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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.34 to $43.68 on the New York Merc, while Brent for November lost $1.19 to $46.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($29.48), down from a discount of $14.20. Natural gas for October was unchanged at $2.90. The TSX energy index lost 1.38 points to close at 187.10.

Alberta Montney producer Delphi Energy Corp. (DEE) added three cents to 92 cents on 656,300 shares, more than regaining the two cents it lost yesterday after providing a mixed operational update. The good news is that the company expects its production to reach 9,100 barrels of oil equivalent a day in the coming weeks, putting it in a good position to meet its year-end target of 9,000 to 10,000 barrels a day. In addition, the company refracked a nearly five-year-old well at its core Bigstone Montney project -- the first horizontal well it ever drilled at Bigstone, in fact -- and got it to flow at 1,009 barrels a day, including 40 barrels of condensate per million cubic feet of gas, over 24 hours. (To put that in perspective, after the well was drilled in 2011 it produced 1,099 barrels a day, including 104 barrels per million cubic feet, over its first 30 days.) Delphi was pleased with the results and says it will look for more wells to refrack. Slightly less pleasing was the result of the third well drilled so far this year, which had a lower liquids yield than other wells in the area. Delphi wisely chose to emphasize the cost of drilling and completing the well: about $7-million, down from $8.3-million in 2015 and $10.4-million in 2014. Meanwhile, the company is getting ready to spud its fourth well this week, and might drill one more before the end of the year. As for next year, Delphi has not released any official guidance, but a new presentation on its website indicates that it expects to drill seven to 10 wells. By the end of 2019, it is aiming to more than double production to 22,000 barrels a day, using infrastructure that is already in place.

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