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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.55 to $63.25 on the New York Merc, while Brent for October lost $1.58 to $67.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.50 to WTI, up from a discount of $14.00. Natural gas for September added two cents to $2.71. The TSX energy index lost 2.24 points to close at 275.62.

Chatter in the oil patch continued to centre on the friendly $7.9-billion takeover offer made Friday by oil sands producer Cenovus Energy Inc. (CVE), down three cents to $23.12 on 50.8 million shares, for its neighbour MEG Energy Corp. (MEG: $28.01). The offer pits Cenovus against Strathcona Resources Ltd. (SCR: $38.00), which is also targeting MEG, but through a hostile bid (a rarity in the sector). Strathcona's bid is open until Sept. 15. Treating this as little more than background noise, MEG and Cenovus are barrelling onward. A new SEDAR filing from MEG indicates that shareholders of record on Sept. 8 will vote on the tie-up at a special meeting on Oct. 9. (Incidentally, those shareholders include Strathcona, which holds a 9.8-per-cent interest in MEG and has already vowed to vote no.)

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