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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 70 cents to $43.03 on the New York Merc, while Brent for November lost 29 cents to $46.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($29.48), unchanged. Natural gas for October added three cents to $2.95. The TSX energy index lost a fraction to close at 187.88.

BlackPearl Resources Inc. (PXX), a Lundin company, added nine cents to $1.33 on 1.13 million shares, after finally receiving regulatory approval for its Blackrod SAGD (steam-assisted gravity drainage) project in Alberta. The company filed the application for the 80,000-barrel-a-day project over four years ago. This filing followed three years of drilling, testing, pilot operations, public consultations and environmental studies, and it was with obvious triumph that president and chief executive officer John Festival trumpeted, "... [We] are ready to move to the first phase of commercial development." That was on June 4, 2012. BlackPearl figured that it would receive regulatory approval and obtain financing in 2013, start construction in 2014, and start steaming in late 2015. Most of that plan changed in mid-2013, when BlackPearl, citing "soft" and "challenging" markets for financings, deferred Blackrod and decided to focus on its much smaller thermal project, Onion Lake in Saskatchewan. It still expected regulatory approval for Blackrod in late 2013. There was no such luck. The years wore on, until finally, BlackPearl announced this morning that approval had arrived at last. Mr. Festival declared himself "very pleased" that Blackrod had been given the go-ahead after -- and one may imagine a pointed tone here -- "a long and thorough review." BlackPearl still does not have anywhere near the amount of money needed to develop Blackrod, of course. The approval should be helpful as it examines financing options, but even so, if the markets were "soft" and "challenging" in mid-2013, BlackPearl is likely not holding its breath for money now. The first phase alone of Blackrod, covering 20,000 barrels a day, is expected to cost $800-million.

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