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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $2.08 to $70.40 on the New York Merc, notching its fifth consecutive weekly decline, while Brent for April lost $2.05 to $74.43 and has been down four out of the past five weeks (last week was a slight gain) (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.30 to WTI, up from a discount of $12.80. Natural gas for March added eight cents to $4.23. The TSX energy index lost 5.52 points to close at 270.35.

Darren Gee's Alberta Deep basin gas producer, Peyto Exploration & Development Corp. (PEY), added 10 cents to $16.57 on 1.44 million shares. It spent today trumpeting "several new reserves records" in its year-end reserve report. Both its 1P (proved) and 2P (proved and probable) reserves notched a year-over-year increase of 5 per cent, a sturdy figure for its size (with 2P reserves now exceeding 1.36 billion barrels and full-year production of 125,000 barrels a day). The cost of adding the reserves was also lower than the five-year average, boasted Peyto. Management attributed the improvements to its first full year of drilling its Repsol Canada assets, which it bought for $468-million (U.S.) in late 2023, along with the ability to "high-grade" locations on its older assets.

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