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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.01 to $40.74 on the New York Merc, while Brent for January added 41 cents to $44.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI ($25.84), down from a discount of $14.65. Natural gas for December added 10.1 cents to $2.36. The TSX energy index added 1.57 points to close at 175.28.

Gary Guidry's Gran Tierra Energy Inc. (GTE) lost 21 cents to $2.99 on 2.68 million shares, after announcing its proposed takeover of Jeff Boyce's Petroamerica Oil Corp. (PTA), up 38 cents to $1.30 on 8.39 million shares. Gran Tierra plans to issue 0.4 of a share or $1.33 cash for each Petroamerica share. Its goal is to expand in Colombia. Currently, Gran Tierra produces around 20,000 barrels of oil equivalent a day (net after royalties), largely from the Chaza block in the Putumayo basin. Petroamerica produces about 1,200 barrels a day from the Putumayo basin and 1,800 from the Llanos basin. By acquiring Petroamerica, Gran Tierra can continue to develop Putumayo assets while gaining a better position in the Llanos basin, which sees considerably less guerilla violence from Colombian rebel groups than the Putumayo region. The deal also means that CEO Guidry has kept the promise he made this spring, shortly after he took control of Gran Tierra through a dissident coup. He told Bloomberg that he wanted to close at least one Colombian deal before year-end. The takeover of Petroamerica will not technically close until January, but still counts.

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