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Energy Summary for Oct. 17, 2014

2014-10-17 19:50 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added five cents to $82.75 on the New York Merc, while Brent for December added 34 cents to $86.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI ($69.25), unchanged. Natural gas for November lost three cents to $3.76. The TSX energy index added 3.40 points to close at 260.89.

Artek Exploration Ltd. (RTK) added 21 cents to $2.43 on 1.32 million shares. It has fallen from over $4.50 in mid-June, but is now trying to climb back up, amid optimism about an oil price recovery as well as pleasing results from its liquids-rich Montney and Doig assets in British Columbia. The A-65-1 horizontal Montney well in the Inga/Fireweed area has been on production for 30 days and has averaged 903 barrels of oil equivalent a day, including 513 barrels a day of free condensate. Based on netbacks, this makes it one of the top producers in the B.C. Montney, boasts Artek. It attributes the results to new fracking techniques. Artek recently started doing slickwater fracks, called slick because chemicals in the fracking fluid reduce friction and enable faster pumping. The first Montney well on which it used this technique tested at 794 barrels of oil equivalent a day, with 503 barrels a day of condensate, earlier this year. Today's result is for the second well. Artek is pleased with its results, which are early stage but show about double the liquid yield compared with its earlier Montney wells. It plans to spud another at the end of the month. Artek holds over 140 sections of rights in this area with joint venturer Kelt Exploration Ltd. (KEL: $10.59). They have focused mainly on the Doig play so far and plan to drill 10 wells this year, and have just tested the sixth at 2,061 barrels of oil equivalent a day, including an impressive 1,577 barrels a day of condensate. (This well was also slickwater fracked.) Insiders of both companies seem confident. Kelt director Eldon McIntyre bought 40,200 shares on Oct. 8, and president and CEO David Wilson bought 185,000 from August to Oct. 15. Three Artek insiders, including president and CEO Daryl Metcalfe, bought 105,000 shares in September.

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