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Energy Summary for Aug. 13, 2019

2019-08-13 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $2.17 to $57.10 on the New York Merc, while Brent for October added $2.73 to $61.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, unchanged. Natural gas for September added four cents to $2.15. The TSX energy index added 1.16 points to close at 126.31.

Gary Guidry's Colombia-focused Gran Tierra Energy Inc. (GTE) edged up one cent to $1.88 on 1.36 million shares. It tried to get the week off to a good start by presenting yesterday afternoon at EnerCom's 2019 Oil and Gas Conference in Denver. Mr. Guidry was unable to take time away from his chief executive officer duties and deliver the presentation, so Adam Smith, Gran Tierra's treasurer, did the honours. Much of Mr. Smith's presentation was an ode to Colombia. This is a country with proven production and reserves, an established fiscal and regulatory system, and modern technological and infrastructure capabilities, meaning that Gran Tierra does not have spend millions of dollars risking "feast or famine" in frontier basins. Yet Colombia still offers "fantastic" assets such as Gran Tierra's largest producer, the Acordionero field, where Mr. Smith said a sizable reserves increase is expected at the end of this year. Acordionero is in the Middle Magdalena basin. Gran Tierra is also the dominant landholder and producer in the Putumayo basin, where, Mr. Smith noted, the company has over one billion barrels of unrisked prospective resources.

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