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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $2.04 to $46.80 on the New York Merc, while Brent for September added $2.22 to $48.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.95 to WTI ($32.85), unchanged. Natural gas for August added 3.2 cents to $2.734. The TSX energy index added 6.05 points to close at 195.77.

Canacol Energy Ltd. (CNE) added 18 cents to $4.51 on 1.51 million shares, after providing an eagerly awaited but slightly mixed update from Colombia. First it noted that its Colombian gas production in May and June averaged 88.5 million cubic feet a day (15,500 barrels of oil equivalent a day). This is a little under the 90.5-million-cubic-foot-a-day level that Canacol reached in late April after the completion of a major infrastructure project. Canacol blames the minor drop on scheduled maintenance at a customer's facilities. The maintenance is now done, and Canacol is keeping its full-year gas production guidance intact at 75 million cubic feet a day, including 90 million from April 21 to year-end. Canacol is also keeping its oil production guidance intact, forecasting 2,300 barrels a day from Colombia and 1,300 from Ecuador. The Colombian gas production is under sales contracts and the Ecuadorean oil production has fixed tariffs, so neither is affected by global commodity prices, much to Canacol's satisfaction. The only production tied to global prices is its Colombian oil production. In April, Canacol had been mulling a significant drill program at its oil assets in Colombia, if global oil prices stabilized above $50 (U.S.). Now it says there will be no such program this year because prices are too volatile.

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