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Energy Summary for Sept. 16, 2014

2014-09-16 20:12 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.96 to $94.88 on the New York Merc, while Brent for November added $1.17 to $99.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI ($81.68), up from a discount of $13.50. Natural gas for October added 6.4 cents to $3.99. The TSX energy index added a fraction to close at 309.68.

Trent Yanko's Legacy Oil + Gas Inc. (LEG) lost two cents to $7.02 on 9.49 million shares, despite a tireless promotional push over the past week. Last Tuesday, president and chief executive officer Yanko presented at a Peters & Co. conference in Toronto, as discussed in the Sept. 9 Energy Summary. Then he was in London for a presentation yesterday at the FirstEnergy Global Energy Conference from Sept. 15 to 16. The presentations were more or less the same. Today, still in London, Mr. Yanko made time for an interview on BNN, fielding typically friendly questions about the "biggest catalysts" coming for the company and the "assets that you have been ramping up." Finally, Mr. Yanko was interviewed for an Alberta Oil magazine article, published today, about the Saskatchewan Torquay play. This play started attracting attention last spring, when Crescent Point Energy Corp. (CPG: $42.36) announced a new discovery in the Flat Lake area and likened the Torquay to the Bakken. Legacy decided to drill its own well at Flat Lake. Mr. Yanko said last week that the company is finishing up its first extended-reach horizontal, and he told Alberta Oil that the results will influence the capital budget for 2015. "With success, absolutely we would be coming back and drilling follow-up locations [next year]," he said. He added that Legacy would be able to increase production quickly by using existing infrastructure nearby. Despite Mr. Yanko's efforts, Legacy's stock has fallen from $7.15 over the last week and from $10 in mid-June.

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