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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 87 cents to $62.49 on the New York Merc, while Brent for July added 88 cents to $65.41, both benchmarks notching their second straight weekly gain (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI, down from a discount of $11.30. Natural gas for June lost three cents to $3.33. The TSX energy index added 1.06 points to close at 259.32.

Adam Waterous's Strathcona Resources Ltd. (SCR) lost 66 cents to $30.26 on 155,100 shares. Fresh off its announcement of $2.84-billion in Montney asset sales (as discussed yesterday), Strathcona has unveiled a plan to put its bulked-up treasure chest to work: a pot-stirring hostile takeover bid for oil sands competitor MEG Energy Corp. (MEG), up $3.99 to $25.29 on 20.5 million shares. The offer is $4.10 cash and 0.62 of a Strathcona share for each MEG share. Based on yesterday's closing prices, this works out to a bid of $23.27 per MEG share, a premium of just 9.3 per cent.

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