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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.16 to $92.83 on the New York Merc, while Brent for October added four cents to $98.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.60 to WTI ($79.23), unchanged. Natural gas for October lost 13.1 cents to $3.82. The TSX energy index added a fraction to close at 310.26.

Mickey Dunn's Bellatrix Exploration Ltd. (BXE) lost 13 cents to $7.55 on 4.33 million shares. For the third time this year, it has lowered its production guidance because of infrastructure constraints in its core area of west-central Alberta. The first time it did this was in March, when it reduced its full-year guidance to a range of 42,300 to 43,500 barrels a day, from 44,000 barrels a day. It did it again in mid-May, lowering the full-year target to 41,000 barrels a day. In late May, it raised its year-end guidance to 48,000 barrels a day from 47,000, but this increase was announced alongside a $250-million bought deal that was immediately revised to $150-million, confusing and displeasing investors. Over all the stock has fallen from $11.27 in early May. Today, citing two plant outages, Bellatrix lowered its third quarter guidance to 40,500 barrels a day from a range of 41,000 to 42,000 barrels a day. It kept its year-end guidance at 48,000 barrels a day. It did not, however, reiterate its full-year guidance of 41,000 barrels a day, which could be worrisome. Based on its production year to date and its new third quarter guidance, Bellatrix would need to produce close to 52,000 barrels a day in the fourth quarter to achieve its average full-year target. That seems optimistic given that it is higher than the year-end target. As well, Bellatrix is reducing the number of rigs it plans to have running in the fourth quarter. It originally planned to have 10 to 12, but now says eight.

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