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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost 33 cents to $41.61 on the New York Merc, while Brent for October lost 49 cents to $44.50 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.79 to WTI, unchanged. Natural gas for September added two cents to $2.17. The TSX energy index lost a fraction to close at 84.11.
The big news in the Canadian energy sector continued to be yesterday's announcement that Painted Pony Energy Ltd. (PONY: $0.68) is being put out to pasture, having accepted a 69-cent-a-share cash takeover offer from Canadian Natural Resources Ltd. (CNQ: $27.29). The total price tag is $460-million and largely reflects $350-million in assumed debt. As Painted Pony told the story yesterday, the burdened balance sheet, combined with wider market weakness, "deprived [its] asset base of the capital necessary to fund meaningful development," leading it to embark on a confidential review of "opportunities to enhance shareholder value." The board reviewed multiple proposals and deemed Canadian Natural's to be "the best alternative for Painted Pony's shareholders."
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