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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 10 cents to $68.10 on the New York Merc, while Brent for February lost one cent to $71.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $11.20. Natural gas for January lost 15 cents to $3.21. The TSX energy index added a fraction of a point to close at 280.59.

One of today's busiest traders in Canada's oil patch was Don Gray's Gear Energy Ltd. (GXE), up three cents to 57 cents on 8.2 million shares. It has entered a "transformative" arrangement whereby it will sell itself and two-thirds of its assets for $110-million cash, while transferring the remaining third of its assets into a new "organic-growth-focused" spinout, known for now as Newco. Shareholders will receive either 60.7 cents cash or 0.3035 of a Newco share for each Gear share, or (subject to proration and caps) a combination of both.

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