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Energy Summary for May 22, 2018

2018-05-22 21:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 11 cents to $72.13 on the New York Merc, while Brent for July gained 35 cents to $79.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.15 to WTI ($54.98), narrowing from a discount of $18.65. Natural gas for June gained 10 cents to $2.91. The TSX energy index lost 1.82 points to 208.56.

Alberta Montney producer Iron Bridge Resources Inc. (IBR) gained 16 cents to 75 cents on 8.03 million shares after receiving an unsolicited takeover offer of 75 cents cash per share from the private Velvet Energy. According to Velvet, it sent an offer letter to Iron Bridge's board and management on May 13, but Iron Bridge "refused to constructively engage" with it.

Iron Bridge is producing more than 3,100 barrels of oil equivalent a day from two wells in the Elmworth/Gold Creek Montney. It expects to boost this figure to 5,000 barrels a day when it resumes production from three wells that are currently shut in. Its hostile bidder, Velvet Energy, also has assets in Elmworth/Gold Creek. Velvet says it knows the area so well that when Iron Bridge asked it to sign a confidentiality agreement, Velvet refused, saying it did not need to see Iron Bridge's confidential information. Velvet produces about 22,000 barrels a day, including 4,000 barrels a day in Elmworth/Gold Creek and 17,000 barrels a day in Alberta's Deep basin.

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