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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added six cents to $47.51 on the New York Merc, while Brent for May lost 81 cents to $55.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13 to WTI ($34.51), unchanged. Natural gas for April added 5.3 cents to $2.78. The TSX energy index added 2.48 points to close at 216.25.

Scott Ratushny's Cardinal Energy Ltd. (CJ) added 69 cents to $15.10 on 1.15 million shares, after releasing its year-end financials. There were few surprises because it had already announced its fourth quarter production of around 10,800 barrels of oil equivalent a day, more than 10 times its production of 1,500 barrels a day just before its December, 2013, IPO at $10.50. The increase is mainly thanks to acquisitions in Alberta. Cardinal recently announced yet another acquisition. In mid-February, it said it would buy Pinecrest Energy Inc. (PRY: $0.005) after Pinecrest sells most of its assets to Virginia Hills Oil, which will then become a public issuer. By the time Cardinal gets involved, Pinecrest will have non-operated production of about 170 barrels a day, for which Cardinal will pay $23.5-million. The advantage to Cardinal is not Pinecrest's production but rather its $300-million in tax pools. The deal was originally supposed to close on March 20, but then Pinecrest announced a delay because it has yet to meet all the closing conditions. According to Cardinal's SEDAR filings, the parties are hoping to close the deal on April 1.

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