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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 88 cents to $47.34 on the New York Merc, while Brent for May lost 66 cents to $50.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.95 to WTI ($34.39), unchanged. Natural gas for April added five cents to $3.09. The TSX energy index lost 3.07 points to close at 194.83.

Alberta Montney producer Birchcliff Energy Ltd. (BIR) lost once cent to $6.68 on 2.18 million shares. Trading in its shares was briefly halted this morning, ahead of its announcement that it has started marketing its Charlie Lake light oil assets in the Peace River area of Alberta. These assets are expected to produce 3,800 barrels of oil equivalent a day this year. By comparison, Birchcliff's full-year production guidance is 70,000 to 74,000 barrels a day, largely from its core Montney/Doig assets at Pouce Coupe and Gordondale (just south of Charlie Lake). These two assets are at the heart of the five-year plan that Birchcliff announced last November. Not only does the plan call for production of 130,000 barrels a day by the end of 2021, but it also includes the adoption of a 2.5-cent quarterly dividend, which became payable for the first time this quarter and currently yields 1.5 per cent. The planned sale of Charlie Lake represents a vote of confidence in the ability of Pouce Coupe and Gordondale to support Birchcliff's grand ambitions.

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