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Energy Summary for Jan. 19, 2017

2017-01-19 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 29 cents to $51.37 on the New York Merc, while Brent for March added 24 cents to $54.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($36.87), unchanged. Natural gas for February added seven cents to $3.37. The TSX energy index lost a fraction to close at 209.51.

Alberta- and Saskatchewan-focused Tamarack Valley Energy Ltd. (TVE) added 19 cents to $3.45 on 15.3 million shares. Much of the volume came from National Bank Financial, which crossed two blocks of six million shares each this morning at $3.30. Yesterday, Tamarack trumpeted production of 11,453 barrels of oil equivalent a day during the fourth quarter of 2016, well above the year-end target of 11,000 barrels a day. Tamarack attributed the accomplishment to "continued successful drilling" and "positive performance" in its core Cardium and Viking plays.

Tamarack recently expanded in the Viking by buying the private Spur Resources for $407.5-million, a deal that was announced in November and closed last week. Spur had been spun out in 2006 as part of Focus Energy Trust's $1.2-billion takeover of Profico Energy Management, a success story led by chief executive officer Ian Currie, who went on to hold the same position at Spur. He took Spur into the Viking in 2011 by buying the Coleville natural gas asset. This was producing about 600 barrels a day at the time from gas units that had been on production for about five decades. Spur wanted to see if the Viking oil zone extended onto the gas units. The idea worked out even better than Spur had hoped, and by early 2015, Coleville's production had more than quintupled and oil and liquids were contributing about half of that output.

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