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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery lost 73 cents to $53.26 on the New York Merc, while Brent for August lost $1.00 to $62.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.49 to WTI, down from a discount of $13.38. Natural gas for July added two cents to $2.36. The TSX energy index lost a fraction to close at 133.81.
Colombian oil producer Parex Resources Inc. (PXT) edged down six cents to $20.93 on 1.2 million shares, after releasing long-awaited but somewhat mixed results from its Andina Norte-1 exploration well. This well was spudded in January at Parex's 50-per-cent-owned Capachos block. Last month, as rumours began to swirl that the well had been a failure, Parex's stock dipped below $20 for the first time since February. Parex soothed investors on May 7 by starting a testing program in two of the three targeted zones. (The third was non-hydrocarbon-bearing.) Now the results are in. The primary Guadalupe zone tested at 2,785 barrels of oil a day and 4.3 million cubic feet of gas a day, or about 3,500 barrels of oil equivalent a day, a strong showing. For context, a good result would have been about 1,500 to 2,000 barrels of oil equivalent a day per zone. The secondary Une zone was not quite up to scratch, testing at 621 barrels of oil a day and 1.5 million cubic feet of gas a day, or about 870 barrels of oil equivalent a day. The Une also flowed around 450 barrels a day of undesirable water.
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