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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery gained $1.41 to $60.60 on the New York Merc, while Brent for April gained $1.64 to $64.36 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.45 to WTI ($34.15), up from a discount of $22.75. Natural gas for March lost a fraction of a cent to $2.59. The TSX energy index gained 3.29 points to 172.62.
Paul Colborne's Surge Energy Inc. (SGY) gained 10 cents to $1.87 on 3.44 million shares, after touting a reserves boost and a net asset value of $6.06 a share. This value was calculated mostly based on the company's reserves. According to its year-end update, Surge now has proved and probable reserves of 95.2 million barrels of oil equivalent, up from 84.4 million barrels a year ago. In the hope that its share price will come close, even a little bit, to reflecting the calculated net asset value per share, Surge plans to buy back and cancel some of its shares. The TSX typically allows buybacks of up to 10 per cent of shares. Surge has just under 233 million shares issued. No shareholder owns more than 10 per cent.
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