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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery added 46 cents to $50.17 on the New York Merc, its first time closing above $50 in over two months (all figures in this para U.S.). Brent for September added 13 cents to $52.65. Western Canadian Select traded at a discount of $10.20 to WTI ($39.19), unchanged. Natural gas for September plunged 15 cents to $2.79. The TSX energy index lost 1.15 points to close at 177.72.
Serafino Iacono and Frank Giustra's Pentanova Energy Corp. (PNO) made a painful trading debut on the TSX Venture Exchange today, dropping 58 cents to 47 cents on 8.19 million shares. The stock was halted at $1.05 in February. Back then, the company was still called PMI Resources. PMI was one of Mr. Giustra's old shell graduates, although he left it in 2016 after a mostly unsuccessful foray into Albania. PMI sold its Albanian assets and started trying to work out its next steps. It found them this past January, when a long-time friend of Mr. Giustra, Mr. Iacono, came along with his new promotion, Pentanova Energy.
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