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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost three cents to $56.93 on the New York Merc, while Brent for August lost six cents to $62.07 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.95 to WTI ($44.98), unchanged. Natural gas for August added 3.9 cents to $2.822. The TSX energy index lost a fraction to close at 205.29.

Barclay Hambrook's Americas Petrogas Inc. (BOE) added 5.5 cents to 31 cents on 6.88 million shares, after announcing a new director and a significant new investor. The new director is Ken Geren of Point72 Asset Management, which, Petrogas was pleased to say, owns 21.5 million of its 228 million shares. Point72 was founded by and manages the fortune of billionaire Steven Cohen. It was formerly a hedge fund called SAC Capital, but after a massive insider trading scandal put several SAC executives behind bars, a rebranding was felt to be in order. Mr. Cohen, who founded SAC, was never criminally charged, but does face a civil suit from the U.S. SEC. The case was recently stayed until August. Getting back to Petrogas, the company says it is looking forward to Mr. Geren's help as it "develops an updated business plan for the next stage of the company's development for the future." One hopes that the plan will be more clear-eyed than that sentence. Petrogas needs to update its plan because two weeks ago, it agreed to sell basically all of its oil and gas production to Tecpetrol for $63-million (U.S.). The sale includes the conventional Medanito Sur property, which contributed 906 of the 968 barrels of oil a day sold by Petrogas in 2014. The rest came from the conventional Rinconada Norte property. Petrogas will retain interests in Rinconada Norte and six other blocks in Argentina. It will also retain its 89-per-cent interest in GrowMax Agri, which holds phosphate and potash projects in Peru.

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