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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.54 to $85.77 on the New York Merc, while Brent for November lost $1.33 to $90.05, after dipping below $90 for the first time since June, 2012 (all figures in this para U.S.). Both are now in a bear market, having fallen more than 20 per cent from this year's peak in June (WTI did this today and Brent yesterday). Western Canadian Select traded at a discount of $12.85 to WTI ($72.92), down from a discount of $12.80. Natural gas for November lost a cent to $3.84. The TSX energy index lost 7.53 points to close at 265.26.

Ithaca Energy Inc. (IAE) lost 19 cents to $1.73 on 1.88 million shares. The North Sea producer has lowered its full-year production guidance to 12,500 barrels of oil equivalent a day from a range of 13,500 to 15,500 barrels a day, citing a pump failure on the third-party-operated host platform for its Causeway field. Third quarter production was also lower than many had expected. In the second quarter, Ithaca produced 14,300 barrels a day, but it warned that third quarter production would be lower because of planned maintenance shutdowns over the summer. Analysts had figured it would still be above 13,000 barrels a day. Instead, it was 11,600 barrels a day, mainly because the shutdowns were worse than expected. (At the Cook field, for example, the shutdown lasted six weeks instead of the expected four.) Ithaca did have a few pieces of good news. It has received approval from the U.K. regulators for a field development plan (FDP) for its 40-per-cent-held Ythan field, held 60 per cent by EnQuest. Ithaca has not talked much about Ythan, but EnQuest has mentioned it a few times and said in May that it would submit an FDP "around the end of this year." It actually did so shortly after that comment, and according to the documents it sent in, it expected approval near the beginning of November. Now it is nicely ahead of schedule. The plan consists of up to two producer wells and two water injection wells, and the companies will likely spud their first well next month and start production in the second quarter of 2015. Another piece of good news for Ithaca's shareholders is that it has reiterated its target of starting production at the Stella project in mid-2015. This project, expected to double production, has been delayed by over a year, and the company warned during an analyst-only conference call in August that there could be even further "timetable slippage." It did not officially change its target date, but it also did not reiterate the mid-2015 date in a Stella-related press release last month, so investors were nervous. Today's mention should ease their minds.

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