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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 42 cents to $51.87 on the New York Merc, while Brent for December added 65 cents to $57.82 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.35 to WTI ($40.52), down from a discount of $11.15. Natural gas for November lost five cents to $2.95. The TSX energy index added a fraction to close at 184.24.

Alberta producer Obsidian Energy Ltd. (OBE) added two cent to $1.32 on 1.39 million shares. The company has an intriguing new investor. According to a new filing on EDGAR, Kernwood Ltd., a Toronto-based private investment company controlled by Ted Kernaghan, has acquired 27.6 million shares of Obsidian, or about 5.5 per cent of the 504 million shares outstanding. These include 2.8 million shares acquired from Sept. 22 to Oct. 13 at an average price of $1.32.

The Kernaghan name has a long history in the Canadian capital markets. In 1949, Edward Kernaghan, the father of the above-mentioned Ted Kernaghan, co-founded the now defunct Bay Street brokerage firm Thomson Kernaghan & Co. He and his sons, including Ted, held various positions at the firm for decades. In 1994, the firm was joined by one Mark Valentine, who soon took control of the firm and later became infamous as the renegade broker who presided over its demise. The saga of Mr. Valentine's fall from grace, including his 2002 arrest in Germany as part of a joint RCMP/FBI sting called Operation Bermuda Short, kept reporters busy for years. In 2004, Mr. Valentine pleaded guilty to securities fraud in the United States and was also slapped with a lifetime ban from the Ontario Securities Commission. Alas, it appears that his legal woes are not over yet. Recently he has been making headlines related to a trade entered into by U.S. brokerage BTIG LLC, as covered by Stockwatch in an Aug. 4, 2017, article, entitled, "Valentine in court over $18M (U.S.) trade."

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