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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 43 cents to $44.91 on the New York Merc, while Brent for November added 42 cents to $48.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.75 to WTI ($31.16), unchanged. Natural gas for October added 2.2 cents to $2.591. The TSX energy index added a fraction to close at 166.70.

Charle Gamba's Canacol Energy Ltd. (CNE) fell to an intraday low of $2.66 before closing at $2.87, down six cents, on 2.18 million shares. Last night it released its fiscal fourth quarter financials, a reserve estimate and an update on operations in Colombia. It had previously announced quarterly production (in July) and a comprehensive reserve update (in March), so investors did not seem to show much interest in those. They seemed to focus instead on the mixed news about its appraisal program on the Clarinete gas discovery. This discovery was made in January and February, when the Clarinete-1 well tested at over 45 million cubic feet a day, equal to about 7,950 barrels of oil equivalent a day. The Clarinete-2 appraisal well was spudded on Aug. 1. Canacol said it would take about five weeks to drill, complete and test Clarinete-2, so investors have eagerly been awaiting results for much of this month. It turns out they will have to wait a bit longer. The well faced mechanical problems and had to be sidetracked, so it did not reach total depth until last week. Canacol now expects to conduct testing over the next week. It did point out that the well hit 127 feet of net potential gas pay (compared with the 149 feet found by Clarinete-1), which bodes well for testing and for future reserves. All in all, this is a minor delay and should not have any effect on Canacol's near-term gas production ambitions.

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