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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 27 cents to $43.01 on the New York Merc, while Brent for August added 32 cents to $45.54 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI ($31.91), unchanged. Natural gas for July added four cents to $2.93. The TSX energy index added 2.30 points to close at 172.32.

Saskatchewan oil producer Northern Blizzard Resources Inc. (NBZ) added six cents to $3.11 on 102,100 shares, as its new board and management started to take shape. The company first announced that changes were on the way in early April, when its two largest shareholders, Riverstone Holdings and Natural Gas Partners (NGP), agreed to sell all of their shares to Adam Waterous's Waterous Energy Fund. Riverstone and NGP had owned just over two-thirds of Northern Blizzard's 101 million shares. They sold them all to Waterous Energy at $3.60. Based on today's close of $3.11, Waterous Energy's investment has now lost over $33-million on paper. In any event, Mr. Waterous joined Northern Blizzard's board in connection with the sale, taking over one of the four seats vacated by the nominees of Riverstone and NGP. Interestingly, although Mr. Waterous had said in April that he was "pleased to begin a long-term partnership with CEO [and chairman] John Rooney and president [and chief operating officer] Jim Artindale," both Mr. Rooney and Mr. Artindale announced in May that they would be retiring after Northern Blizzard's next annual meeting.

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