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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 85 cents to $77.72 on the New York Merc, while Brent for July added 76 cents to $82.12, although the gains were not enough to prevent both benchmarks from sliding to a weekly loss (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI, down from a discount of $12.50. Natural gas for June lost 14 cents to $2.52. The TSX energy index added 1.90 points to close at 295.59.

U.S. Bakken producer Enerplus Corp. (ERF) added 24 cents to $27.56 on 429,600 shares, as it cheered shareholder approval for its $3.75-billion (U.S.) cash-and-share takeover by Chord Energy Corp. (U.CHRD: $179.75). The takeover has also cleared its Investment Canada Act review. Pending court approval, the companies expect to close the deal on May 31.

The buyout marks the final chapter for a storied entity, not just in the energy patch, but in Canadian investment history. Four decades ago, the late Calgary financier Marcel Tremblay (who died in 2005) was toying with an idea that would let retail investors benefit directly from mature oil and gas properties that were still generating plenty of cash, but were not exciting enough to catch the eye of major energy companies. With the help of Calgary lawyer John Brussa (still active as a director of several companies), Mr. Tremblay created Canada's very first income trust, an oil and gas royalty fund that would take the cash flow left over after expenses and distribute it to investors. It went public through a $10-million IPO in 1986 under the name Enerplus Resources Fund.

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