This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 25 cents to $42.63 on the New York Merc, while Brent for October lost 31 cents to $44.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI ($27.98), unchanged. Natural gas for September lost 13 cents to $2.61. The TSX energy index added a fraction to close at 196.58.

Gran Tierra Energy Inc. (GTE) added four cents to $3.78 on 1.69 million shares, on top of the 17 cents it added yesterday after releasing its second quarter financials and beginning this year's exploration program in Colombia. Quarterly cash flow and production of 11 U.S. cents a share and 25,744 barrels of oil equivalent a day (working interest, before royalties) were in line with analysts' predictions of 10 U.S. cents a share and about 26,500 barrels a day. As well, combined operating and transportation costs improved significantly to $11.75 (U.S.) a barrel from $17.72 (U.S.) barrel a year earlier. Thanks to the cost improvements and higher realized prices, Gran Tierra's netbacks (profits per barrel) were $23.08 (U.S.) in the second quarter, more than double the first quarter level of $11.24 (U.S.). Management said during a conference call yesterday that Gran Tierra expects netbacks of over $30 (U.S.) in 2017. There was not much detail about 2017 otherwise, but Gran Tierra did say that its two core fields, Moqueta and Costayaco at the Chaza block, are now in good enough shape to finance the company's exploration programs over the next five years. This year's exploration program has just begun, with preparations now in progress for the spudding of the Cumplidor-1 well at the PUT-7 block later this quarter, to be followed in the fourth quarter by the Alpha-1 exploration well from the same drill pad. Other exploration wells to be drilled by year-end include the Crypto-1 well on the El Porton block, the Siriri-1 well at the PUT-4 block and Guriyaco-1 well at a potential pool next to the Costayaco field.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS