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Energy Summary for Dec. 6, 2017

2017-12-06 21:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.66 to $55.96 on the New York Merc, while Brent for February lost $1.64 to $61.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.30 to WTI ($38.66), unchanged. Natural gas for January gained one cent to $2.92. The TSX energy index lost 4.06 points to close at 185.02.

On this slow day for news, we turn our attention to a few seldom-covered oil and gas juniors. Azerbaijan producer Greenfields Petroleum Corp. (GNF) fell two cents to 13 cents on 565,700 shares. Two days ago, the company announced that its production-sharing partner, the state oil company of Azerbaijan (SOCAR), is planning a deep drilling program at their Bahar gas project. Greenfields and SOCAR expect to finalize the drilling plans in early 2018, then begin development drilling later that year.

Greenfields has fallen to today's 13 cents from an all-time high of $11, which it reached in 2011. The company was founded in 2010 by Rich MacDougal and Alex Warmath, whose previous promotion was an Indonesian and Thai energy explorer called GFI Oil and Gas. The two men took GFI public on the TSX Venture Exchange by reverse takeover in 2006. The stock opened at $1.30, then it dipped as low as 48 cents, and then in 2008 GFI was acquired by British company Salamander Energy for $1.13 a share (in cash and shares). Mr. MacDougal and Mr. Warmath's follow-up promotion, Greenfields Petroleum, listed in November, 2010, with a $35.99-million initial public offering at $8.50. The stock traded above the IPO price for eight months, after which it went downhill.

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