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Energy Summary for April 11, 2017

2017-04-11 20:07 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 32 cents to $53.40 on the New York Merc, while Brent for June added 25 cents to $56.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI ($43.85), unchanged. Natural gas for May lost nine cents to $3.15. The TSX energy index lost a fraction to close at 204.51.

Saskatchewan-focused heavy oil producer Northern Blizzard Resources Inc. (NBZ) added 17 cents to $3.49 on 1.02 million shares. Its largest shareholders, Natural Gas Partners and Riverstone Holdings -- two U.S. private equity firms that together hold 67.7 million of Northern Blizzard's 101 million shares -- have agreed to sell all of their shares of Northern Blizzard to the Calgary-based Waterous Energy Fund. Waterous will pay $3.60 a share, or $244-million in total.

This is an intriguing move for the young fund, which was founded earlier this year by former Scotiabank investment banker Adam Waterous. Mr. Waterous told the Financial Post on Jan. 13 that the fund had just raised start-up capital of $400-million from various investors, including lead investor Gordon Flatt (the founder of the Stirling Funds and the brother of Bruce Flatt, chief executive officer of Brookfield Asset Management). Mr. Waterous said the fund would seek to take controlling interests in private companies operating in "the unconventional space across North America -- the Montney, the Permian, the Eagle Ford -- and supply them with capital." Sticking to this objective, the fund soon acquired an interest in the private Strath Resources, which focuses on the Montney.

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