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Magellan Petroleum Corporation (NASDAQ:MPET) surged 4.61% and is trading at $1.59 with an unusual volume of 949k shares compared to a daily trading average of 421k shares. On October 16, 2009 it announced that it has completed Montana oil acquisition. The Company has acquired an 83.5% controlling interest in Nautilus Poplar, LLC. Nautilus, based in Denver, Colorado, owns and operates oil development assets in Roosevelt County, Montana known as the East Poplar Unit and the Northwest Poplar field. The Company paid gross $10.9 million for this controlling interest with a cash payment totaling approximately $7.3 million, with the issuance of 1.7 million new shares of Company stock valued at $1.40 per share, and with an adjustment for $1.2 million of net debt. The controlling interest in Nautilus is from White Bear LLC and YEP I, SICAV- FIS, entities affiliated with Nicolay Bogachev and Thomas Wilson, two Directors of the Company. The stock has a 52-week range of $0.33-$1.66.The stock today also created a new 52-week high at $1.66. Magellan Petroleum Corporation (MPC) is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves.
PolyMet Mining Corp. (USA) (AMEX:PLM) rallied 7.05% to $3.19 on massive huge volume of 1.05 million shares on no news. The stock has a 52-week range of $0.46-$3.30. The stock today also touched a new 52-week high of $3.30. So far in the last six months the stock has rallied over 306%. PolyMet Mining Corp. (PolyMet) is a development-stage company engaged in the exploration and development of natural resource properties. The Company’s sole mineral property is the NorthMet Project, a polymetallic deposit located in northeastern Minnesota, United States. The NorthMet Project is located immediately south of the historic Mesabi Iron Range in northeastern Minnesota.
Timberline Resources Corp (AMEX:TLR) jumped up 11.46% to $1.45 on huge volume of 352k shares on no news. The stock has a 52-week range of $0.19-$1.58. So far in the last six months the stock has rallied over 475%. Timberline Resources Corporation (Timberline) is an exploration-stage company, evaluating, acquiring and exploring mineral prospects with potential for economic deposits of gold, silver and copper. As of December 2007, Timberline had acquired mineral prospects for exploration in Montana, California, Nevada and Idaho for target commodities of gold, silver and copper.
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