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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.08 to $91.67 on the New York Merc, while Brent for October lost $1.12 to $98.04 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.60 to WTI ($78.07), up from a discount of $13.70. Natural gas for October lost three cents to $3.95. The TSX energy index lost 2.00 points to close at 309.76.

David Reid's Delphi Energy Corp. (DEE) lost 9.5 cents to $4.01 on 1.2 million shares, after providing an update on its Bigstone Montney operations in Alberta. In the East Bigstone area, Delphi has completed its 10th horizontal Montney well using 30-stage slickwater fracking, called slick because certain chemicals in the fracking fluid reduce friction and enable faster pumping. This has led to flow rates that are three times better over time compared with Delphi's conventionally fracked wells. (To put it in perspective, on day 180 of production, the conventionally fracked wells averaged 266 barrels of oil equivalent a day, compared with 836 barrels a day for the newer wells that have been on production that long.) Delphi's 10th slickwater-fracked well, called 16-15, tested at a rather disappointing 1,594 barrels a day over the last 24 hours of the test. This is below the average of 1,930 barrels a day for the previous nine wells, and is particularly disappointing given that 16-15 had the second-longest horizontal lateral length of all 10 of the wells. Its length was 2,949 metres, only slightly less than the 15-30 well, which had 3,014 metres and gave the best test rate at 2,953 barrels a day. The liquids yield of 16-15 also looks to be one of the lowest yet. Still, the well is far from the worst Delphi has drilled, and the company has placed it on production and is now working on the 11th well, 3-26. This well steps out to the south of the previous wells and, according to Delphi, is drilling into some of the thickest pay in the area. The company will start completion operations in the next few weeks.

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