Interesting news hit the tape on Friday regarding a potentially massive conventional natural gas reservoir in the lower St. Lawrence area of Quebec - shares of tiny Venture listed Petrolympic Ltd. have jumped as much as 700% on the news and reached levels the stock hasn't seen since 2009:

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PCQ.V

Veteran energy investors will remember there was a great deal of activity surrounding the Utica Shale in Quebec during the summer of 2008 which ended up badly fizzling out for a number of reasons (collapse in natural gas price, Quebec legislation banning fracking, etc.). While it is still much too early to determine how significant this news will turn out to be, if PCQ can hold the gains of the past two trading sessions it may signal the beginning of a potentially significant shift in investor attitude toward natural gas plays in Quebec.