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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery lost 43 cents to $56.74 on the New York Merc, while Brent for January lost 41 cents to $63.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($42.49), unchanged. Natural gas for December added one cent to $3.21. The TSX energy index lost a fraction to close at 202.35.
George Fink's Alberta Cardium-focused Bonterra Energy Corp. (BNE) lost 42 cents to $16.86 on 273,300 shares, essentially giving back the 48 cents it added yesterday after releasing its third quarter financials. These were largely in line with analysts' predictions, with the exception of spending. Bonterra spent over $14-million during the quarter, taking its nine-month expenditures to nearly $64-million, just a hair below the $65-million that was supposed to be the budget for the whole year. Not a problem, said Bonterra, which simply raised the full-year budget to $73-million. The increase will allow it to drill an extra five wells this year that were previously not scheduled to be drilled until early 2018. Because the wells are being drilled late in the year, they will not have any noticeable effect on Bonterra's 2017 production target, which is staying at 12,900 barrels of oil equivalent a day. Bonterra does expect a "positive impact" from the wells on its year-end production, as well as a "strong start" to 2018.
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