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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 92 cents to $42.88 on the New York Merc, while Brent for October added 79 cents to $45.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI ($27.98), down from a discount of $14.80. Natural gas for September lost two cents to $2.74. The TSX energy index added 3.81 points to close at 196.52.

Enerplus Corp. (ERF) crossed $9 in intraday trading for the first time in a year before closing at $8.92, up 37 cents, on 3.09 million shares. This was on top of the 35 cents it added on Friday after releasing its second quarter financials and boosting its full-year guidance. Cash flow came to 35 cents a share during the second quarter, well ahead of analysts' predictions of around 24 cents a share, while production of 93,659 barrels of oil equivalent a day was slightly ahead of predictions. Enerplus has tightened its production guidance to a range of 92,000 to 94,000 barrels a day. It has also boosted its budget to $215-million from $200-million, and says its new budget and its one-cent monthly dividend, which yields 1.3 per cent, will both be covered by this year's cash flow. The $15-million in extra spending will go toward the Fort Berthold asset in North Dakota. This area contributes less than one-third of Enerplus's production but is receiving about two-thirds of this year's budget, and has been showing noticeable improvements as a result. During a conference call on Friday, president and chief executive officer Ian Dundas said costs in North Dakota are now $7.8-million (U.S.) a well, down from $8.5-million (U.S.) in the first quarter, while drilling times are now 13 days, down from 17 days in the budget (and from 25 days a year and half ago). He added that Enerplus is using just one rig right now and expects to see more cost-efficiencies as it expands its drill program, which it plans to do next year. Although Mr. Dundas did not give specific guidance for 2017, he said Enerplus expects to see "growth through the year" even at WTI oil prices of less than $50 (U.S.).

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