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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 95 cents to $57.72 on the New York Merc, while Brent for January added $1.02 to $63.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.60 to WTI, up from a discount of $18.85. Natural gas for December added four cents to $2.69. The TSX energy index added 1.81 points to close at 135.34.

Distressed Alberta and B.C. producer Pengrowth Energy Corp. (PGF) hovered unchanged at 5.5 cents on 3.83 million shares, as its proposed five-cent-a-share takeover by Adam Waterous's private Cona Resources took a step forward. The bid price of five cents -- well below the 20 cents that Pengrowth was trading at before the offer was announced two weeks ago, let alone its 2006 peak of over $26 -- reflects the risk that Cona is taking on in assuming Pengrowth's $700-million debt. As discussed in Monday's Energy Summary, Pengrowth had to prove to Cona by today, Nov. 15, that at least two-thirds of its secured debtholders supported the deal. It has now delivered that assurance. Holders of 93 per cent of the outstanding secured debt have signed support agreements, while also agreeing to extend the maturity of the debt until the completion of the takeover.

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