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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery added $1.43 to $91.93 on the New York Merc, while Brent for October added $1.09 to $97.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.67 to WTI, unchanged. Natural gas for September added 37 cents to $8.20. The TSX energy index added 2.16 points to close at 222.59.
Rick McHardy's Alberta gas player, Spartan Delta Corp. (SDE) added 36 cents to $12.91 on 1.16 million shares, mostly pleasing investors with its second quarter financials. Average production of 73,000 barrels a day exceeded the company's full-year guidance of 68,500 to 72,500 barrels a day. Cash flow of $1.33 a share surpassed analysts' predictions of $1.24 a share, and more than tripled from 39 cents a share a year earlier. The increase reflects higher commodity prices and the production-boosting takeover of the private Velvet Energy last summer.
Velvet was one of several acquisitions that Spartan completed during 2020 and 2021. Formerly a quiet Alberta junior called Return Energy, the company caught the attention in late 2019 of Mr. McHardy and his people, who together sold three other Spartan-themed promotions from 2011 to 2018. They recapitalized and took over Return, changed its name to Spartan Delta, and went on a shopping spree. Other targets included Bellatrix Exploration, Inception Exploration and Canoe Point Energy, along with asset acquisitions.
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