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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 84 cents to $53.08 on the New York Merc, while Brent for June added 74 cents to $55.98 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI ($43.53), up from a discount of $11.40. Natural gas for May lost two cents to $3.24. The TSX energy index added 3.23 points to close at 205.15.

Alberta gas producer Bellatrix Exploration Ltd. (BXE) added four cents to $1.08 on 2.74 million shares, after biting the bullet -- although arguably harder than it needed to -- by proposing a share rollback. The company is keen to protect its listing on the New York Stock Exchange, which requires the stock to stay consistently at or above $1 (U.S.). The stock fell out of compliance with this requirement last August. Part of the problem has been a strained balance sheet. To that end, since August Bellatrix has: closed $90-million in debt and equity financings; sold nearly $240-million worth of assets; and come up with a three-year plan that involves boosting production to over 42,000 barrels of oil equivalent a day by the end of 2019 (up from 31,500 in late 2016). Despite these efforts, the stock has stayed stubbornly below the $1 (U.S.) mark, closing today at 80.5 U.S. cents. Bellatrix said in February that it would consider proposing a rollback at its shareholder meeting on May 17. This morning, it made the proposal official.

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