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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 64 cents to $52.37 on the New York Merc, while Brent for March lost 56 cents to $55.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.05 to WTI ($38.32), unchanged. Natural gas for February added four cents to $3.42. The TSX energy index added 1.01 points to close at 212.39.

Oil sands producer MEG Energy Corp. (MEG) lost 24 cents to $7.72 on 3.56 million shares, on top of the 45.5 cents it lost yesterday after announcing a debt refinancing and a bought deal to help pay for an ambitious 2017 spending program. The bought deal was initially proposed at $357-million, but was hiked to $450-million yesterday morning, and now the underwriters have given notice that they will exercise their overallotment option in full. This will take the total proceeds to $517.8-million. The money will be raised through the issuance of 66.8 million subscription receipts at $7.75, ultimately boosting MEG's share count to over 293 million, if all goes according to plan. The financing is conditional on the completion of the debt refinancing. MEG expects to complete the bought deal on Jan. 24 and the refinancing in mid-February.

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