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Energy Summary for Nov. 25, 2014

2014-11-25 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.69 to $74.09 on the New York Merc, while Brent for January lost $1.35 to $78.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.40 to WTI ($56.69), down from a discount of $17.30. Natural gas for December added 13.1 cents to $4.28. The TSX energy index lost 2.22 points to close at 259.03.

The two heaviest traders on the TSX were Pengrowth Energy Corp. (PGF), up six cents to $4.48 on 29.4 million shares, and Athabasca Oil Corp. (ATH), down 15 cents to $2.92 on 27.5 million shares. The volume may be related to their deletion from the MSCI Global Standard Indexes and their addition to the MSCI Global Small Cap Indexes, as mentioned in the Nov. 19 Energy Summary. The changes took effect at the close today.

Zargon Oil & Gas Ltd. (ZAR) added two cents to $6.15, after announcing a deal to sell Hamilton Lake (a Viking property in east-central Alberta) for $25-million, comprising $22.5-million in cash and $2.5-million in securities. Around the same time, Toro Oil & Gas Ltd. (TOO), which added 1.5 cents to nine cents on the following news (and was then halted pending even more news), announced that it is buying an east-central Alberta Viking property for $25-million, comprising $22.5-million in cash and 29.7 million shares. Both companies mentioned the asset in question as containing proven plus probable reserves of 1.2 million barrels of oil equivalent and producing 400 barrels a day. (This is more than double Toro's production in the third quarter.) Neither company mentioned the other in its press release, but a source close to the deal told Stockwatch that these are indeed the two parties involved.

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