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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery gained $1.36 to $63.42 on the New York Merc, while Brent for June gained $1.54 to $68.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI ($46.62), narrowing substantially from a discount of $23.40. Natural gas for May lost one cent to $2.70. The TSX energy index lost 1.41 points to 181.07.

Alberta oil and gas producer Obsidian Energy Ltd. (OBE) fell four cents to $1.32 on 606,200 shares after its board reached a compromise with dissident shareholder FrontFour Capital, a Connecticut hedge fund. FrontFour has agreed to nominate two directors, instead of four, for election at Obsidian's annual shareholders meeting on May 11. Meanwhile, Obsidian has agreed to nominate only eight of its nine incumbent directors. The one being forced out is George Brookman, who will "retire" on May 11 after sitting on the board since 2005.

FrontFour had criticized Obsidian's "entrenched" directors, whose tiny shareholdings did not align their interests with those of other shareholders. Every incumbent director besides Mr. Brookman joined the board in 2013 or later. He holds 30,000 of Obsidian's 504 million shares. For its part, FrontFour and its affiliates hold a combined 31 million shares (6 per cent). Mr. Brookman, who runs a Calgary printing and document management company, is one of Obsidian's highest-paid directors, receiving $89,125 in 2016. In August, 2017, he became acting chairman, following the death of former chairman Rick George. Likely in response to FrontFour's complaints, Obsidian replaced Mr. Brookman in February, appointing instead Jay Thornton as chairman. Mr. Thornton, who has been a director since 2013, earned $54,750 in 2016 and holds 288,750 shares. He is also a director of North American Energy Partners Inc. (NOA: $7.30), which is an oil sands construction company, and Tervita, which is an oil field remediation services provider that is merging with Newalta Corp. (NAL: $1.24).

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