Oil & Gas Junior Gushes on Drilling Program Update

Molori Energy Inc. (CVE:MOL), an oil & gas junior, surged after its Texas-based operating partner said it has applied for permits to drill three targets

Sean Mason | July 20, 2017 | SmallCapPower

Funding news and a pending drill program powered shares of an oil & gas junior Thursday. Here’s some small stocks making big moves on Thursday, July 20, 2017 (as of 4 pm EST):

Molori Energy Inc. (TSXV: MOL) shares shot up 31% to $0.42 on Thursday after the oil & gas junior announced that its Texas-based operating partner, Ponderosa Energy, LLC, has secured a reserve based loan facility from a Texas bank, and has applied for permits to drill three drill-ready targets.

 

As well, shares of Edgewater Wireless Systems Inc. (TSXV: YFI) jumped 12% to $0.29 as the provider of wireless technology said Mediacom Communications, the fifth-largest cable operator in the United States, has selected Edgewater’s WiFi3 technology for a WiFi project at the WaterColor Inn & Resort in Florida.

Bonterra Resources Inc. (TSXV: BTR), meanwhile, reported drill results from its Gladiator Gold Deposit in Quebec, which included 3.8 meters of 12 g/t at 600 meters below surface. Bonterra Resources stock moved up 2% to $0.43 following the announcement.

Finally, Castle Silver Resources Inc. (TSXV: CSR) shares jumped 8% to $0.21 after the resource junior provided an exploration update on its 100%-owned Castle Property in northern Ontario, saying that underground bulk sample results returned 1.48% cobalt, 5.7 g/t gold and 46.3 g/t silver. The Company added that Phase 1 drilling at the Castle Property, currently in progress, has been expanded to 2,000 meters.

 

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