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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $2.03 to $51.96 on the New York Merc, while Brent for March lost $2.16 to $54.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.05 to WTI ($37.91), up from a discount of $16.00. Natural gas for February lost 18 cents to $3.10. The TSX energy index lost 5.46 points to close at 215.43.

Pengrowth Energy Corp. (PGF) lost one cent to $1.86 on 1.83 million shares. It lost three cents on Friday after closing the previously announced sale of a 4-per-cent royalty on its Lindbergh thermal project in Alberta for $250-million, bringing its total cash position to $530-million. The four-sentence update did not mention what Pengrowth plans to do with its cash, but its continuing debt negotiations will surely play a major role in that decision. As of Sept. 30, Pengrowth's total debt was $1.65-billion, including $127-million in convertible debentures due in March and $400-million (U.S.) in senior notes due in July. Pengrowth is in talks with its noteholders about extensions and covenant amendments.

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