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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added $1.35 to $70.10 on the New York Merc, while Brent for January added $1.42 to $74.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, down from a discount of $11.10. Natural gas for December shot up 14 cents to $3.33. The TSX energy index added 5.17 points to close at 288.60.

Robert Logan's oil sands producer, Greenfire Resources Ltd. (GFR), added 41 cents to $10.27 on 87,000 shares, as it prepared for a dissident battle. Adam Waterous's Waterous Energy Fund (WEF) has requisitioned a special meeting of shareholders to replace Greenfire's board. The requisition comes barely a week after WEF claimed to close its acquisition of a 43-per-cent interest in Greenfire, a deal that Greenfire tried unsuccessfully to block before the Alberta Securities Commission and is still trying to block in court.

In a blistering letter, WEF accused Greenfire's board of demonstrating "consistently poor performance on all fronts" and pursuing "personal self-enrichment at [the] expense of its shareholders." WEF pointed out that Greenfire has repeatedly increased its capital budget yet repeatedly decreased its "fanciful" production guidance. It also noted ties between Greenfire's interim chairman, Matthew Perkal, and one of Greenfire's shareholders and paid consultants, Brigade Capital Management (where Mr. Perkal is a partner). WEF let the share price speak for itself: In barely a year as a public company, Greenfire has lost one-third of its value, significantly underperforming the 10-per-cent increase in the XEG index.

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