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Energy Summary for Jan. 13, 2020

2020-01-13 19:08 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 96 cents to $58.08 on the New York Merc, while Brent for March lost 78 cents to $64.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.91 to WTI, down from a discount of $22.75. Natural gas for February lost two cents to $2.18. The TSX energy index lost 1.22 points to close at 145.52.

Steve Moran's Corridor Resources Inc. (CDH) shot up 41 cents to $1.29 on 15.5 million shares, after announcing a recapitalization and an overhaul of its management and board -- and in the process confirming a rumour that has been bandied about for months. Corridor announced this morning that it has arranged $50-million in financings as part of a definitive investment agreement with a group of investors, comprising Neil Roszell, Jason Jaskela, Ali Horvath, Jonathan Grimwood and Terry Danku. Those names will ring many a bell for energy investors. Mr. Roszell and his people have built and sold several promotions over the years, starting with Prairie Schooner Petroleum in 2006, followed by Wild River Resources in 2009, then Wild Stream Resources in 2012 and then Raging River Resources in 2018. Raging River went to Baytex Energy Corp. (BTE: $1.78). Several members of the group (including Mr. Roszell, Mr. Jaskela and Mr. Grimwood) initially opted to join Baytex, but one by one, each of them left Baytex during 2019. This gave rise to speculation that they would soon reunite at yet another, probably water-themed, new promotion.

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