Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Saxon Oil (CVE:SXN) today announced that a 3d seismic program being carried out by AleAnna Resources has been completed. Saxon owns a 20% interest in AleAnna. AleAnna conducted the program on 128 square kilometers in the Corte Dei Signori permit area in Italy.
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
The Meridian Resource Corporation posted its Q3 2008 financial and operational results. For full story, click here For company’s website, click here
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