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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 50 cents to $101.94 on the New York Merc, while Brent for June added $1.22 to $110.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.95 to WTI ($82.99), unchanged. Natural gas for May lost 2.5 cents to $4.70. The TSX energy index lost 1.98 points to close at 314.73.

Trent Yanko's Legacy Oil + Gas Inc. (LEG), after crossing $9 in intraday trading for the first time in two years, settled down four cents to $8.75 on 3.04 million shares. The activity may have to do with Crescent Point Energy Corp.'s (CPG) $1.1-billion deal to acquire the privately held CanEra Energy. That name will sound familiar to long-time Legacy shareholders. In the summer of 2010, Legacy paid $583-million for CanEra Resources, created by the same group of managers. (This was how it acquired its Turner Valley asset in Alberta, one of its two core areas. The other is in the Williston basin of Saskatchewan.) CanEra's president and chief executive officer, Paul Charron, joined Legacy's board following the acquisition, but resigned in January, 2012, to focus on CanEra Energy. The new iteration chose Saskatchewan instead of Alberta. It is currently producing about 10,000 barrels of oil equivalent a day. Most of that production, Mr. Charron told the Calgary Herald, is from the Bakken and Mississippian formations, but a good chunk of the land is prospective for the emerging Three Forks/Torquay play. That is why Crescent Point is interested. Last week, it hit a 19-month high after announcing a new Torquay discovery and estimating that the play "has the potential to be the equivalent size" of its core Bakken asset. Its smaller neighbours perked up. Legacy started rising from $7.91 after the news came out, even though its Bakken and Three Forks/Torquay assets are a good distance west of Crescent Point. TORC Oil & Gas Ltd. (TOG), directly beside Crescent Point, went on a climb from $12.74, although today it lost 58 cents to $13.60. Painted Pony Petroleum Ltd. (PPY), which is better known for its Montney assets but also has a joint venture with Crescent Point in the Torquay, today added 21 cents to $12 on 1.36 million shares. This marks its first time at $12 since October, 2012.

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