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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery, the benchmark in North America, added 65 cents to $92.92 on the New York Merc, while Brent for November, the benchmark in Europe, added 77 cents to $97.88 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $13.50 to WTI ($79.42), unchanged. Natural gas for October, the international benchmark, added 7.4 cents to $3.93. The TSX energy index added a fraction to close at 309.68.

Mickey Dunn's Bellatrix Exploration Ltd. (BXE) lost 13 cents to $7.53 on 1.68 million shares. Over the last four weeks, it has run up past $8.50 from $7.50 and back again, amid operational problems in Alberta and buying by an interesting new investor, Orange Capital. Orange is a busy New York hedge fund and activist investor run by Daniel Lewis. Over the last five months, it has successfully pushed for a new board at Newalta, added Mr. Lewis to the board of trustees of InnVest REIT and gained the right to a board seat at Tuckamore Capital. Now it is Bellatrix's turn. On Aug. 19, an EDGAR filing disclosed Orange's ownership of 10.16 million of Bellatrix's 191 million shares. The filing said that Orange would push Bellatrix to change its board, consider strategic alternatives, and explore a sale, joint venture or initial public offering of its mid-stream assets. A Sept. 4 filing showed that Orange bought 2.07 million more shares from Aug. 25 to Sept. 3. Last Friday, another filing disclosed the purchase of 1.88 million shares from Sept. 4 to Sept. 11. Over 835,000 of those shares were acquired on Sept. 11, the day Bellatrix reduced its production guidance because of infrastructure constraints for the third time this year. All told, Orange has spent nearly $122-million buying 14.13 million shares, at an average cost of $8.62.

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