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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery, the benchmark in North America, added $1.73 to $47.45 on the New York Merc, while Brent for May, the international benchmark, added 60 cents to $55.92 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $13 to WTI ($34.45), up from a discount of $13.35. Natural gas for April, the international benchmark, lost 5.3 cents to $2.73. The TSX energy index added 1.82 points to close at 213.77.

Colombia-focused Pacific Rubiales Energy Corp. (PRE) continued to rise, today adding nine cents to $3.23 on 8.92 million shares. It touched a low of $2.55 on Wednesday, the day it released its year-end financials, which had a mix of good news (relaxed debt covenants) and bad (no more dividend). Most of its news has been bad lately. Based on its rise over the last few days, investors seem to feel that the blows have finished falling and the stock can only go up. They may also be listening to boosterish takeover talk. This sort of talk was going on for most of 2014, as Mexican conglomerate Alfa SAB increased its ownership of Pacific Rubiales to 58.9 million shares as of Oct. 16 from 31.4 million as of May 20. It is not clear what Alfa paid for the first 31.4 million shares, but the rest were acquired at an average cost of around $20.25 (ouch). The speculation reached a fever pitch during the October purchases. Alfa, having acquired about a 19-per-cent interest in Pacific Rubiales (just below the 20-per-cent threshold that would require a full takeover offer), told Bloomberg it might start a tender offer with other companies for the rest of the stock. This sent Pacific Rubiales to $18.94 from $15.93 in two days. In December, however, the speculation came to an abrupt halt (and sent the stock down to $8.20 from $9.98) after Alfa and Pacific Rubiales announced a joint venture to acquire assets in Mexico. Observers said the deal made a takeover much less likely. Now, however, the talk is picking up again. Certainly Pacific Rubiales is much cheaper these days. Fanning the flames, chairman Jose Franciso Arata of Pacific Rubiales gave an interview to Colombian news outlet El Pais yesterday, saying Alfa currently owns 19.8 per cent of its shares and could "of course" buy more.

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