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Oil Summary
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Energy Summary for Dec. 24, 2018

2018-12-24 14:40 ET - Market Summary

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by Stockwatch Business Reporter

Markets may have closed early today, but there was no holiday cheer for oil prices. West Texas Intermediate crude for February delivery lost $1.98 to $43.61 on the New York Merc, while Brent for February lost $2.39 to $51.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.95 to WTI, unchanged. Natural gas for January lost 26 cents to $3.56. The TSX energy index lost 4.24 points to close at 127.36.

Michael Kabanuk and Brendan Carrigy's Alberta Bakken-focused Granite Oil Corp. (GXO) lost two cents to 48 cents on 158,700 shares. It has closed a $1.56-million private placement with insiders, issuing three million shares at 52 cents. Of those shares, 480,000 went to its president and chief executive officer, Mr. Kabanuk, who now owns 1.13 million of Granite's 37 million shares. Another 480,000 shares went to its chairman, Mr. Carrigy, who now owns 1.03 million. Forty thousand shares went to director Kathy Turgeon, boosting her holdings to 43,000. The remaining two million shares all went to GMT Capital and its associate GMT Exploration. GMT now controls 7.29 million shares. It has been a long-time supporter of Granite and previously owned shares of Granite's predecessor, DeeThree Exploration, which in mid-2015 split itself into two companies, Granite and a sister called Boulder Energy (which was taken private at $2.59 a share by ARC Financial in 2016). One of Granite's directors, Kevin Andrus, is GMT Capital's portfolio manager of energy investments.

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