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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery, the benchmark in North America, added $1.17 to $52.86 on the New York Merc, while Brent for March, the international benchmark, added 54 cents to $58.34 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $13.45 to WTI ($39.41), down from a discount of $13.25. Natural gas for March, the international benchmark, added 1.8 cents to $2.59. The TSX energy index added 4.08 points to close at 235.91.

Scott Price's Gran Tierra Energy Inc. (GTE) added 15 cents to $3.57 on 3.09 million shares, after laying out its new plans for 2015. The Colombia-focused producer has more than halved its budget to $140-million (U.S.) from the December figure of $310-million (U.S.). One big hit is to Peru, which will now see just $45-million (U.S.) instead of $118-million (U.S.), reflecting disappointing appraisal work at the Bretana discovery. The appraisal results sent Gran Tierra down $1.34 to $2.85 on Jan. 20. That day, it said it would have to erase all its possible reserves and significantly reduce its probable reserves in the country, a sharp blow for a company that had previously talked up its goal of producing 40,000 barrels a day from Bretana by 2020. This setback is rumoured to be why president and CEO Dana Coffield was fired on Feb. 2. He should land on his feet. In charge of Gran Tierra since it was founded in 2005, he helped the company become the largest producer and explorer in Colombia's Putumayo basin, winning the Entrepreneur of the Year award (oil and gas producer category) in Calgary in 2008 for his efforts. His reputation is such that investors and industry executives "want me to go back to work starting yesterday," he told the Calgary Herald on Friday. He said he will take some time off to ski instead. Meanwhile, under the new leadership of interim president and CEO Duncan Nightingale (also COO), Gran Tierra is "re-evaluating development options" for Peru. It previously planned to produce 1,600 barrels a day there in 2015, but is now forecasting nothing. As a result, and because of lower spending in Colombia, Gran Tierra expects to produce 18,200 to 19,200 barrels a day (net after royalty) this year, down from 21,000 to 22,000 previously. This does not include any acquisitions it seems likely to make. Mr. Nightingale said the strong balance sheet supports the "opportunistic capture of external value-enhancing opportunities." The company had no debt and about $332-million (U.S.) cash as of Dec. 31.

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