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Energy Summary for March 27, 2015

2015-03-27 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $2.56 to $48.87 on the New York Merc, while Brent for May lost $2.78 to $56.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.75 to WTI ($36.12), up from a discount of $12.85. Natural gas for April lost 8.2 cents to $2.59. The TSX energy index lost 1.98 points to close at 216.57.

Henry Hamm's DeeThree Exploration Ltd. (DTX) lost four cents $6.45 on 587,800 shares, giving back a bit of the 82 cents it added over the previous five trading days. Investors seemed excited for its year-end financials, released yesterday morning. Fourth quarter production came to 12,842 barrels of oil equivalent a day, higher than the company's January estimate of 12,700 barrels a day, although lower than its original guidance of 13,000. Cash flow of 45 cents a share met analysts' predictions. For the year, earnings soared to $76-million in 2014 from $18-million in 2013. DeeThree also provided a brief but pleasing operational update. At its Brazeau Belly River play, the company has been able to keep production flat at around 8,300 barrels a day with just three wells drilled in the first quarter, down from eight in the original plan. The costs of drilling have been going down as well. At DeeThree's second core play, the Alberta Bakken, an EOR (enhanced oil recovery) gas-flood project is steadily improving. The company is hoping that this project will help moderate its corporate decline rate to 30 per cent this year from 40 per cent last year. Its overall plan for this year is to produce 13,300 barrels a day on a budget of $160-million, nearly all of which will go to toward drilling and completions, namely 23 wells in the Belly River and six in the Bakken. No wells are planned this year in the Peace River Arch area, which contributes less than 400 barrels a day. DeeThree drilled a well there last year, but it was unsuccessful. Now the company is trying to sell the land so it can focus on its two more important plays. Macquarie Tristone opened a data room last week and says bids are due on April 8.

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