STOCKCHASE

Located in Albania. Did quite well in the 2nd quarter with about 6100 BOE's a day. Expects 7000 by the end of this year.

2008-09-25

BUY

3.500

There has been share consolidation that has created some weakness. She is very close to buying this. Good management. Feels they will be able to raise financing.

2008-09-12

Comment

4.250

Split the company in 2 between Albanian assets and US, which is unconventional gas and looking very promising. Likes management. Expects the stock to start acting well again. With falling oil prices, there is no surprise that the stock has been weak.

2008-09-04

HOLD

4.850

Stephen Carlin

(Market Call Minute.) Not particularly enamoured with the management group.

2008-08-29

BUY

4.270

Good management team. Split the company in 2 between Albanian assets and US. Feels they will ultimately sell the company in 3 or 4 years.

2008-08-27

BUY

4.230

(Market Call Minute.) Beat their numbers in the 2nd quarter. Looking for them to do 5608 came in at 6100. They have plans that show they can easily break through 7000. An Albanian oilfield.

2008-08-26

BUY

4.190

John Stephenson

Albanian oil. Has tremendous upside. Next catalyst will be the reserve estimate due out later in the year.

2008-08-22

DON'T BUY

3.990

Bill Harris, CFA

Consolidated on a 3 to 1 basis and acquired the remainder of their Albania project. Stock dropped 50% in the bear market. Very good management team. If oil stabilizes around $100 this could get to $8 to $10. The market will come back to larger companies first.

2008-08-20

BUY

3.890

John Stephenson

Separated the company into 2 segments, a US focused one and the other an Albanian one. Albanian one has the greater growth profile. Producing around 5300 barrels oil equivalent a day. Likes management. Clean balance sheet.

2008-08-06

BUY

4.460

Michael Smedley

For those who are willing to speculate offshore, heavy oil, Albania. Enormous asset. Your main worry would be the politics.

2008-08-01

DON'T BUY

4.600

John O'Connell, CFA

Has a massive resource that he thinks is offshore. He would prefer to stay with something that is in Canada. Would prefer Bronco Energy (BCF-T).

2008-07-31

STRONG BUY

1.290

Alexander Lane, B Comm, CFA

On the Albania side they announced 5800 BOE’s a day and hoping to exit this year at 7000 next year at 10,000. Big upside in terms of exploration and development work.

2008-07-25

BUY

1.340

Management has a good record of dealing with challenging resource plays. Have a play in Albania. Looking hard at this one right now.

2008-07-23

BUY

1.400

Glenn MacNeill, P.Eng.

Very interesting company representing higher risk because of foreign properties. Has room to run. Continuing to grow its production.

2008-07-18

TOP PICK

1.700

Wants reliability in this type of market and this one did well last year. Good management and great assets. Now own 100% of a 490 billion barrel deposit.

2008-07-08

Comment

2.010

Shell play could be worth $1.50 a share. Own heavier oil project in Europe with recovery rate going from 6% to 30% recovery rate from oil in the ground. Could be worth 4$-6 in 4 years.

2008-06-23

WAIT

2.010

Wait until after the share consolidation.

2008-06-23

BUY

2.010

Peter Imhof

Likes the story. Spinning off their US assets. A lot of upside.

2008-06-18

HOLD

2.150

Albania. Producing about 5400 BOE's a day in Q1. Expecting them to exit the year at about 7000. At the end of June, they are going to spin off the US shale gas play into a separate company. Expecting a 3 for 1 reverse split.

2008-06-05

BUY

1.870

Alexander Lane, B Comm, CFA

Have had new management for about 9 months. They think they can get recovery as high as 30% where it was formerly 6%. Stock will be substantially higher in 2 years.

2008-05-27

BUY on WEAKNESS

1.640

Looking at developing some Eastern European plays. Management team is proven. A little over extended in the short run, but he is watching. Look for entry points in the $1.25/$1.35 range.

2008-04-23

DON'T BUY

1.680

Ravi Sood

(Market Call Minute.) Excellent new management team. Great long-term prospects. Over owned and overbought right now, so wait for a better entry point.

2008-04-21

Comment

1.620

Management has a very successful track record. Should do well with their assets.

