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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery gained 34 cents to $61.68 on the New York Merc, while Brent for April gained 51 cents to $64.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.45 to WTI ($35.23), unchanged. Natural gas for March lost two cents to $2.56. The TSX energy index gained 1.88 points to 172.92.
Mike Rose's Tourmaline Oil Corp. (TOU) rose 32 cents to $19.27 on 901,500 shares, adding to the 54 cents that it gained yesterday after boosting its reserves. More specifically, it has increased its proved plus probable (2P) reserves to 2.22 billion barrels of oil equivalent from 1.75 billion barrels a year ago. Notably, the liquids component of its 2P reserves increased to 431.6 million barrels from 258.4 million barrels. As a result of the liquids boost, Tourmaline has excitedly set a liquids production target of 70,000 to 75,000 barrels a day for the fourth quarter of 2019. For context, its previously announced liquids target for 2018 is 50,000 barrels a day. The company aims to produce a total of 270,000 to 280,000 barrels of oil equivalent a day this year (about 18 per cent liquids). Its core areas are in Alberta's Deep basin, the B.C. Montney and Alberta's Peace River area.
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