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by Stockwatch Business Reporter
West Texas Intermediate crude for May delivery lost 18 cents to $68.29 on the New York Merc, while Brent for June gained 30 cents to $73.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.65 to WTI ($51.64), unchanged. Natural gas for May fell eight cents to $2.66. The TSX energy index gained a fraction to 197.22.
Oil and gas producers had a mixed and active trading day. Crescent Point Energy Corp. (CPG) gained 24 cents to $10.73 on 13.7 million shares, and Baytex Energy Corp. (BTE) gained eight cents to $4.79 on 12.9 million shares. Meanwhile, Cenovus Energy Inc. (CVE) lost 26cents to $12.70 on 15.5 million shares, and Athabasca Oil Corp. (ATH) lost one cent to $1.55 on 11.2 million shares.
Pengrowth Energy Corp. (PGF) gained two cents to 99 cents on 1.91 million shares. It announced yesterday that after "careful consideration," it has decided to make no effort to deal with its New York Stock Exchange listing non-compliance. Under the NYSE's listing rules, the average closing price of a stock for 30 consecutive trading days must not fall below $1 (U.S.). If this happens, then the NYSE gives a company six months to get its average back up. Failing this, the exchange will delist the stock. Pengrowth received its non-compliance notice on Dec. 1, so it has until June 1 to lift its average closing price. Today, it gained two U.S. cents to 78 U.S. cents on 706,700 shares on the NYSE. One thing that the company can do is roll back its shares, but yesterday it said it would do no such thing. (Pengrowth has 556 million shares issued.) It shrugged off its potential ejection from the NYSE, saying that being listed there is not helping it much anyway. If Pengrowth somehow gets its average closing price back up by June 1 without doing anything, then it will remain on the NYSE. Otherwise, it will move down to the pink sheets.
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