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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 82 cents to $53.01 on the New York Merc, while Brent for April lost $1.09 to $55.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($39.61), unchanged. Natural gas for March lost one cent to $3.05. The TSX energy index lost 4.49 points to close at 198.92.

The North Sea-focused Ithaca Energy Inc. (IAE) added 20 cents to $1.94 on 18 million shares, after accepting a $1.95-a-share takeover offer from its major shareholder, the billionaire Yitzhak Tshuva's Delek Group. Delek, Israel's main energy company, previously bought 81.86 million of Ithaca's 413 million shares in October, 2015, at $1.05 each. The stock has since risen considerably, thanks in part to Ithaca's efforts to bring its much-hyped (although much-delayed) Stella project on production. That is expected to happen later this month and boost Ithaca's production to around 25,000 barrels of oil equivalent a day from the 2016 average of 9,300 barrels a day.

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