This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.41 to $95.96 on the New York Merc, while Brent for October added 73 cents to $103.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.75 to WTI ($79.31), down from a discount of $16.65. Natural gas for October added 2.1 cents to $4.06. The TSX energy index added 3.44 points to close at 325.37.

Athabasca Oil Corp. (ATH) added 33 cents to $7.92 on 13.5 million shares. After two months of uncertainty, it has finally received $1.32-billion (or $1.18-billion after transaction costs) from PetroChina for its Dover oil sands project interest. It received $600-million in cash and $584-million of notes maturing in 2015 and 2016. Investors are pleased and are no doubt hoping that more good news is coming soon, regarding the company's Duvernay assets. Athabasca has been searching for a joint venturer and said last year that a few parties came close to signing up, but backed out because they did not want do a deal until the Dover money was in the bank. As well, the company had done very little work on the Duvernay at that time, so the value of its acreage was difficult to estimate. Since then, it has drilled five new horizontal wells to bring the total count to eight. Now that both the Dover money and recent Duvernay test results are in, Athabasca is widely expected to announce some sort of deal.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS