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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 98 cents to $51.16 on the New York Merc, while Brent for April lost 32 cents to $60.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI ($37.66), up from a discount of $13.75. Natural gas for March lost 0.3 cent to $2.83. The TSX energy index lost a fraction to close at 229.01.

Dale Shwed's Crew Energy Inc. (CR) lost 16 cents to $5.80 on 1.71 million shares, after releasing its year-end reserve report and fourth quarter production update. Proven plus probable (2P) reserves were 220.4 million barrels of oil equivalent as of Dec. 31, 2014, up from 197.3 million a year earlier. Crew sold over $370-million of assets in Alberta during the year, which is not accounted for in the 2013 figure. Following the sales, estimated 2P reserves were 123.5 million barrels, so the year-end 2014 figure represents a goodly increase. Crew now focuses mainly on the B.C. Montney. It hopes to produce 45,000 barrels a day there by the end of 2018. By comparison, its fourth quarter 2014 production was 20,850 barrels a day, of which about 14,000 came from the Montney. (Crew generally produces a steady 6,000 barrels a day from its Lloydminster heavy oil assets in Alberta-Saskatchewan, with the cash flow going toward Montney development.) The fourth quarter average was a little lower than investors expected. Crew was producing over 22,000 barrels a day early in the quarter, and although it was forced to shut in some uneconomic production in November, it pegged the shut-in at just 1,000 barrels a day. As a result of the fourth quarter problems, total output for 2014 averaged about 24,200 barrels a day, slightly missing guidance of 24,500 to 25,500. Crew says not to worry because it has ambitious Montney production plans for the rest of this year. It recently announced a financing to help it achieve its goals, a $100-million bought deal of $6 shares, expected to close on March 3.

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