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Sector Update: Energy

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Energy stocks were higher Monday with the NYSE Energy Sector Index climbing about 0.8% while shares of energy companies in the S&P 500 were up just 0.1% as a group. Crude oil for September delivery was down $1.22 at $96.13 per barrel while September natural gas was up 3 cents to $3.80 per 1 million BTU.

In company news, Dejour Energy Inc. (DEJ,DEJ.TO) rose Monday after the oil and natural gas company today completed a private placement of its common stock, selling 6 million equity units at 25 cents apiece to three institutional buyers.

Each unit consisted of one share of common stock and a warrant to purchase another share exercisable at 35 cents through Dec. 31, 2015, subject to early acceleration.

The company plans to use the $1.5 million in gross proceeds, after first paying underwriter discounts and other offering expenses, to fund its purchase of natural-gas properties adjacent to its Woodrush oilfield in northern British Columbia.

DEJ shares were ahead nearly 6% at 28 cents apiece in mid-afternoon trade, matching their session high. The stock has traded within a 52-week range of 9 cents to 33 cents a share, rising slightly more than 42% over the past 12 months.

In other sector news,

(-) NGL, (-1.8%) Terminates non-binding offer for a 1-for-1 stock swap for all of the outstanding shares of TransMontaigne Partners L.P. ( TLP ).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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