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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 43 cents to $52.75 on the New York Merc, while Brent for March lost 36 cents to $55.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI ($38.75), unchanged. Natural gas for February added five cents to $3.33. The TSX energy index added a fraction to close at 210.70.

Colombia-focused Gran Tierra Energy Inc. (GTE) added one cent to $3.48 on 1.67 million shares. It is struggling to regain the nine cents it lost on Monday after releasing an underwhelming operations update. As discussed in Monday's Energy Summary, production in 2016 came in below expectations and current production of 32,000 barrels of oil equivalent is running below this year's guidance of 34,000 to 38,000 barrels a day, as Gran Tierra deals with some unexpected challenges in its core Putumayo basin.

The news was not all bad. Gran Tierra also released its reserve report on Monday, showing a near doubling in proven and probable (2P) reserves at year-end 2016 compared with year-end 2015. Although the increase largely reflected acquisitions, the results of Gran Tierra's exploration and appraisal program were also evident, even though the program did not begin until September. Gran Tierra's president and chief executive officer, Gary Guidry, is hoping for further drilling success in 2017. He stated that if 2016 was "a transformational year" because of the acquisitions, then 2017 will be "transformational through execution."

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