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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery tumbled $2.12 to $76.49 on the New York Merc, while Brent for April lost $2.05 to $81.62, erasing the week's earlier gains and bringing both benchmarks down to a weekly loss (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.70 to WTI, up from a discount of $19.55. Natural gas for March lost 13 cents to $1.60. The TSX energy index lost a fraction of a point to close at 255.32.

Scott Ratushny's Cardinal Energy Ltd. (CJ) lost five cents to $6.68 on 938,200 shares, after releasing its year-end reserve report. Total 2P (proved and probable) reserves came to 118.5 million barrels as of Dec. 31, up from 113 million barrels a year earlier. The modest increase reflects drilling and a $25-million asset acquisition in Alberta last October. Management tried to drum up some enthusiasm, emphasizing that its "conservative" reserve book shows only a "small percentage of our overall economic drilling inventory," but investors found it ho-hum.

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