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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 34 cents to $44.21 on the New York Merc, while Brent for December added 25 cents to $47.44 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.65 to WTI ($29.56), unchanged. Natural gas for December added two cents to $2.32. The TSX energy index lost a fraction to close at 183.11.

The large investment of one Vancouver broker, Pine Cliff Energy Ltd. (PNE), added one cent to $1.12 on 3.92 million shares. Robert Disbrow, a vice-president of Haywood Securities, has accumulated 26.5 million of Pine Cliff's 236.9 million shares, including 14,800 bought in the last week and a half. Pine Cliff is an Alberta gas producer that has arranged a $185-million acquisition that will nearly double its production to 23,800 barrels of oil equivalent a day. This is its largest acquisition since what it called the "revitalization [of] its business strategy" in early 2012. Back then, it was producing around 100 barrels a day, but then it took off on a shopping spree, looking for distressed gas assets. Its last major acquisition (not counting a $14-million purchase earlier this year) was at the end of 2014, when it bought $100-million worth of assets to double its production to 12,000 barrels a day. Its production has more or less stayed at that level throughout 2015. Pine Cliff does not do much drilling, preferring to spend its time looking for more assets to buy. Its chief executive officer, Phil Hodge, told the Alberta Oil Magazine last month that the company has looked into 250 transactions since 2012. It has closed eight.

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