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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 84 cents to $56.78 on the New York Merc, while Brent for September lost 69 cents to $63.66 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.60 to WTI, up from a discount of $11.98. Natural gas for August lost one cent to $2.30. The TSX energy index lost 1.82 points to close at 137.75.

Alex Verge's Alberta-focused Journey Energy Inc. (JOY) stayed unchanged at $2.47 on no volume. It has always been a thin trader; 23 million of its 39 million shares are held by institutions and its own directors and management. Even so, it was likely hoping for a more enthusiastic reception to what it hyped as its "excellent early results" in the emerging East Duvernay shale play. It thumped itself on the back for officially bringing its first two East Duvernay wells on production.

Almost a year has passed since Journey buckled down in the East Duvernay by bringing in a joint venturer, Pat Carlson's private Kiwetinohk Resources Corp. (KRC), in August of last year. (Kiwetinohk is a Cree word meaning "up north." Native themes seem to appeal to Mr. Carlson, whose previous promotion, Seven Generations Energy Ltd. (VII: $6.49) -- of which he was the founder and chief executive officer until 2017 -- got its name from an Iroquois principle that we should make decisions based on whether those decisions will benefit our descendants seven generations from now.) Although Journey and KRC quickly got to work drilling the Duvernay last year, their wells were not ready for testing until this year, so updates have been scarce. Journey released the test results of its first two wells in April. Now it has finished testing a third well and brought the first two wells on production, all with "encouraging" and "excellent" results.

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