Mogul Energy International, Inc (MGUY:OTC BB)

Mogul Energy International, Inc symbol MGUY on the Over The Counter Bulliten Board is on the verge of completion of thier first exploration well on their East Wadi Araba Concession located in The Gulf of Suez, Egypt. Should the well be successful the payoff for investors willing to get in now could be huge. The stock is presently at about $0.20 a share. A successful well could spell a very, very large gain. If unseccessful, further exploration of the concession could still reward the buy and hold investor.

BCMETALS TAKEOVER OFFER

Imperial Metals (III.TO) has offered BCMetals shareholders $0.95 per share. The offer closes on November 2, 2006. The Board of BCMetals has advised shareholders not to take andy action pending thier advice. BCMetals has retained Genuity Capital to advise them on this deal.
See www.capstox.com for portfolio review.

BCMetals

Imperial Metals Corp (III.TO) has made a cash offer to take over BCMetals for $0.95 per share.

See www.capstox.com portfolio to see how this will affect the model portfolio and what is suggested as the next move should the take-over be favourable to the shareholders of BCMetals.

Note: We are still awaiting the boards direction on the offer.

Link of interest

www.mogulenergy.com

Candex Energy

Candax Energy* (CAX : TSX : $0.76)Net Change: -0.22, % Change: -22.45%, Volume: 4,213,120Sitting shoulder-to-shoulder with Domi, McSorley and Probert. Candax released its long-awaited results from its onshore well at Chaal in Tunisia. The company was unable to determine reliable flow rates due primarily to wellbore damage caused by drilling fluids necessary to control the well during drilling. Initial indications from Chaal-1 were encouraging, with a gross hydrocarbon section of 450 metres and a net reservoir estimated at 90 metres. Gas and condensate were present during drilling. Prior to drilling, the Chaal prospect had been assigned probable reserves of 60 Bcf with the potential upside to 190 Bcf to 844 Bcf. While the drilling and testing difficulties are disappointing, the company and its partner, Mitsubishi, have not abandoned the play. Candax will attempt to use a coiled tubing unit to implement further testing on the well, including acidization. It is not known at this time the extent of penetration of drilling fluids into the wellbore and whether a reliable test can be achieved. However, Candax and its partner are sufficiently encouraged at this point to state that they will develop a programme for further appraisal drilling and development. Candax has a cash position of approximately $70 million or $0.41 per share and a net cash position (cash less long-term debt) of approximately $48 million or $0.28 per share.

BCMetals Delays Drilling Program for Fish Habitat

This delay spawns yet another great opportunity to load up on this stock before drilling resumes in October.

bcMetals Corp. has temporarily suspended mobilization of the drill rig and support equipment to its Red Chris property to undertake the exploration program previously reported in Stockwatch on May 30, 2006, due to the presence of spawning rainbow trout at a permitted creek crossing along its access tote road. bcMetals will monitor the creek crossing and remobilize equipment once it is demonstrated safe to do so without impacting rainbow trout spawning activity, expected to be around mid-August. The Red Chris exploration camp has been reactivated and will be held on a care and maintenance basis during the interim period. Based on a mid-August start-up, the drilling program should be completed on or before mid-October.
The 7,000- to 10,000-metre diamond drilling program will focus on the Far West and Gully zones, which lie to the southwest of the East and Main zones, the target of the currently designed open pit. The Far West and Gully zones have a inferred resources of 116 million tonnes at 0.32 per cent copper and 0.29 gram per tonne gold, at a 0.20 per cent copper cut-off, as estimated from 16,432 metres of diamond drilling in 51 holes. The object of the new drilling program is to improve the confidence level of this estimate from "inferred" to "measured and indicated" as a basis for preparing a feasibility study, and to potentially expand the size of the existing 43-101 reserve. At least one hole will be drilled in the East zone to test extensions at-depth that could represent a future underground target due to the East zone's high grade.

Pioneer Metals Corp (PSM.TO)

"The Board asks shareholders "not to take action" until it evaluates hostile bid from Novagold."

TORONTO, June 20 (Reuters) - Pioneer Metals Corp. (PSM.TO: Quote, Profile, Research) urged shareholders "not to take any action" until its board evaluates a formal hostile bid from fellow Canadian miner NovaGold Resources Inc. (NG.TO: Quote, Profile, Research).
NovaGold, which wants Pioneer so that it can consolidate activities around its Galore creek project in northwestern British Columbia, launched the bid on Monday, offering 57 Canadian cents (51 cents) for every Pioneer share it does not already own.
Pioneer's Grace gold and copper project lies north of NovaGold's gold, silver and copper project.
NovaGold says it owns a 6 percent stake in Pioneer. NovaGold said it would pay out a maximum of C$34.6 million.
The offer is open until July 25.

Pioneer Metals* (PSM : TSX : $0.59)Net Change: 0.16, % Change: 37.21%, Volume: 1,127,079NovaGold Resources (NG : TSX : $12.40)Net Change: -0.55, % Change: -4.25%, Volume: 270,651If you can't beat 'em, buy 'em. NovaGold continues to strengthen its position in the Galore Creek, BC area. Yesterday, Novagold launched a $0.57 per share, all-cash offer for Pioneer Metals. Pioneer owns the Grace property, which is adjacent to Galore Creek and is the subject of litigation. NovaGold also recently agreed to acquire Coast Mountain Power (MW) for $2.20 per share in a move designed to create development synergies in northwest BC. In addition to the Galore Creek area, where a feasibility study is underway and NovaGold hopes to begin mine construction next year, the company continues to advance its Rock Creek and Big Hurrah projects in the Nome, Alaska area towards construction while continuing to develop the Donlin Creek and Ambler projects with partners. Pioneer traded above the offer price throughout the day yesterday, indicating that investors suspect that a higher bid will be required to complete a deal.

BCMetals hits a snag - Accumulate

BCMetals (C.V) Bid $0.70/Ask $0.74

"bcMetals Corp. advises that MiningWatch Canada has filed an application for judicial review of the environmental approvals of the Ministries of Fisheries and Natural Resources. The application claims that the ministries failed to ensure public consultation and/or failed to follow such public consultation. The Red Chris mine has received all necessary environmental approvals from federal and provincial authorities."

A little hiccup for BCMetals provides an opportunity to buy into this play at a reasonable price. Their are several catalyst that could give this stock a bounce back up to $1.50 in the near term (6 to 8 months). See my last published article on this stock.