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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery, the benchmark in North America, lost $1.76 to $78.78 on the New York Merc, a 28-month low (all figures in this para U.S.). Saudi Arabia's state-owned producer said today that it has reduced its oil prices for U.S. customers (although it has hiked them for clients in Asia). Brent for December, the international benchmark, lost $1.08 to $84.78. Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $15.40 to WTI ($63.38), unchanged. Natural gas for December, the international benchmark, added 17.3 cents to $4.04, its first time above $4 in a month. The TSX energy index lost 6.22 points to close at 254.37.

Seymour Schulich's Birchcliff Energy Ltd. (BIR) added 39 cents to $9.11 on two million shares, rising with gas. The company is trying to climb back to its June level near $15. Mr. Schulich, a Canadian billionaire who is better known as a gold investor, is not part of Birchcliff's management or board, but has been a major backer since 2007. He owns 40 million of the company's 152 million shares. His average cost base seems to be about $6.10. Although he has not made any purchases since April, 2012, he provides "verbal moral support" to Birchcliff, said the company when it released its second quarter results in mid-August. Production during the quarter was 31,178 barrels of oil equivalent a day, mainly gas, from assets in northwest Alberta. Birchcliff expects to boost this to 40,000 barrels a day by the end of this year and 61,500 barrels a day by the end of 2018. Most of the increase will come from its Montney/Doig gas assets in the Pouce Coupe area. The company has focused mainly on the Basal Doig/Upper Montney and the Middle/Lower Montney so far, and now says it wants to expand into other layers. For example, it recently drilled its first well into the D4 layer, part of the Middle Montney. Birchcliff has also been busy expanding its Pouce Coupe South plant to 180 million cubic feet a day from 150 million. Investors should receive an update when the company releases its third quarter results, scheduled for Nov. 12. Insiders seem confident. Two vice-presidents (operations and corporate development) bought 19,000 shares from Oct. 7 to 28.

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