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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 84 cents to $52.17 on the New York Merc, while Brent for April lost 67 cents to $55.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($38.77), unchanged. Natural gas for March added eight cents to $3.13. The TSX energy index lost 1.83 points to close at 197.09.

Colombia-focused Parex Resources Inc. (PXT) reached an intraday high of $16.90 before settling at $16.06, up 48 cents, on 1.67 million shares. Investors seemed to like its year-end 2016 reserve report. Parex pegged its 2P (proven and probable) reserves at 112 million barrels of oil equivalent, exceeding analysts' average predictions of 100 million to 105 million barrels. By comparison, a year earlier, the 2P reserves were just 82 million barrels. Most of the 37-per-cent increase came from appraisal drilling along the Tigana/Jacana trend, where Parex and a joint venturer, GeoPark, are developing the LLA-34 block. Parex also started an appraisal program late in 2016 at its Aguas Blancas block, in which it is earning a 50-per-cent interest from state-owned Ecopetrol. Another reserve contribution came from a discovery at Parex's wholly owned Cabrestero block, south of the Jacana field.

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