CALGARY — Shares in Calgary junior MGM Energy Corp. leaped by as much as 45 per cent on Thursday morning after it announced it had signed Shell Canada to help explore an oil play in the Northwest Territories.
The company’s stock rose seven cents to 22.5 cents in early trading in Toronto but closed the day at 20 cents, up 29 per cent from Wednesday’s close.
In a news release, MGM said the Canadian division of Royal Dutch Shell has agreed to fund the drilling and completion of up to two wells in the Central Mackenzie Valley Canol shale oil play to earn a 75 per cent interest in its exploration licence, 466B.