Benzinga's Microcap Movers for Thursday March 1, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of EGPI Firecreek (EFIR), the Scottsdale, AZ oil and gas production company, rose 257% Thursday on 157 million shares.
EGPI Firecreek announced an Agreement to sell 37.5% working interest and 28.125% net revenue interest in its three Crawar #2 oil wells located on the North 40 acreage of the J.B. Tubb Leasehold Estate to UK based Cubo Energy for 1.15 million dollars in a share issuance.
The Agreement also calls for additional $4.5 million in 2012 capital expenditures for new drilling and joint development on a best efforts basis for the Tubb South 40 acreage interests. Under the terms of the Agreement, CUBO on an earn-in basis, will finance the production of an initial Ellenburger well to a depth of 8,300'. Capital Expenditures for the proposed Ellenburger are $1,575,000.
CUBO has also agreed on a best efforts basis to finance drilling programs for two additional wells with several additional potential drilling target locations available for development on the South 40 acreage of the J.B. Tubb Leasehold Estate. The strategic joint parties of EGPI Firecreek, CUBO and Success Oil (the Company's partner and operator) look forward to pursuing the new drilling program on the South 40 and further remedation programs in the North 40. Terms to be disclosed at a later date.
EGPI Firecreek closed at $0.0025 on Thursday.
Sino Clean Energy
Shares of Sino Clean Energy (NASDAQ: SCEI), the China-based third party commercial producer and distributor of coal-water slurry fuel, rose 41% Thursday on 15 times the average daily volume.
Sino Clean Energy announced Wednesday that Thornhill Capital recently completed its Asset and Cash Verification Reports for the Audit Committee of the Company.
As previously noted, the Audit Committee engaged Thornhill, an independent third-party evaluation agency, to conduct certain analyses to assist the Audit Committee and its professionals to investigate allegations made by short sellers. Last November, the Company announced Thornhill's reconciliation of the Company's tax returns filed with the State Administration of Taxation and its filings with the State Administration of Industry and Commerce against audited financial information filed with US Securities and Exchange Commission under US GAAP. Since that time, the Audit Committee requested Thornhill to do additional work, and provide additional reports, regarding verification of fixed assets and cash. Thornhill has now completed its analysis and provided its reports on these two additional matters.
Sino Clean Energy closed at $2.12 on Thursday.
Shares of MEMSIC (NASDAQ: MEMS), the Andover, MA sensing solutions company, rose 19% Thursday on 41 times the average daily volume.
MEMSIC announced Wednesday financial results for the fourth quarter ended December 31, 2011. Revenues rose to $21.5 million from $11.4 million in the 2010 quarter. Total shipments of our sensor products rose to 35.0 million units from 11.2 million units in prior-year period. Adjusted EBITDA for the fourth quarter 2011 was $13.8 million, an improvement of 9% compared to the third quarter 2011. For the full year 2011, Adjusted EBITDA was $96.7 million, which includes $41.3 million in hedge settlements related to the hedge restructuring that the company announced in June 2011.
Revenue is expected to be between $18 million and $19 million for the first quarter of 2012, an increase of approximately 39% - 46% from the prior-year period.
MEMSIC closed at $3.63 on Thursday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.