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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.01 to $66.03 on the New York Merc, while Brent for May lost $1.08 to $69.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.30 to WTI, up from a discount of $13.00. Natural gas for April added nine cents to $4.49. The TSX energy index lost a fraction of a point to close at 251.03.

The oil patch kicked off the week with a major merger. Grant Fagerheim's Whitecap Resources Inc. (WCP), down $1.36 to $7.99 on 67 million shares, is combining on nearly 1-for-1 footing with Craig Bryksa's Veren Inc. (VRN), up $1.13 to $8.19 on 69.2 million shares. Shareholders will receive 1.05 Whitecap shares for every Veren share. The all-stock deal, which is valued at roughly $15-billion including debt, will create the largest Alberta Montney and Duvernay landholder and the seventh-largest Canadian oil and gas producer.

A press release and an accompanying conference call saw management of both companies singing the praises of the deal at full volume. "We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer," cheered Whitecap's president and chief executive officer, Mr. Fagerheim. He and the rest of Whitecap's executives will remain in charge of the combined company, which will keep the Whitecap name and will make some room on its board for four Veren directors, including Mr. Bryksa, Veren's president and CEO. "This strategic combination unlocks significant value for all shareholders," declared Mr. Bryksa, "and together positions us as a stronger, more resilient company."

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