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Energy Summary for May 9, 2018

2018-05-09 20:47 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery gained $2.08 to $71.14 on the New York Merc, while Brent for June gained $2.36 to $77.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.05 to WTI ($55.09), unchanged. Natural gas for June gained one cent to $2.74. The TSX energy index gained 2.48 points to 201.83.

Brett Herman's Saskatchewan and Alberta producer, TORC Oil & Gas Ltd. (TOG), gained 24 cents to $7.64 on 11.8 million shares after announcing an asset acquisition and boosting its dividend. First, it is acquiring light oil assets in southeast Saskatchewan for $125-million cash and 13.5 million shares (worth $103.14-million, based on today's closing price). The assets will increase TORC's production by 3,200 barrels of oil equivalent a day to 27,000 barrels a day (87 per cent light oil and natural gas liquids). It expects to close the deal on June 27.

TORC does not name the company from which it is buying the assets, but that company must be Scott Saxberg's Crescent Point Energy Corp. (CPG), which today gained four cents to $10.35 on 8.31 million shares. Last week, Crescent Point announced that it was working on a non-core asset sale of 3,200 barrels a day of production for $225-million. It did not say at the time that $100-million of the proceeds would be in the form of shares that will be restricted from trading for four months. Nevertheless, Crescent Point will use the proceeds to chip away at its $4.4-billion net debt, which continues to weigh down its stock. It traded up to $48 in 2014 but has remained under $12 in the past year. Crescent Point aims to produce 183,500 barrels a day this year at its assets in Saskatchewan and Utah.

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