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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery added $1.39 to $58.26 on the New York Merc, while Brent for May added 88 cents to $67.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.77 to WTI, up from a discount of $10.85. Natural gas for April added four cents to $2.82. The TSX energy index added 2.18 points to close at 156.55.
George Fink's Alberta Cardium producer, Bonterra Energy Corp. (BNE), added 42 cents to $6.16 on 453,100 shares, after releasing its 2018 financials. It touted "record" full-year production of 13,206 barrels of oil equivalent a day. Investors seemed impressed, even though this was barely above the previous record of 13,195 barrels a day set in 2014, after which production dropped below 13,000 barrels a day for the next three years. The 2018 production was also barely in line with Bonterra's guidance of 13,200 to 13,500 barrels a day. Bonterra experienced a roughly 250-barrel-a-day production drop between the third and fourth quarters, with fourth quarter production averaging 12,789 barrels a day, as the company announced last month. With that in mind, analysts were predicting that funds flow for the fourth quarter would come to 44 cents a share. Actual funds flow missed those predictions at about 32 cents a share. This disappointed Scotia Capital analyst Patrick Bryden, who blamed the miss on weak oil prices and high operating costs. He maintained his rating of "sector perform" on Bonterra, but lowered his price target to $8 from $9.
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