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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 59 cents to $44.59 on the New York Merc, while Brent for November added $1.38 to $47.75 (all figures in this para U.S.). WTI dipped briefly in the afternoon after U.S. President Barack Obama indicated that he would oppose a House Republican bill that would lift a 40-year-old ban on crude oil exports. He is opposed because the Commerce Department should make that decision, not Congress, a White House spokesman told a news conference. WTI rebounded quickly; exports (if they happen) are months away and should not affect near-term trading prices. Western Canadian Select traded at a discount of $13 to WTI ($31.59), up from a discount of $13.40. Natural gas for October lost three cents to $2.728. The TSX energy index added a fraction to close at 163.57.

Scott Ratushny's Cardinal Energy Ltd. (CJ) added 50 cents to $9.10 on 2.6 million shares, after announcing an acquisition of light oil assets in the Mitsue area of Alberta. Rick George's Penn West Petroleum Ltd. (PWT) added four cents to 70 cents on 5.54 million shares, after simultaneously announcing a sale of light oil assets in the Mitsue area of Alberta. Neither company mentioned the other, but the details in the press releases are similar and analyst Thomas Matthews of AltaCorp Capital later reported that these are indeed the companies involved. The assets are producing 4,500 barrels of oil equivalent a day, of which Cardinal will buy a 75-per-cent interest (3,300 barrels a day) for $129-million and a non-arm's-length private company to Cardinal will buy the rest. Penn West will receive total proceeds of $192.5-million.

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