2008-04-14

WAIT

1.690

Has already gone through his target so it is still under review. Going after other fields in Albania. High recovery potential. Any time a stock doubles in 3 months, there's going to be backing and filling so you might want to wait before buying.

2008-04-04

Comment

1.660

Michael Smedley

This has become one of the front line, appealing stocks to Bay Street. Located in Albania and apparently has a very, very large assets. Very large reserves with expectation of very large production.

2008-04-01

TOP PICK

1.400

Betting on the management team. They’ve added assets, increased production and cash flow. Have absolute confidence. The stock will work its way to $3-4.

2008-03-17

TOP PICK

1.400

Betting on the management team. They’ve added assets, increased production and cash flow. Have absolute confidence. The stock will work its way to $3-4.

2008-03-17

HOLD

1.370

Gone through his target in the last couple of weeks, so he now has it under review and is waiting for the year-end data. Management has a fabulous track record. Taking a heavy oil with very low recovery rate and are putting in steam injection that could increase materially the production.

2008-03-07

BUY on WEAKNESS

1.160

Currently at about 5000 barrels a day and company thinks it can double that by 2009. Using 10,000 barrels, she can see about $.25 a share giving it a cash flow multiple of 5X. Not bad, but that is already forecasting next year's cash flow so consider it a neutral valuation. Probably will be able to double reserves in the next 1 to 2 years, which would calculate out to a $2 or $3 on a reserve valuation. Would like to buy at about $1.

2008-02-22

TOP PICK

0.940

A very special situation. New management came from the very successful Rally Energy. Have an auto play where the recovery is 6% and thinks it can potentially go as high as 30%.

2008-02-12

HOLD

0.770

Doing about 5000 BOE’s a day and will be growing to 10,000. Have been adding to their production in Albania. CEO of Rally Energy (RAL-T) will be coming on and this move the stock a lot higher. Also doing steam flood to get higher recovery. Will probably spin off US tight gas assets into a separate company.

2008-01-24

Comment

0.730

Bill Harris, CFA

Heavy oil asset in Albania was a little hairy. Great production base. Stock rose when the very successful team from Rally Energy went into the company and knew what to do around the Mediterranean. He hopes to come out of this depressed oil price as an owner of this company.

2008-01-17

DON'T BUY

0.850

David Taylor, MBA, CFA

Same management that used to have Rally Energy (RAL-T). There is a premium in the stock for the current management, but for him it is fairly priced. Would prefer it when it is out of favour.

2008-01-10

BUY

0.830

Oil and gas in Albania. Stocks lifted dramatically because of new management coming in from Rally. Looking for a lot of good things such as production growth and creation of reserves in the ground. Stock should continue to do well.

2008-01-03

BUY

0.790

Focused in Albania. Did 4975 BOE's of oil in Q3 of 07. Doing re-completions of a heavy oil play. Looking for 7000 next year. Buy with a 2-year time horizon.

2007-12-19

BUY

0.920

Heavy oil in Albania. The former Rally management team is coming in. They will be reengineering the fields. Speculative.

2007-12-14

TOP PICK

0.910

Petroleum in Albania. A great asset that was underutilized and under managed by the previous team. Previous management from Rally Energy has taken over. Excellent management. Expect it will be a 2 year play.

2007-11-26

WAIT

0.800

Lesley Marks

Warrants -This is the most leveraged play, so you would be looking at some pretty decent upside if the stock turns out well. A new management team (from Rally Energy) has come in. Investors are playing the prospect that the new team will be able to surface shareholder value. May be a better opportunity after the market cools off of the excitement of the new management team.

2007-11-15

BUY

0.800

Heavy oil in Albania and tight gas in the US. Did over 5000 BOE's a day. New management team from the old Rally Energy, who had been very successful with heavy oil in Egypt, will be coming in on Feb 08, which has pushed the stock up. Would like to see them do a reverse split to give it more of an institutional price tag. Going for a better recovery through thermal. Likes the story.

2007-11-15

BUY

0.500

LIkes it because they are producing 5000 bue's in Albania. Also trying to double the production by thermal and by water flood. Just on the Albania story it's worth owning. The US shale part is also interesting.

2007-10-22

BUY

0.480