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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added one cent to $47.84 on the New York Merc, while Brent for July added seven cents to $50.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI ($38.29), unchanged. Natural gas for June added four cents to $3.42. The TSX energy index lost a fraction to close at 197.64.

B.C. Montney producer Painted Pony Petroleum Ltd. (PPY) lost four cents to $5.52 on 669,100 shares. It has won shareholder approval -- although not without a fight -- to go ahead with its controversial takeover of the private UGR Blair Creek Ltd., its neighbour and joint venturer in the Montney. The takeover required shareholder approval because the consideration includes 41 million shares, representing more than one-quarter of Painted Pony's share count of 100 million at the time the deal was announced in mid-March. The current share count is closer to 120 million because of a $111-million bought deal that closed in early April. The bought deal was done at $5.60 a share, which is also the deemed value of the shares to be issued for UGR.

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