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by Stockwatch Business Reporter

U.S. markets were closed in observance of tomorrow's Independence Day. West Texas Intermediate crude for August delivery lost $1.42 to $55.51 in electronic trading on the New York Merc, while Brent for August lost $1.72 to $60.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.45 to WTI ($44.06), up from a discount of $11.95. Natural gas for August lost 5.2 cents to $2.77. The TSX energy index lost a fraction to close at 204.55.

Crescent Point Energy Corp. (CPG) added eight cents to $25.63 on 1.14 million shares. Less than two days after closing its $1.53-billion acquisition of Legacy Oil + Gas, it has agreed to buy the privately held Coral Hill Energy for $258-million. Crescent Point works with Coral Hill in the Alberta Swan Hills play and already owns about 9 per cent of its shares. It plans to issue 0.0567 of a Crescent Point share for each Coral Hill share that it does not already own, as well as assume Coral Hill's $132-million debt. The Legacy takeover was also a share-and-debt deal. By the time both deals are closed, Crescent Point will have issued over 23 million shares (plus a further 23 million as part of a $660-million financing related to the Legacy deal) and assumed nearly $1.1-billion in debt (some of which was paid off using the financing proceeds). Its share count will be around 500 million.

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