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Energy Summary for Aug. 10, 2017

2017-08-10 18:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 97 cents to $48.59 on the New York Merc, while Brent for October lost 80 cents to $51.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.95 to WTI ($38.64), unchanged. Natural gas for September added 11 cents to $2.99. The TSX energy index lost 2.44 points to close at 174.99.

George Fink's Bonterra Energy Corp. (BNE) lost $1.07 to $15.03 on 403,400 shares, disappointing investors with its second quarter financials and new full-year guidance. Its production, which comes mainly from the Alberta Cardium, averaged 13,153 barrels of oil equivalent a day during the quarter, slightly below analysts' predictions of around 13,400 barrels a day. Cash flow of 86 cents a share was well below analysts' predictions of 91 cents a share. Bonterra had no shortage of candidates to point the finger at, blaming wet weather, pipeline restrictions and third party plant turnarounds. Still, production was a good deal higher than in the first quarter, which was hampered by service delays that prevented Bonterra from tying in all of its planned wells. As a result, first quarter production was just 12,053 barrels a day, well below Bonterra's target of 12,600. Bonterra said at the time that it still expected to achieve its full-year production guidance of 13,000 to 13,500 barrels a day. Now, though, following two difficult quarters and the decision to defer some third quarter activity by several weeks, Bonterra is lowering the full-year guidance to just 12,900 barrels a day. It is also reducing its budget to $65-million from $70-million. Untouched, at least for now, is the generous 10-cent monthly dividend, which yields 8 per cent.

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