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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.71 to $93.69 on the New York Merc, while Brent for August lost $1.24 to $100.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.53 to WTI ($80.16), unchanged. Natural gas for July lost 10.6 cents to $3.77. The TSX energy index lost a fraction to close at 243.30.

Athabasca Oil Corp. (ATH) added 14 cents to $6.75 on 2.59 million shares. The company received a lot of support in May and June from its largest shareholder, ZAM Investments Luxembourg SARL, which is controlled by Philip Korsant. Between May 13 and June 6, ZAM acquired 8.06 million shares at an average price of $6.32, bringing its holdings to 65.4 million of Athabasca's 400 million shares. ZAM was one of the first investors in Athabasca. It acquired over 800,000 shares in the company's April, 2010, initial public offering at $18, which boosted its holdings to 57 million shares. More interesting is Mr. Korsant. He is on the board of trustees of the Natural Resources Defense Council (NRDC), hardly where one would look for oil sands investors. On the NRDC's website, you can read all about the "tar sands invasion," or "the largest and most destructive project on Earth." Mr. Korsant does not mention ZAM's investment in Athabasca on the NRDC's website. His bio describes him as a member of Long Light Capital LLC. Filings from the U.S. Securities and Exchange Commission (SEC) show that Long Light Capital was formerly known as Korsant Partners LLC, a family investment company. SEDI filings show that Mr. Korsant indirectly owned shares of Athabasca through both ZAM and Korsant Partners. Neither phone calls nor e-mails to ZAM about Mr. Korsant's involvement with the NRDC were answered.

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