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Energy Summary for June 15, 2017

2017-06-15 20:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 27 cents to $44.46 on the New York Merc, while Brent for August lost eight cents to $46.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.35 to WTI ($34.11), unchanged. Natural gas for July added 13 cents to $3.06. The TSX energy index lost 2.96 points to close at 173.91.

Surge Energy Inc. (SGY) lost nine cents to $1.98 on 3.56 million shares, its first time below $2 since April, 2016. It has dropped from nearly $2.60 in the last four weeks. No news has been released during this time, with the exception of today's regular announcement of the 0.7917-cent monthly dividend, which currently yields 4.8 per cent. Surge has been busy preparing for what will be a busy drill program in the second half of the year. It has said it will drill up to nine more wells in its core Sparky area of Alberta, two more wells at its core Valhalla asset in Alberta and up to 15 more wells at its core Shaunavon play in Saskatchewan. Since the beginning of May, according to public data, it has licensed two Sparky wells and six Shaunavon wells. It has also licensed a water source well in Saskatchewan, presumably related to its second planned waterflood pilot at Shaunavon, which is expected to start operating next quarter.

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