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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 26 cents to $47.40 on the New York Merc, while Brent for August lost 48 cents to $49.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.45 to WTI ($36.95), unchanged. Natural gas for July lost two cents to $2.98. The TSX energy index added a fraction to close at 184.11.

Saskatchewan Viking producer Raging River Exploration Inc. (RRX) added 16 cents to $8.19 on 1.65 million shares, after lifting the veil of secrecy off the "new play development" that it announced about a month ago. Investors were told at the time that Raging River would boost its 2017 budget by $30-million (to $340-million) and spend $10-million of that increase on an unidentified new play or plays. There was much speculation about what the play(s) would be, especially given that the announcement came about one month after Bloomberg began reporting that Raging River was looking to sell itself. Raging River denied this speculation. Investors were disappointed. The stock, which had reached $10.40 in the wake of Bloomberg's report, fell over the following weeks toward $8, with the coy mention of "new play development" on May 8 failing to halt the slide.

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