GMP Capital Inc. dropped more than 3 per cent early Friday after announcing that it had second-quarter profit of $5.1-million or $0.04 per share, down sharply from $24.1-million or $0.32 per share in second-quarter 2010, as a result of lower levels of business activity. Revenue also fell to $67.6-million by as much as 41 per cent, reflecting a challenging business environment amid renewed economic uncertainty.
Brookfield Real Estate Services Inc. reported Friday that it had cash flow from operations of $6.8-million or $0.53 per share for the three months ended June 30, 2011, down from the previous year’s $7.6-million. The year-over-year $0.8-million decrease in the cash flow from operations for the quarter can be attributed to the timing of market activity and the lag effect of the company recording its royalties when a home sale transaction closes, which is typically 30 to 45 days after the market has reported the home sale. Net earnings were $4.9-million or $0.52 per share, down from $9-million or $0.95 per share.
Angle Energy Inc. jumped to as high as $9.45 early Friday after announcing that it has achieved a new record corporate quarterly production of 12,986 boe/day, resulting in 78 per cent increase over the second-quarter of 2010 with current estimated field production in excess of 14,200 boe/d. Revenue increased 115 per cent to $48.6-million from the second-quarter of 2011 while the average operating netback was $24.36 per boe, compared to $24.29 per boe in the second-quarter of 2010.
Sun-Rype Products dropped by as much as 12 per cent after reporting Friday that it had a net loss of $1.4-million or $0.13 per share for the second-quarter ending June 25, 2011, erasing its profit of $1.6-million or $0.15 per share for the same period in 2010. Net sales were $35.9-million for the quarter, an increase of 12 per cent from the previous year. The company said higher cost of goods sold due to rising commodity prices, including apples and fruit concentrates, led to reduced gross profit and earnings.
La Mancha Resources , a Canadian gold producer, reported Friday that it had net earnings of $11.3-million for the second-quarter, an increase of 40 per cent from the same period in 2010 after profiting from stronger gold prices. Consolidated production remains in line with its 2011 guidance of 115,000 to 135,000 attributable ounces of gold, as its output during the first half of the year totalled 67,058 ounces at a cash cost of $637 U.S. per ounce.
Boralex Inc. fell close to 5 per cent early Friday after reporting revenue totalling $54.0-million in the second-quarter of 2011, up 47.1 per cent compared with the same period of 2010 owing to the expansion in its wind power segment and asset acquisitions. It recorded, however, a net loss for the quarter amounting to $5.1-million or $0.14 per share, up from the previous year’s net loss of $4.7-million or $0.12 per share after the decline in operating income from U.S. wood-residue power stations and higher financing costs arising from the issuance of convertible debentures.
Batero Gold Corp. reported the latest drill results from an additional five holes (2,401.34 metres) drilled on the company’s 100 per cent owned Batero-Quinchia project in Risaralda, Colombia. The company has now reported results for 38 holes (18,149.47 metres). “These drill results confirm our strategic approach to further delineate and infill La Cumbre porphyry, to extend its boundaries laterally and at depth. We are also very pleased on the strong success rate of our exploration drilling program with new porphyry mineralization intersected at El Centro (Manzanillo, La Lenguita and El Cedral),” said Brandon Rook, president and chief executive officer, in a statement. “We are fast tracking the delineation drilling over a distance of more than 2 kms, from La Cumbre to El Centro up to Dos Quebradas with the goal to incorporate the newly discovered mineralized zones in the upcoming resource estimate planned for Q4 2011.” Batero added drilling continues to expand La Cumbre gold copper porphyry to the northwest and southeast.
Brookwater Ventures Inc. , an emerging oil and gas company, announced today that it has formed a Special Acquisition Committee to review and approve certain investment, acquisition, and corporate related transactions proposed by the company’s management. As the company is currently pursuing and evaluating several opportunities to aggressively grow its business, the committee will assist and spearhead prioritizing these opportunities, it said. Stan Bharti, chairman of the board, said in a statement: “We are excited about a number of current and future prospects under review. Beyond simply growing our asset base through the upcoming 11th Bidding Round of the ANP, there are a number of other opportunities that warrant further assessment. Establishing the Special Acquisition Committee will assist the company in prioritizing our approach as we continue our work in the weeks and months ahead.”
