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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 99 cents to $87.78 on the New York Merc, while Brent for November added $1.16 to $94.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.38 to WTI, unchanged. Natural gas for October added 25 cents to $8.25. The TSX energy index added 4.66 points to close at 238.96.

The oil patch kicked off the week with a splashy acquisition. Brian Schmidt's Tamarack Valley Energy Ltd. (TVE), up one cent to $3.99 on 18.9 million shares, is plunging deeper into the Alberta Clearwater play, having agreed to buy the private Deltastream Energy for $1.42-billion.

"The acquisition of Deltastream solidifies Tamarack as the largest producer in the Clearwater," cheered Tamarack's president and chief executive officer, Mr. Schmidt. He explained that the deal will add 23,000 barrels a day of production and could boost free cash flow by over $500-million annually. Thanks to "industry-leading returns," the break-even WTI oil price to achieve free cash flow on the assets is less than $32 (U.S.) a barrel, marvelled Mr. Schmidt. He showed his confidence by announcing an increase to Tamarack's monthly dividend -- now 1.25 cents instead of one cent, for a yield of 3.8 per cent -- and hinting at further "enhanced return of capital" next year.

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