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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery gained $1.01 to $70.73 on the New York Merc, while Brent for June gained $1.30 to $76.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.05 to WTI ($54.68), narrowing from a discount of $17.55. Natural gas for June gained three cents to $2.74. Despite all these pleasing movements, the TSX energy index gained only a fraction of a point to close at 199.34.

B.C. Montney gas producer Painted Pony Energy Ltd. (PONY) lost 10 cents to $2.52 on 2.16 million shares, more than giving back the five cents that it gained on Friday after releasing its first quarter results. It produced 60,703 barrels of oil equivalent a day (91 per cent gas), in line with analysts' predictions. Painted Pony explained that it is not optimistic about Western Canadian gas prices, and so it has reduced its full-year capital budget and production target. It now plans to spend between $145-million and $165-million (down from $185-million) to produce between 58,000 and 60,000 barrels a day (down from a range of 61,000 to 63,000 barrels a day).

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