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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 41 cents to $46.06 on the New York Merc, while Brent for November added 33 cents to $48.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI ($31.96), down from a discount of $14.05. Natural gas for October added 11 cents to $2.90. The TSX energy index lost a fraction to close at 194.97.

Gear Energy Ltd. (GXE) added one cent to 75 cents on 199,900 shares. It is hard at work on this year's Alberta- and Saskatchewan-focused drill program, which, as announced late last week, was recently expanded to 14 wells from 12 wells. Gear expects to drill the extra two wells without making a "material" change to its $12.5-million budget. Eight of the wells, including the two new ones, are in the Paradise Hill heavy oil area of Saskatchewan. Another three have been drilled in the Wildmere heavy oil area. Gear says wells in both of these areas have been "exceeding expectations," in some cases showing production rates that are 40 per cent higher than those forecast in the budget. One last heavy oil well is scheduled for spudding in the fourth quarter in a new, exploration-stage play, and the remaining two wells of the program will target light oil in the Wilson Creek area, which Gear entered less than two months ago by taking over Striker Exploration Corp. Gear says the newly expanded drill program should allow its production to meet or exceed the December target of 6,400 barrels of oil equivalent a day. The full-year 2016 target, at least for the moment, is staying at 5,250 barrels a day. As for 2017, Gear's website says the plan is to "reinvest cash flow, targeting approximately 10-per-cent production growth." Official guidance is scheduled to arrive on Nov. 9.

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