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Shoreline Energy jumps to 2-week high on rosy 2013 outlook

Published: 19:43 06 Aug 2013 BST

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Shoreline Energy Corp. (TSE:SEQ), which explores for crude oil and natural gas in Canada and the U.S., advanced to the highest price in two weeks, as it projected revenue to almost double this year.

The shares spiked 10 percent to C$3.39, the highest intraday price since July 23, at 11:56 a.m. in Toronto on Tuesday. 

Full-year revenue is forecast to grow to $35.5 from $19.1 million it generated in the previous year, the Calgary, Alberta-based company said in a statement on Tuesday. 

The company said exit production at the end of fiscal 2013 is forecast to rise to 2,985 boe/d, or barrels of oil equivalent per day, compared with 1,459 boe/d it had produced a year earlier, according to the statement.

Shoreline, with a market value of C$28 million, tumbled 20 percent this year through Friday. The market was closed for a Civic Holiday on Monday.

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