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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery lost 48 cents to $48.01 on the New York Merc, while Brent for August lost 86 cents to $48.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI ($35.81), up from a discount of $12.40. Natural gas for July lost 0.9 cent to $2.595. The TSX energy index lost a fraction to close at 183.20.
Penn West Petroleum Ltd. (PWT) added another 10 cents to $1.78 on 12.5 million shares. It added 52 cents over the previous two days after arranging to sell $1.1-billion worth of assets -- thus solving its near-term debt woes -- and touting its planned "transformation to a leading Alberta oil producer," all as discussed in yesterday's and Monday's Energy Summaries. A brief update is warranted today thanks to director John Brydson. Seemingly very confident in Penn West's looming transformation, he bought 450,000 shares yesterday at an average price of $1.28 (U.S.), almost doubling his holdings to 953,000 of Penn West's 502 million shares. Mr. Brydson joined Penn West almost exactly two years ago and it remains his first and only board seat at a public Canadian company. Now he is the largest shareholder on the board, ahead of chairman Rick George (former chief executive officer of Suncor Energy Inc. (SU: $33.96)), who owns 872,200 shares.
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