The highest oil price in six months is offering hope to the beleaguered energy industry, but it may be coming too late for some of Canada’s most indebted companies. On Monday, Penn West Petroleum Ltd. warned it may not survive if it can’t negotiate new borrowing limits by the end of the second quarter, and Connacher Oil and Gas Ltd. said it was seeking creditor protection under the Companies’ Creditors Arrangement Act. That followed Lightstream Resources Ltd.’s May 2 announcement that it had 90 days to shore up a credit facility shortfall to avoid default. Parallel Energy Trust and Argent Energy Trust have also filed for creditor protection. The latest troubles in Canada’s oil patch come as the crude rout approaches two years. And while oil closed up 3.3 percent at $47.72 a barrel in New York on Monday, the highest since November, it remains 55 percent below where […]