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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 24 cents to $47.73 on the New York Merc, while Brent for May lost five cents to $50.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.45 to WTI ($35.28), up from a discount of $12.95. Natural gas for April lost three cents to $3.05. The TSX energy index lost a fraction to close at 196.53.

Alberta Montney producer Birchcliff Energy Ltd. (BIR) added 34 cents to $7.41 on 2.36 million shares, after receiving a shot of support from its largest shareholder, the billionaire Seymour Schulich. Birchcliff announced this morning that Mr. Schulich has bought 2.5 million shares, boosting his position to 37.5 million of the company's 263 million shares. According to SEDI, he paid an average of $6.76 for each of his 2.5 million new shares.

By comparison, when Mr. Schulich first started investing in Birchcliff nearly 10 years ago, he paid about $3.90 for his stock, according to interviews. He initially acquired 10 million shares of Birchcliff in late September, 2007. From October, 2007, to July, 2016, he bought another 35 million shares, and in August, 2016, he sold 10 million of them through a secondary offering. Based on his SEDI filings, he made a profit of $20.9-million on the 10 million shares that he sold, and the cost base of the remaining 35 million shares (including the initial 10 million bought at $3.90) is approximately $5.57. Birchcliff's stock closed today at $7.41. On top of that, the company started paying a dividend this year, a 2.5-cent quarterly dividend that yields 1.3 per cent. With Mr. Schulich now owning 37.5 million shares, he can expect $937,500 in quarterly dividend payments, a most pleasing cheque to receive in the mail.

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