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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.96 to $57.62 on the New York Merc, while Brent for September lost $2.13 to $64.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.98 to WTI, up from a discount of $12.25. Natural gas for August lost 10 cents to $2.31. The TSX energy index lost 2.26 points to close at 139.57.

South American oil producer Frontera Energy Corp. (FEC) edged down three cents to $13.96 on 252,000 shares. This morning, it declared victory in the battle for the VIM-22 block in Colombia's Lower Magdalena Valley basin. The battle was brief -- so brief that this is the first time Frontera has mentioned VIM-22 publicly -- but as discussed in the Energy Summary for June 28, 2019, the original owner of this block was going to be the New York-listed GeoPark Ltd. (U:GPRK: $18.14). Both GeoPark and Frontera bid on VIM-22 in Colombia's recent block auction, but GeoPark's bid was higher. Frontera had a chance to counter and promptly promised double what GeoPark was offering. GeoPark could have made its own counter, but decided to let the block go to Frontera instead, a reasonable decision given that GeoPark has no other assets in the basin. Frontera, by contrast, has a producing gas field just west of VIM-22 (the La Creciente field) and recently entered a farm-in to acquire part of Parex Resources Inc.'s (PXT: $21.60) VIM-1 block to the north. Chief executive officer Richard Herbert said he is "very pleased" to add VIM-22 to Frontera's collection. The first exploration well at VIM-22 is tentatively scheduled to be drilled in 2021.

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