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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $2.84 to $50.02 on the New York Merc, while Brent for March lost $1.91 to $56.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($36.62), up from a discount of $13.45. Natural gas for March added eight cents to $2.67. The TSX energy index lost 5.82 points to close at 230.09.

Dale Shwed's Crew Energy Inc. (CR) lost 59 cents to $5.79 on 4.42 million shares. It has arranged a $100-million bought deal of 16.6 million shares at $6, becoming the latest energy producer to raise money at multiyear lows. By comparison, the last time Crew raised money like this, it was four years ago and the shares were sold for $20.75. That financing was also for $100-million and was quickly followed by the acquisition of a private company operating in Alberta and Saskatchewan. Nowadays, Crew focuses on the B.C. Montney, but the acquisition chatter is unchanged. Crew says the proceeds will go toward temporary debt reduction and the 2015 budget. At year-end 2014, Crew's net debt was $250-million and its available borrowing capacity was $180-million, which, combined with its hedges, put it in a fair position to complete its $185-million program this year without a dilutive financing. Therefore, the financing means a deal is coming, say cheerleaders. Their thinking is the same for ARC Resources Ltd. (ARX: $23.92), Raging River Exploration Ltd. (RRX: $8.34) and Rock Energy Inc. (RE: $2.48), which all announced financings recently for the stated purposes of debt reduction and capital spending. Raging River seems to have proven its cheerleaders at least partially right. It closed an $88-million bought deal on Wednesday and has now announced a $35.6-million asset acquisition.

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