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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 34 cents to $53.54 on the New York Merc, while Brent for April lost 24 cents to $56.56 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($40.14), unchanged. Natural gas for March added two cents to $3.19. The TSX energy index added a fraction to close at 203.62.

Colombia-focused Parex Resources Inc. (PXT) added 27 cents to $15.70 on 620,400 shares. Joint venturer GeoPark, the operator and co-owner of Parex's 55-per-cent-held LLA-34 block in the Llanos basin, trumpeted a new oil discovery this morning, courtesy of the Chiricoca-1 exploration well. This was drilled to the northwest of the core Tigana oil field and tested at 1,000 barrels of oil a day. GeoPark also patted itself on the back for expanding the Tigana field with the Tigana Sur-6 development well. This well tested at 1,600 barrels of oil a day and, interestingly, showed thicker net pay than other producing wells at Tigana. It was drilled along the Jacana/Tigana trend, which currently spans about 15 kilometres. GeoPark and Parex are working to extend the trend to the west and south.

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