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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 39 cents to $56.81 on the New York Merc, while Brent for January lost 20 cents to $63.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($42.56), unchanged. Natural gas for December added three cents to $3.18. The TSX energy index lost a fraction to close at 202.61.

Colombia-focused Parex Resources Inc. (PXT) added 79 cents to $18.35 on 1.79 million shares, the highest close in its eight-year history. It has shot up from around $12 in the last 2-1/2 months, rising on oil prices and optimism about its exploration and development program in Colombia. It provided an update on this program (along with its third quarter financials and its 2018 guidance) yesterday after the close. Investors seemed particularly pleased with the results of its Capachos-2 well. This well has been a long time coming. About 3-1/2 years have passed since Parex agreed to acquire a 50-per-cent interest in the Capachos block, and Capachos-2 is its very first well there. Now the results are in: Capachos-2 tested at 3,650 barrels of oil a day. Investors seemed to consider this worth the wait, considering that past wells at Capachos have been considered great successes if they flowed at just 3,000 barrels a day. Parex is not planning to wait nearly as long to spud its second Capachos well and is already making drill preparations.

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