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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.08 to $47.60 on the New York Merc, while Brent for May lost $1.18 to $55.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI ($34.80), up from a discount of $12.85. Natural gas for May lost 0.4 cent to $2.64. The TSX energy index lost a fraction to close at 217.53.

John Elzner's Argent Energy Trust (AET) lost 9.5 cents to 33 cents on 1.05 million shares, after releasing its year-end financials, suspending its distribution and ending its strategic review without a deal. Its net loss for 2014 came to $301.8-million, compared with just $87-million in 2013. The 2014 results included a $315.5-million impairment charge, mainly on assets in Texas. A month ago, Argent said its net loss for 2014, based on full-production of 6,641 barrels of oil equivalent a day and the impairment charges it had recorded, should be $207-million. Apparently much changed between then and now. Argent also said last month that it would soon provide an update on its strategic review (company-speak for putting itself up for sale), which it began in October. Today it said it received a "significant number" of asset bids, but none led to an acceptable deal. The search for a suitor has been called off. Argent will keep trying to sell assets in an effort to pay down its $140-million (U.S.) credit facility, which is currently $108-million (U.S.) drawn. The next facility review date is May 31. Argent is taking steps to improve its finances ahead of that, including lowering its 2015 budget to $12-million from $20-million (U.S.) and suspending its one-cent monthly distribution, which as of yesterday's close yielded 28.2 per cent. Argent previously cut the distribution from two cents in mid-December and from 8.75 cents in April. The 8.75-cent payout had been in place since the trust went public in August, 2012, through an IPO at (unfortunately) $10.

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