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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 54 cents to $52.20 on the New York Merc, while Brent for August lost 88 cents to $57.85 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.55 to WTI ($39.65), up from a discount of $13. Natural gas for August added 9.4 cents to $2.864 The TSX energy index added a fraction to close at 195.06.

Scott Saxberg's Crescent Point Energy Corp. (CPG) continued to plummet, losing $1.14 to $22.80 on 8.67 million shares, on top of the $1.07 it lost on Friday. Investors remain miffed with its new prospectus for a potential $2.5-billion debt or equity financing. The prospectus was filed on Friday and comes on the heels of the debt and dilution from two takeovers, Legacy Oil and Coral Hill. Investors may also be worried that Crescent Point will have to make a change to its 2015 guidance. It boosted this guidance twice recently to account for the two takeovers. When it announced the takeover of Legacy in late May, it valued Legacy's assets using a WTI forecast of $58.50 (U.S.), and when it announced its takeover of Coral Hill two weeks ago, it was even more bullish and valued the assets using a WTI forecast of $60 (U.S.). At those prices both companies were a steal, said Crescent Point. It figured they would provide plenty of support for its balance sheet (which will show net debt of about $4-billion once both takeovers close) and for its 23-cent monthly dividend (which yields a generous 12.1 per cent). Yet WTI has taken some bad hits over the last month and made the takeovers less attractive than thought. Since reaching $61.43 on June 10, WTI has fallen to its current level of about $52 (U.S.), which could put pressure on Crescent Point's newly revised outlook. Although the company has about half of its production hedged over the rest of the year and has been striving to cut costs, it has publicly indicated willingness to "revisit" its outlook depending on oil prices, so investors seem to be expecting an unpleasant visit soon.

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