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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $2.03 to $49.88 on the New York Merc, while Brent for August added $2.03 to $50.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.55 to WTI ($36.33), down from a discount of $13.40. Natural gas for August lost 2.7 cents to $2.863. The TSX energy index added 4.27 points to close at 189.25.

Saskatchewan oil producer Spartan Energy Corp. (SPE) added 28 cents to $3.40 on 3.26 million shares, after arranging two asset acquisitions for a total of $71.7-million, just days after closing a separate acquisition for about $77-million. All of the acquisitions are in southeast Saskatchewan. Of the two new acquisitions, one is in the Alida and Tilston/Souris Valley fairways and involves assets producing 1,500 barrels of oil equivalent a day. Most of Spartan's southeast Saskatchewan assets are within these fairways, so it is familiar with the area. The second acquisition covers 150 barrels a day in the Winmore area, just a little to the south. This is a relatively unexplored area for Spartan, although that is changing fast. To give a sense of the pace of development, Spartan's drilling inventory as of year-end 2015 included just 89 locations in the Winmore area, of which 65 were unbooked (meaning no attributable reserves or resources). By May, the estimate of locations had gone up to 144 (with an unspecified number of unbooked ones), on the back of first quarter activity. Spartan even drilled the best well in its history at Winmore during the first quarter, with the well averaging 472 barrels a day over the first 30 days. To put these numbers in perspective, Spartan's type curve for this sort of well assumes production of 109 barrels a day over the first 30 days. Its total inventory of drilling locations in southeast Saskatchewan is 839.

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