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Energy Summary for May 16, 2018

2018-05-16 20:53 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery gained 18 cents to $71.49 on the New York Merc, while Brent for July gained 85 cents to $79.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.45 to WTI ($56.04), unchanged. Natural gas for June lost two cents to $2.82. The TSX energy index gained a fraction to 206.35.

Alberta- and Saskatchewan-focused Surge Energy Inc. (SGY) gained seven cents to $2.63 on 1.42 million shares after announcing an acquisition that will expand its core Sparky play in central Alberta. The company is acquiring assets that are producing 620 barrels of oil equivalent a day (83 per cent oil) for $28.4-million. Surge predicts that the assets' proved and probable reserves of 2.9 million barrels of oil equivalent will last for 13 years at current production rates, and the company has already spotted at least 35 places to sink development wells. It expects to close the purchase by May 31. Factoring in the new assets, Surge expects to be producing 17,175 barrels a day at the end of 2018, up from its previous guidance of 16,650 barrels a day.

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