Energy Summary for Feb. 22, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery gained $1.09 to $62.77 on the New York Merc, while Brent for April gained 97 cents to $66.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28 to WTI ($34.77), unchanged. Natural gas for March lost three cents to $2.63. The TSX energy index gained 1.72 points to 173.79.

Many oil and gas producers had a good day. Baytex Energy Corp. (BTE) rose eight cents to $3.28 on 4.13 million shares, Birchcliff Energy Ltd. (BIR) rose nine cents to $3.44 on 2.64 million shares, and Peyto Exploration & Development Corp. (PEY) rose 43 cents to $11.32 on 1.63 million shares.

Neil Roszell's Raging River Exploration Inc. (RRX) lost two cents to $6.38 on 3.18 million shares, despite the company's efforts to hype the results from its first three wells in the East basin Duvernay light oil play in Alberta. Its first well produced 190 barrels of oil a day over 100 days. Raging River cheered this "strong" result. For context, an East basin producer, the private Vesta Energy, was producing between 150 and 160 barrels a day per well in the first half of 2017. As for Raging River's second East basin well, the company says that "geotechnical results are exceeding our expectations for the area," but it provides no details. Its third well has encountered more than 20 metres of net pay, in line with the company's prediction. Raging River plans to drill one more East basin well this quarter.

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