5 Top Weekly TSXV Stocks: Hunter Oil Sells “Substantially All” Assets

- August 5th, 2018

On the TSXV, juniors Otis Gold, Canasil Resources, CGX Energy and Sokoman Iron joined Hunter Oil as the top five gainers last week.

On Friday (August 3), the S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.55 points to 700.38, down only 0.08 percent.

The Toronto Stock Exchange opened flat on the same day, with the energy sector countering losses in financials.

The global headlines have been mostly about US President Donald Trump deciding that his original tariffs on Chinese goods weren’t enough, figuring that slapping a 25 percent tariff on goods from his country’s largest single trading partner was a great idea.

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Canadian businesses have been reported to be suffering under the US leaderships designs for its northern neighbour, with entrepreneurs “feeling the pinch” as Ottawa fights back.

Here, the Investing News Network took a look at how juniors on the Toronto Venture Exchange are faring in the latest climate. Below are last week’s five top gainers in the resource sector.

  • Sokoman Iron (TSXV:SIC)
  • Hunter Oil (TSXV:HOC)
  • CGX Energy (TSXV:OYL)
  • Canasil Resources (TSXV:CLZ)
  • Otis Gold (TSXV:OOO)

Scroll down to see what each company has been up to.

Sokoman Iron

Despite its name, junior explorer Sokoman Iron’s flagship projects are a group of gold properties in central Newfoundland, Canada.

The company posted big news last week, and confirmed it on Monday (July 30), saying it had intersected high-grade gold mineralization at its Moosehead project in Newfoundland.

“The company’s first hole, MH-18-01, intersected a mineralized zone that has returned the following summarized assays: from 109.00 m – 120.90 m (11.90 m at 44.96 grams per tonne (g/t) gold),” said Sokoman’s press release.

Investors are clearly very interested in the future of the junior’s project, with the company’s share price on the TSXV more than doubling to C$0.43 by Friday, an increase of 138.89 percent.

Hunter Oil

Vancouver-headquartered, Houston-based and New Mexico-focused Hunter Oil owns and operates two oil fields in the US southwest—Chaveroo and Milnesand.

According to the company, independent reservoir engineers have certified that the fields are “capable of producing 16.6 million barrels of oil equivalent, with the development of 91 horizontal wells.”

Clearly they were sitting on attractive assets, agreeing to sell “substantially all” of their oil and gas assets this week to Pacific Energy Development (NYSE:PED) for C$27.7 million.

Obviously the company benefited from the news, with its share price increasing 89.53 percent to C$1.63 in Toronto.

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CGX Energy

Oil and gas explorer CGX Energy has assets in the Guyana-Suriname basin of South America where it holds three licenses: 2 offshore and 1 onshore.

The company says the basin is a good place to be working, claiming its 15th in the world for undiscovered oil and gas potential, with 117 fields that have over a million barrels of recoverable oil, 24 fields with over a 100 million barrels, and 6 fields with over 500 million barrels.

No big news this week, the company’s most recent release being the release of annual meeting voting results in June.

Last week, CGX’s share price rose by 55.56 percent on the venture exchange to C$0.35.

Canasil Resources

Precious and base metal miner and explorer Canasil Resources has 11 ‘drill ready’ projects across British Columbia, Durango and Zacatecas in North America.

It’s most recent news was last week on July 24 when it announced 190 g/t of silver, 1.35 percent zinc and 0.22 percent lead assay results at its La Esperanza project in Zacatecas.

The company is still riding the wave generated by that release, with its share price up 50 percent this week to C$0.12.

Otis Gold

Idaho-focused precious metals discovery, exploration and development company Otis holds its Kilgore project up as its flagship asset, with its 520,000 ounce indicated resource of gold. It also controls the Oakley project, also in Idaho, which has an inferred resource of 163,000 ounces of gold.

The company’s most recent news pertained to Kilgore, announcing in May that the project was entering its final phase of permitting after the US Forest Service gave the company a nod, issuing a decision that Otis’ planned operations and exploration would have “no significant impact” on the surrounding area.

Something more must be up—while the company released no new news this week, Otis’ share price increased by 33.33 percent in Toronto, up to C$0.24 by Friday.

Data for 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using tradingview.com. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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