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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery added 39 cents to $49.56 on the New York Merc, while Brent for October added 56 cents to $52.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.95 to WTI ($39.22), unchanged. Natural gas for September added six cents to $2.88. The TSX energy index lost a fraction to close at 177.43.
Clay Riddell's Paramount Resources Ltd. (POU) added $1.32 to $21.02 on 2.54 million shares, after releasing its second quarter financials and wrapping up its drill program at its core Karr/Gold Creek asset in the Alberta Montney. Production in the second quarter averaged 18,367 barrels of oil equivalent a day, exceeding analysts' predictions of around 16,700 barrels a day. Cash flow of 33 cents a share was higher than analysts' predictions of 25 cents a share. Paramount patted itself on the back for completing the planned expansion of its Karr/Gold Creek plant during the quarter, doubling the plant's capacity in April. This expansion, although it went noticeably over budget (costing $40-million instead of the planned $35-million), enabled further production from new Karr/Gold Creek wells. Of the 18,367 barrels a day produced in the second quarter, about 12,700 came from Karr/Gold Creek.
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This is an inquiry rather than comment. I have 7000 shares of Manitok(MEI-V). This stock had abnormal number of shares traded yesterday and today. Can you shed light of what is happening while they are in the middle of an accretive take over of Questfire Energy (Q.A)