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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery edged up one cent to $60.21 on the New York Merc, while Brent for September added 20 cents to $66.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.32 to WTI, up from a discount of $12.40. Natural gas for August added four cents to $2.45. The TSX energy index lost a fraction to close at 142.43.

Alberta Cardium producer Obsidian Energy Ltd. (OBE) lost two cents to $1.39 on 93,700 shares. Investors seemed mildly put out by the news that Highwood Oil Company Ltd. (HOCL: $28.30), which agreed in May to buy Obsidian's 55-per-cent interest in the 8,000-barrel-a-day Peace River Oil Partnership (PROP), has pushed back the closing date to mid-August. The original closing date was July 31, subject to financing on Highwood's part and to a right of first refusal on the part of PROP's co-owner, China Investment Corp. (CIC). CIC also had a tag-along right to sell its 45-per-cent interest to Highwood on similar terms. According to Highwood, CIC has now waived those rights and paved the way for Highwood to move ahead with the deal. Closing, however, will take about two weeks longer than expected.

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