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Energy Summary for June 1, 2022

2022-06-01 20:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 59 cents to $115.26 on the New York Merc, while Brent for August added 69 cents to $116.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.40 to WTI, down from a discount of $17.00. Natural gas for July added 55 cents to $8.70. The TSX energy index added 5.19 points to close at 274.51.

International oil and gas producer Vermilion Energy Inc. (VET) added $1.35 to $28.71 on 4.48 million shares, after closing its $485-million takeover of B.C. Montney junior Leucrotta Exploration Inc. (LXE), halted at $2.21 ahead of its imminent delisting. Shareholders received $1.73 cash and one share of a spinout for each share of Leucrotta. Vermilion's management boasted that the deal provides "an expected two decades or more of low-risk, self-financing, high-deliverability drilling inventory with strong rates of return."

Leucrotta's management, meanwhile, will make its way over to the spinout, dubbed Coelacanth Energy, after a fish species pronounced "see-la-kanth." Chief executive officer Rob Zakresky and his people have a fondness for unusual, often animal-themed names. (The leucrotta is a mythical beast combining the features of a lion, a stag and a giant badger.) Coelacanth will receive the exploration-stage assets not being acquired by Vermilion. It will be the seventh company that Mr. Zakresky and his people have built together since 1993. Vermilion already seems interested; it has just bought 53.3 million shares of Coelacanth at 27 cents, for an 18-per-cent interest. Mr. Zakresky hopes to list the promotion on the TSX-V as soon as possible.

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