During March, 38 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value; one company (Prairie Provident Resources Inc.) was flat and the remaining 9 companies fell month-over-month. The top performer in March was Bonterra Energy Corp., which climbed 27.51% to $6.35/share on the announcement that it acquired certain Charlie Lake assets from Archer Exploration Corp. for $24.1 million.

On a combined basis, the TSX E&P group had an average increase of 6.84% and median rise of 7.00%.

As for the companies listed on the TSX Venture Exchange, 12 companies had an increase in their share price, three were flat and the remaining five companies experienced a drop. Overall, the group had an average rise of 7.51% and a median increase of 6.77%.

Oil prices continued its climb in March, with WTI crude oil rising 6.42% to USD $83.41/bbl while Edmonton Par rose 9.70% to USD $78.17/bbl and WCS differentials narrowed, resulting in WCS to jump 12.75% to USD $70.85/bbl.

US natural gas prices experienced continued weakness in March, but the fall was more modest compared to previous months. The price of NYMEX natural gas fell 3.93% to end the month at USD $1.76/MMBtu.

In March 2024, there were a number of M&A transactions announced in the Canadian oil & natural gas sector.

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