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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 96 cents to $58.47 on the New York Merc, while Brent for August was unchanged at $66.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, down from a discount of $13.00. Natural gas for August lost two cents to $2.31. The TSX energy index added a fraction to close at 139.38.

Jim Riddell's Alberta-focused Paramount Resources Ltd. (POU) reached an intraday high of $7.02 before calming down and closing at $6.53, up 23 cents, on 1.78 million shares. It has arranged a $470-million mid-stream asset sale. At the heart of the sale is the 6-18 gas plant in the Karr Montney. The liquids-rich Karr Montney asset contributes almost one-third of Paramount's total production of around 81,300 barrels of oil equivalent a day (as of the first quarter). Paramount has been working to expand the facility's gas capacity to 150 million cubic feet a day from 100 million, an expansion that is scheduled to be on-line in 2020 and cost a total of $145-million in 2019. That $145-million was not included in Paramount's $350-million 2019 budget, so for the past few months, the company has been "evaluating financing alternatives" for the project's completion. Evidently the best alternative was simply to sell the plant.

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