Dec 7 (Reuters) - Shares of oil and gas explorer Sure Energy Inc SHR.TO rose as much as 50 percent to a new 52-week high after the company said it discovered natural gas in the Peace River Arch area of Alberta.
The company said the well production flow tested for eight days at a combined stabilized rate of 3.5 million cubic feet per day (MMcf/d) from two separate zones.
This discovery well is expected to commence production at a rate of 2.0 MMcf/d net, Sure Energy said in a statement.
With this well on production, Sure Energy said its corporate production will increase to over 1,000 barrels of oil equivalent per day (BOE/d).
Shares of Sure Energy, which have lost more than 13 percent of their value in the past one month, were up 10 Canadian cents at C$0.50 in afternoon trade on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Unnikrishnan Nair)