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 $2.66 to $95.54 on the New York Merc, while Brent for October added $2.43 to $102.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.62 to WTI ($80.92), up from a discount of $16.35. Natural gas for October lost 4.3 cents to $3.84. The TSX energy index lost a fraction to close at 319.12.

John Wright's Lightstream Resources Ltd. (LTS) lost six cents to $6.08 on 3.48 million shares. It plans to sell its conventional Mississippian assets in southeast Saskatchewan to Crescent Point Energy Corp. (CPG: $43.17) for $378.4-million. These assets are producing about 3,300 barrels of oil equivalent a day, less than 10 per cent of Lightstream's total production of 38,800 barrels a day in July. They went up for sale in June. The transaction is not a surprise, but the company is still pleased, for several reasons. First, the deal brings Lightstream's year-to-date asset sales to $729-million, well ahead of the previously announced target of $600-million of sales by year-end 2015. Lightstream announced this plan late last year and pledged to use the money to repay net debt, which was $2.3-billion on Dec. 31. That figure will now drop to about $1.5-billion. As well, the $378.4-million payment from Crescent Point consists of $375-million in cash and $3.4-million of Bakken assets in the Creelman area of Saskatchewan, where Lightstream has an early-stage but successful gas-flood EOR (enhanced oil recovery) program. One EOR pilot that began in February, 2012, effectively doubled production, president and chief executive officer Wright told a conference last September. Lightstream had four wells on gas injection at the end of 2013 and plans to increase that to five by the end of this year. The offsetting assets to be received from Crescent Point have three wells on injection and a fourth planned by the end of the year.

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