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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.23 to $47.59 on the New York Merc, while Brent for October lost $1.37 to $50.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.05 to WTI ($37.54), down from a discount of $9.95. Natural gas for September lost two cents to $2.96. The TSX energy index lost 2.33 points to close at 172.52.

Saskatchewan heavy oil producer Cona Resources Ltd. (CONA) reached an intraday low of just $2.21 before settling at $2.51, down six cents, on 416,300 shares. It has released its second quarter financials and finally said goodbye to its weighty dividend. The second quarter was of course dominated by the change of control that occurred in May, when Adam Waterous (through Waterous Energy Fund) acquired two-thirds of Cona's 101 million shares at $3.60. He later became Cona's chairman. His investment has not worked out so far, in part because of lingering confusion about his intentions. For example, when he announced his plan to acquire a majority interest in Cona in April, he spoke of beginning a "long-term partnership" with John Rooney, Cona's co-founder and chief executive officer. Just four weeks later, Cona announced Mr. Rooney's retirement. He is still CEO for now, but investors are awaiting news on a successor. No such news arrived with the second quarter financial update. The financials were also slightly worse than analysts had predicted, with cash flow of 19 cents a share (below predictions of 25 cents a share) and production of 17,280 barrels of oil equivalent a day (in line with predictions of about 17,200 barrels a day).

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