Hanfeng Evergreen Inc. , an Asian producer of fertilizers, will report its financial results for the second quarter of fiscal 2012 ended Dec. 31, 2011, today. The company will also hold a conference call to discuss the financial results on Tuesday, Feb. 14, 2012, at 10 a.m. Eastern Standard Time (ET).
Whitecap Resources Inc. , which closed Friday at year highs, announced its 2011 year-end oil and gas reserves evaluation. Highlights include: Increased proved plus probable reserves by 182 per cent to 38.6 mmboe (72 per cent oil, 3 per cent NGLs) and proved reserves by 210 per cent to 25.6 mmboe (72 per cent oil, 4 per cent NGLs); On a per share basis (fully diluted) increased proved plus probable reserves by 65 per cent and proved reserves by 81 per cent; The proven reserves component of proved plus probable reserves has increased from 60 per cent to 66 per cent year over year.
Madalena Ventures Inc. , which rose 4 per cent on Friday to new year highs, provided an update on its operations in Argentina.
Yukon-Nevada Gold Corp. updated results from its 2011 surface drilling program at the Mahala Project in Nevada. Highlights include: MAH-456 (West Mahala) intersected 52.30 meters at 6.17 g/t; MAH-459 (West Mahala) intersected 29.28 meters at 5.56 g/t; MAH-475 (West Mahala) intersected 15.10 meters at 14.92 g/t; and SH-1205 (East Mahala) intersected 34.16 meters at 9.98 g/t.
War Eagle Mining Company Inc. terminated its previously announced amalgamation agreement with Andromeda Resources Inc. due to Andromeda's breach of a key warranty under the agreement. The proposed transaction would have constituted a reverse takeover of the company by Andromeda.
Poynt Corporation announced today that its first Asian operating entity, Poynt Asia (Hong Kong) Limited, has formed a joint venture with China Youth League's affiliated entity, China Youth Goyor Technology (Beijing) Co., Ltd. Andrew Osis, CEO of Poynt Corp, said:
"The Company is extremely pleased to have China Youth Goyor as its joint venture partner for the development and expansion of the Poynt mobile platform in China. The Asian market presents a vast opportunity for expansion of the Poynt mobile platform."
Canaco Resources Inc. today announced results from 16 new drill holes at the Magambazi gold project in Tanzania. Priority infill and extension drilling has been completed at Magambazi and the initial mineral resource estimate is on track for completion by the end of the first quarter. Additional drilling at Magambazi is contingent on results from ongoing geological model review and continued favourable assay results.
Dejour Energy Inc. announced that the aB-1 oil well at its 75 per cent owned Woodrush project in the Peace River Arch, British Columbia, has been successfully completed and tied into production at a current oil production rate of approximately 50 BOPD. This new well's flow rate is expected to ramp up considerably as the reservoir continues to pressurize with the ongoing water injection program.
Orbit Garant Drilling Inc. today announced its financial results for the second quarter ended Dec. 31, 2011. The company said revenue increased 25.4 per cent to $32.4-million from $25.9-million during the quarter. EBITDA increased 6 per cent to $5.8-million, compared to $5.4-million in the second quarter last year while earnings per share totaled $0.06, compared to last year's $0.07. Record second-quarter meters drilled at 323,760, up from 297,704 meters in second quarter last year.
Opta Minerals Inc. , provider of custom process optimization solutions, announced today that it has acquired all of the outstanding common shares of Babco Industrial Corp. located in Regina, Saskatchewan. Babco is a profitable industrial processor and supplier of petroleum coke, synthetic slag, ladle sand and crushed graphite.
This acquisition complements Opta's existing product portfolio and provides for additional product line offerings to new and existing customers in the region.