-quarter net loss of $0.4-million or $0.01 per share (basic and fully diluted) compared to a net loss of $0.8-million or $0.02 per share (basic and fully diluted) a year earlier.