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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery, the benchmark in North America, lost 89 cents to $49.45 on the New York Merc, while Brent for April, the international benchmark, lost $1.32 to $58.90 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $13.20 to WTI ($36.25), up from a discount of $13.35. Natural gas for March, the international benchmark, lost 7.2 cents to $2.87. The TSX energy index lost 1.43 points to close at 226.06.

Darryl Metcalfe's Artek Exploration Ltd. (RTK) soared 86 cents to $2.61 on 11.9 million shares, after accepting a $307-million takeover offer from David Wilson's Kelt Exploration Ltd. (KEL), down 37 cents to $7.74 on 6.36 million shares. Kelt will issue 0.34 of a share for each Artek share and will also assume about $89.5-million of net debt. The deal values Artek at $2.76, a price it has not seen since November. At its peak last June, it reached $4.65, but it tumbled along with oil prices, as did Kelt, which had been trading above $15.

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