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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery lost 10 cents to $59.19 on the New York Merc, while Brent for April gained 13 cents to $62.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.75 to WTI ($36.44), unchanged. Natural gas for March gained four cents to $2.59. The TSX energy index lost 1.34 points to 169.33.
Keith MacPhail and Jonathan Wright's Alberta Montney producer, NuVista Energy Ltd. (NVA), gained 23 cents to $7.83 on 2.77 million shares, after boosting its year-end PDP (proved, developed, producing) reserves to 54.1 million barrels of oil equivalent from 37.9 million barrels. NuVista has also released what it describes as a "very encouraging" drill result: A new well on its Bilbo block produced, in the first 30 days, 1,265 barrels of oil equivalent a day, of which about half was condensate. Bilbo produces a total of 18,000 barrels a day, of which one-third is condensate. The higher condensate proportion in the new well is encouraging, because condensate sells for more than gas does. Condensate prices are about $78 a barrel, while gas spot prices in Western Canada are about $12 per barrel of oil equivalent. Bilbo's production represents about half of NuVista's total production. The company boasts that only 1 per cent of its gas output will be exposed to AECO spot prices (the benchmark in Alberta) in 2018.
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