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Energy Summary for Sept. 1, 2020

2020-09-01 20:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 15 cents to $42.76 on the New York Merc, while Brent for November added 30 cents to $45.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.78 to WTI, up from a discount of $10.60. Natural gas for October lost 10 cents to $2.53. The TSX energy index added a fraction to close at 80.39.

George Fink's Alberta Cardium-focused Bonterra Energy Corp. (BNE) added three cents to $1.54 on 100,700 shares, after providing an update on its debt situation and -- almost as an afterthought -- acknowledging yesterday's audacious proposal from fellow Cardium producer Obsidian Energy Ltd. (OBE), up three cents to 61 cents on 154,600 shares. As discussed in yesterday's Energy Summary, Obsidian proposed a takeover of Bonterra that valued Bonterra's stock at just $1.06, a steep discount to its trading price. Obsidian boldly argued that the market is overvaluing Bonterra. "We do not believe that the Bonterra valuation premium will be sustained," warned Obsidian (a curious thing to say in any courtship). Obsidian went on to claim that if Bonterra accepts its "competitive and highly compelling" offer, the result will be a "Cardium Champion." On its own, however, Bonterra is descending into what Obsidian deems a "vastly inferior outcome."

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