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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 34 cents to $47.70 on the New York Merc, while Brent for May lost eight cents to $50.56 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.95 to WTI ($34.75), unchanged. Natural gas for April added four cents to $3.05. The TSX energy index added a fraction to close at 196.47.

Brett Herman's TORC Oil & Gas Ltd. (TOG) added eight cents to $6.48 on 2.82 million shares. The stock got a lovely mention this morning from Canaccord Genuity analyst Anthony Petrucci, whose research note, chirpily entitled "Quality at a great price," was full of compliments for TORC's conventional light oil assets in southeast Saskatchewan. TORC also has operations in the Alberta Cardium, but Mr. Petrucci had eyes for Saskatchewan alone. The company's assets in that province rank "amongst the best in the basin" and, when compared with the top oil plays across Canada, are "the best in the group," declared Mr. Petrucci. He also praised TORC's balance sheet. By his reckoning, TORC is in a strong enough position that even if oil prices fell to $40 (U.S.), the company could maintain both its production and its dividend. (The company pays a two-cent monthly dividend that yields 3.6 per cent. Its main shareholder, the Canada Pension Plan Investment Board -- which owns 46.6 million of TORC's 183 million shares -- receives its dividend as stock, lowering the cash cost of the payout.)

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