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Energy Summary for June 28, 2016

2016-06-28 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.52 to $47.85 on the New York Merc, while Brent for August added $1.42 to $48.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($34.45), unchanged. Natural gas for July shot up 20.1 cents to $2.917. The TSX energy index added 4.27 points to close at 183.75.

Alberta Montney/Doig producer Birchcliff Energy Ltd. (BIR), a large investment of Seymour Schulich (who owns 42 million of its 152 million shares and plans to acquire three million more through a looming private placement), added 21 cents to $6.51 on 1.87 million shares. It has filed the preliminary prospectus for the equity financings, totalling up to $690-million, that it wants to complete in order to finance its $625-million Gordondale Montney asset acquisition from EnCana Corp. (ECA: $10.06), as announced one week ago. These assets are forecast to produce 26,000 barrels of oil equivalent a day in the first half of 2016. This is down from over 29,000 barrels a day in the first half of last year (according to Birchcliff's prospectus), mainly because EnCana has largely ignored the assets since late 2014. Birchcliff reckons that the assets have been underexploited and that big boosts in production and cash flow can be achieved.

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