"Western Canada Select, a heavy bitumen blend, rose 50 cents to a $24.25 discount, according to Calgary oil broker Net Energy Inc." Bloomberg
We've just spent a week with an approximate $24 discount to WTI. Q1 is over in 1 1/2 months and should beat expectations and the company guidance handily given the rise in WTI and the fall in the differential.
The reserves update this year is suppose to be substantial be released with the 4th quarter numbers, or before.
The company was also looking to acquire additional property.
With Q4, Q1 and the reserves evaluation out, as well as an acquisition(which is suppose to be a catalyst for higher prices as PXL adds value), I also hope they will announce an increase in their budget if the coast is clear. The differentials for the second half of the year in the futures market aren't signalling a problem. The risk in the first half of the year will substantially be over. The problems when they were drawing up their budget would have been averted. The markets may also be worried about Twin Butte's problems as it may relate to PXL. PXL's own production numbers should help alleviate this concern.