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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost two cents to $50.89 on the New York Merc, while Brent for September added 18 cents to $57.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16 to WTI ($34.89), down from a discount of $15.75. Natural gas for August added 1.6 cents to $2.87. The TSX energy index lost 3.86 points to close at 191.69.

Scott Saxberg's Crescent Point Energy Corp. (CPG) dropped as low as $22.08 before settling at $22.42, down 38 cents, on 4.24 million shares. It has fallen from over $30 in late May as investors fret that it is biting off more than it can chew. Since late May, Crescent Point has arranged two takeovers that have diluted its shares and increased its debt, and last week it filed a prospectus that will let it issue a further $2.5-billion in equity or debt. To top it off, it previously said it would re-examine its 2015 guidance this quarter, so investors may be worried about a looming cut to the budget (which is currently $1.55-billion) or to the 23-cent monthly dividend (which yields 12.3 per cent). President and CEO Saxberg does not seem worried. Over the last week, he has bought 12,900 shares, boosting his holdings to 675,390 of the company's 495 million shares. Director Greg Turnbull has bought 33,000 shares this month and increased his holdings to 97,871 shares. By contrast, CFO Greg Tisdale has sold 22,500 shares since June 30 and now holds 177,003, but over all there has been more insider buying than selling. (Of course, insider buying does not necessarily mean that everything is fine. A memorable example comes from Twin Butte Energy Ltd. (TBE: $0.58), whose president and CEO, Jim Saunders, bought 500,000 shares on Dec. 10, 2014, one week before the company cut both its budget and its dividend. The yield before the dividend cut was 21.3 per cent. As a result of the continuing deterioration of the stock, which today lost four cents to 58 cents, the new yield is 20.6 per cent, casting doubt on its safety.)

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