Duran Ventures Inc. eased to 25 cents in the early minutes of trading today but it has since turned positive. The company has provided additional results from the ongoing resource drilling program at the company’s 100 per cent owned Aguila Porphyry Copper and Molybdenum Project in Peru. All drill holes are located on The Aguila Project, located in the Department of Ancash in north central Peru, some 400 kilometres northwest of Lima. It said more than 8,500 metres had been drilled as of July 29 with 17 holes completed and four in progress. A fourth drill rig, which was previously working on the company’s Corongo Project, was mobilized to Aguila on July 15 in order to accelerate the drilling program. “Company geologists believe that the Aguila Project is comparable in terms of style and grade of mineralization and geological setting to the nearby Magistral deposit but that Aguila may offer greater tonnage potential,” it said.
Molycor Gold Corp. reported that Wardrop Engineering, a Tetra Tech company, has completed a preliminary economic assessment for the company’s 100 per cent owned Tami Mosi Magnesium Project located in the Schell Creek Range of White Pine County near Ely, Nevada. It said the report suggests an economically attractive opportunity exists to develop the Tami Mosi Magnesium Project within the U.S. It said: “The report demonstrates the ability to exploit the resource in excess of 30 years. The conceptual basis of the report is for the project’s business operations to be performed within the U.S., where protective tariffs are in place on imported magnesium metal. The report is based upon a resource estimate analysis showing the inferred resource estimated by Wardrop to be 412 million tonnes with an average grade of 12.3 per cent Mg for a contained metal content of 111 billion pounds of Magnesium using a 12 per cent Mg cut-off grade. No dilution is incorporated in the Wardrop estimate. The increased tonnage and grade over earlier estimates results from the acquisition of 13 more contiguous claims as well as applying block modeling and surface sampling.”
NuVista Energy Ltd. announced results for the three months ended June 30, 2011 and provided an update on its 2011 business plan. Significant highlights for the second-quarter of 2011 included that the company achieved funds from operations of $41.0-million for the three months ended June 30, 2011 compared to $33.3-million for the three months ended March 31, 2011. NuVista also achieved average production of 25,488 Boe/d compared to 26,078 Boe/d and increased oil and liquids production to 8,190 Bbls/d from 7,561 Bbls/d in the same period in 2010. “For 2011, the outlook for natural gas supply/demand fundamentals and natural gas prices continues to be uncertain and, as a result, we plan to carefully manage our business plan and financial flexibility to endure continued weak prices. We are gearing for repeatable profitable plays in a $4.00/Mcf gas world such that commodity strength above that value only accelerates and enhances our progress,” the company said in a statement.
CYGAM Energy Inc. , which closed Thursday at a year-low 28 cents announced that it has closed the sale of CYGAM’s interests in a package of producing properties located in Alberta, to RSL Resources Ltd., a private company. “The finalization and execution of this asset sale concludes a planned divestiture that creates additional, long-term shareholder value by permitting CYGAM’s management to focus on its international activities in the Mediterranean region,” said Gary Hyde, CYGAM’s chief executive officer, in a statement. Under the terms of the agreement, CYGAM received $1-million cash. RSL Resources will acquire approximately 23 boepd in production from CYGAM’s interests in oil and gas properties effective July 1, 2011. All of the properties are located in Alberta and represents all of CYGAM’s Canadian properties to which 110,594 boe of proved and probable reserves had been attributed as of December 31, 2010.Report Typo/Error
- GMP Capital Inc$5.40+0.12(+2.27%)
- Brookfield Real Estate Services Inc$15.45+0.21(+1.38%)
- Boralex Inc$18.25+0.14(+0.77%)
- Batero Gold Corp$0.13-0.02(-10.71%)
- Duran Ventures Inc$0.110.00(0.00%)
- Morgan Resources Corp$0.020.00(0.00%)
- Nuvista Energy Ltd$6.75-0.10(-1.46%)
- Updated May 27 10:45 AM EDT. Delayed by at least 15 minutes.