Oil Stock Report

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Pinecrest Energy Inc. (TSX: V.PRY, Stock Forum) saw its shares rise 5.3% to 40 cents Thursday, leaving a market cap of $86.8 million, based on 217.2 million shares outstanding. The 52-week range is $2.16 and 37.5 cents.

On Wednesday, Pinecrest announced a reduction in the company’s capital program for 2013 to $80 million from $135 million.

The company’s exit production guidance was lowered from 6,000 barrels of oil equivalent per day to a range of 3,100-3,400.