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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 11 cents to $51.67 on the New York Merc, while Brent for November added 13 cents to $57.54 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.45 to WTI ($40.22), unchanged. Natural gas for November lost one cent to $3.01. The TSX energy index lost a fraction to close at 190.14.

Cenovus Energy Inc. (CVE) lost nine cents to $12.51 on 5.82 million shares. It had no news, but it did have a new SEDAR filing: a preliminary prospectus for a new issue and/or secondary offering of up to $7.5-billion (U.S.) worth of debentures, notes, common shares, preferred shares and/or other securities. This filing looks more like a housekeeping measure than anything else. For one thing, Cenovus's last preliminary prospectus, enabling a $5-billion (U.S.) offering, is set expire in less than six months. For another, the new prospectus specifically mentions Cenovus's registration rights agreement with ConocoPhillips, in connection with the $17.7-billion asset acquisition that Cenovus completed from ConocoPhillips in May. ConocoPhillips received 208 million shares of Cenovus as partial payment for the assets. The two companies also entered an investor agreement and a registration rights agreement, which, among other things, restricted ConocoPhillips from selling any of the shares for six months and required Cenovus to register the shares with a prospectus. Now Cenovus has met that requirement. ConocoPhillips will now have the option of selling its shares through a secondary offering under the prospectus, although it does not have to do so. It will be allowed to start selling shares after Nov. 17.

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