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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 77 cents to $46.78 on the New York Merc, while Brent for October lost 53 cents to $50.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.05 to WTI ($36.73), unchanged. Natural gas for September lost five cents to $2.89. The TSX energy index lost 2.05 points to close at 169.99.

Alberta Foothills producer Ikkuma Resources Corp. (IKM) reached an intraday high of 76 cents before retreating and settling at 70 cents, up two cents, on 4.71 million shares. It has arranged a "transformational" $34-million asset acquisition that will more than triple its production. The assets are almost entirely gas and will add 14,300 barrels of oil equivalent a day, boosting Ikkuma's total production to 20,800 barrels a day (98 per cent gas). Ikkuma has also arranged a $10-million private placement of 12 million flow-through shares at 82 cents, a nearly 20-per-cent premium to today's close. (Flow-through shares come with tax advantages, hence the higher price.) As well, Ikkuma is planning to sell a 51-per-cent interest in some of its existing Foothills infrastructure for $20-million. The buyer of the infrastructure was not identified (and neither was the seller of the gas assets, for that matter), but it may be Tidewater Midstream and Infrastructure Ltd. (TWM: $1.30), based on a somewhat similar announcement that Tidewater made yesterday evening. Ikkuma expects to close the private placement on Sept. 1, the infrastructure sale on Sept. 15 and the asset acquisition on Nov. 1.

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