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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.58 to $46.32 on the New York Merc, while Brent for December lost $1.96 to $48.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.00 to WTI ($31.32), up from a discount of $15.05. Natural gas for December added 0.9 cent to $2.262. The TSX energy index lost 1.10 points to close at 187.31.

Scott Ratushny's Cardinal Energy Ltd. (CJ) lost one cent to $11.33 on 706,200 shares, hanging on to most of the 94 cents it added yesterday after releasing its third quarter financials and maintaining its 2015 and 2016 guidance. Production in the quarter came to 11,220 barrels of oil equivalent a day (all from Alberta), in line with analysts' predictions. Cash flow, on the other hand, came to 43 cents a share, well above analysts' predictions of 37 cents a share, thanks in part to operating cost improvements. In particular, results in the company's Bantry area look to be improving. Cardinal says it drilled two gross (1.75 net) Bantry wells in the third quarter and they had an average 30-day initial production (IP30) rate of 495 barrels of oil equivalent a day. The six gross (5.75 wells) Bantry wells drilled year to date have an average IP30 of 340 barrels a day, Cardinal added. To put those numbers in perspective, a July, 2015, document on Cardinal's website indicated that the modelled IP30 for Bantry wells is 240 barrels a day. In addition, the document put the drilling and completion cost of each well at $2.1-million; Cardinal says the cost for its latest two wells was just $1.7-million each. It thus feels confident in its guidance for this year and next. The remainder of this year will benefit from a recent 3,300-barrel-a-day acquisition in the Mitsue area of Alberta, which closed last week. Cardinal figures it will end this year producing 14,500 barrels a day. Next year, as previously announced, it expects to produce an average of 14,600 barrels a day on a budget of $35-million.

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