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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 11 cents to $48.75 on the New York Merc, while Brent for May lost seven cents to $51.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($34.25), unchanged. Natural gas for April lost eight cents to $2.90. The TSX energy index lost a fraction to close at 200.01.

B.C. Montney producer Painted Pony Petroleum Ltd. (PPY) lost 29 cents to $5.79 on 15.5 million shares, after announcing transactions that will dilute its share count by around 60 per cent, at a share price that is nearly half of what it traded at just four months ago. The company made the announcement yesterday evening. It plans to acquire UGR Blair Creek Ltd., the company through which Unconventional Gas Resources LP (or UGR) operates in the Blair Creek area of the Montney. Painted Pony will issue 41 million shares to acquire UGR, and will issue 18 million more shares as part of a $100.9-million bought deal. The two transactions will take its share count to over 159 million from 100 million. All of the shares being issued have a deemed value of $5.60. The stock has not traded at this level since last May, and touched a high of $10.50 last November.

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