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Energy Summary for Jan. 20, 2017

2017-01-20 20:11 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.85 to $53.22 on the New York Merc, while Brent for March added $1.33 to $55.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($37.92), unchanged. Natural gas for February lost 17 cents to $3.20. The TSX energy index added 1.71 points to close at 211.22.

Kurdistan-focused Shamaran Petroleum Corp. (SNM), a Lundin company, lost one cent to 11.5 cents on 240,400 shares, after arranging a $36-million private placement of 360 million 10-cent shares. The financing will boost its share count all the way to 2.15 billion. Lorito Holdings and Zebra Holdings, two Lundin family trusts that together hold 302 million of Shamaran's 1.79 billion shares, have said they will participate to keep their percentage ownership intact.

Shamaran's share count was not always this bloated. In early 2006, when the name Lundin first started to appear in association with Shamaran, the company was a would-be miner named Kit Resources and had 79 million shares outstanding, having just issued 40 million as part of a private placement. Lukas Lundin and a family holding company were major participants. It was not long before Kit gave up its mining dreams. In early 2007, it became a "robust, exciting new oil and gas company" with "tremendous" assets, a feat it accomplished by (among other things) buying assets in the Gulf of Mexico from Lundin promotion Pearl Exploration (now BlackPearl Resources Inc. (PXX: $1.67)). Pearl's founders, Gary Guidry and Keith Hill, were added to Kit's board. (Both names will ring a bell for anyone familiar with the Lundin group. One of the group's most successful oil and gas promotions, Tanganyika Oil, had Mr. Guidry as its president and CEO and Mr. Hill as a senior director. Tanganyika was sold in 2008 to Sinopec for $31.50 a share. Mr. Hill is now the president and CEO of Africa Oil Corp. (AOI: $2.76) and Mr. Guidry is the same at Gran Tierra Energy Corp. (GTE: $3.53).)

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