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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery gained 98 cents to $64.47 on the New York Merc, while Brent for March gained 93 cents to $69.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.75 to WTI ($37.72), unchanged. Natural gas for February gained 22 cents to $3.44. The TSX energy index closed up 1.48 points to 197.43.
Many oil and gas producers had a good day. Birchcliff Energy Ltd. (BIR) climbed 31 cents to $3.65 on 6.72 million shares. Cardinal Energy Ltd. (CJ) rose 24 cents to $4.99 on 3.72 million shares, and Bonavista Energy Corp. (BNP) rose 19 cents to $2.03 on 3.04 million shares. Meanwhile, Spartan Energy Corp. (SPE) fell 10 cents to $6.97 on 11.9 million shares, but this included an eight-million-share cross at $6.90 by BMO Nesbitt Burns.
Alberta producer Journey Energy Inc. (JOY) gained 13 cents to $1.85 on 129,200 shares, after announcing that it will buy back and cancel 24.8 per cent of its shares, that is, 12.7 million shares, at $1.68. All of these shares are held by a Hong Kong shareholder, MIE Maple Investments. According to Journey, MIE has decided to decrease its position following a "review of its corporate obligations." Once the buyback and share cancellation are completed, MIE will be left with 3.7 million shares or 9.6 per cent of Journey's shares then issued.
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