STOCKCHASE

Shell Canada is offering to purchase all outstanding common shares. If you home, he would take the offer and reinvest in UTS Energy (UTS-T).

2006-06-12

DON'T BUY

17.930

Bill Carrigan

Had a long uptrend and is now spiking. If you own, hold and enjoy the ride.

2006-05-02

HOLD

11.320

This is an asset play, not a “price to cash flow” play. There are more interesting ways to play the heavy oil.

2005-12-28

WEAK BUY

10.470

Wilf Gobert

Has not been a fan of this stock, but they are 100% oil and the higher the price of oil, the better their leverage. Relatively high production costs. Low quality oil so their price is $20 below the regular rate. Doesn't expect it will become an income trust for a long time as they have a very aggressive growth strategy which will require a lot of capital.

2005-09-14

DON'T BUY

10.220

Heavy oil producer with most propertys located in the north east area of Alberta. Doesn't get the full value of crude oil. From $5 to $25 less. Netbacks are significantly lower then others. Good management. Not a heavy oil fan.

2005-09-02

WEAK BUY

10.500

Bill Harris, CFA

Essentially heavy oil of the conventional type that he likes as well as other heavy oil. Asset value is around $8/9. Good management. Speculative.

2005-08-25

DON'T BUY

10.310

A controversial stock. The bears are saying it's far too expensive on a price to cash flow basis and the stock is worth about $7. On the other hand, people are saying it is incredibly cheap on a price to book value and their target would be $14. He has no intention of owning it.

2005-08-17

BUY

9.950

Bill Harris, CFA

Have a heavy oil property. Has a hunch that with the people behind this project, because of their track record, they'll figure out a way to make it work. Speculative and too risky for his clients.

2005-07-08

HOLD

9.820

Sold his holdings at $6.50 because of price weakness in heavy oil. Also on a price to cash flow basis, the stock is expensive. However, if you sell on a nest asset value basis, that would be close to $20.

2005-06-29

DON'T BUY

9.720

A heavy oil producer with excellent properties, but too expensive. Really a $7/8 stock. Their record of bringing production on hasn't been great.

2005-06-15

DON'T BUY

7.760

Bought at $5 and sold at $6.40. Sold because of the contradictory information being given. On a price to cash flow basis, it is very expensive. Some believe that in the short term, the net asset value is about $12 and closer to $20 longer term and the stock should sell between $12 and $20. Not a believer in buying on net asset value.

2005-05-18

WAIT

8.500

Has been negative on this one for some time. Has some reasonable assets, but it became overpriced and overpromoted. Have had some production problems in bringing production on. It's a heavy oil company. If the stock got down to $6 it would represent a better value.

2005-05-12

BUY

11.950

Fred Pynn

Capital intensive. A discovery however may be years before they discover profits from discovery.

2005-03-03

DON'T BUY

9.590

Has had a heck of a good run. Heavy oil. Has lots of drilling to do. Fully priced. Prefers others.

2005-02-21

VAGUE

9.160

Did own, but sold as there was a wide diversity on the stock. Analysts basing it on Price to Cash Flow felt it was grossly overpriced, while the ones that based it on a net asset value felt it was undervalued. You pick.

2005-01-27

BUY

7.350

Likes the company very much. Sold at around $6.65. Has some great reserves behind it. The analytical group at First Energy is convinced the stock is worth close to $12. Considering buying it again.

2004-12-31

PAST TOP PICK

6.760

(A Top Pick July 5/04. Down 8%.) Sold at a profit. Likes the story, but too many people say it's too expensive on a price to cash flow basis.

2004-09-29

HOLD

6.300

(A previous Top Pick at $5.05. Sold for a profit.) Market felt that on a price to cash flow basis it was expensive. First rate company and management.

2004-09-15

PAST TOP PICK

6.610

(A Top Pick July 5/04. Then: $7.40) The price is going down and stock is cheap.

2004-09-02

SELL

6.920

Peter Linder

A very expensive stock. 100% heavy oil.

2004-08-19

HOLD

7.020

It is stagnating at $7 because of an element on the street that says it is overpriced. However, on a net asset value looking out over 2/3 years, the NAV could be as high as $20 with a potential $12 share price.

2004-08-18

PAST TOP PICK

7.160

(Past top pick July 5/04. No change.) Still likes. Has a buy target of $6.50.

2004-08-04

TOP PICK

7.400

(Past top pick Apr 14/04. Up 27%.) Expensive on a cash flow basis, but on an asset value is worth between $12/20. Good properties. Would buy more at $6.50.

2004-07-05

TOP PICK

7.450

Looking for cash flows of $1/1.50. Sees the stock going to its net asset value of $12/12.50. Some good heavy oil properties.

2004-06-17

BUY

7.120

Bill Harris, CFA

Management has had great success with it. A heavy oil play in northern Alberta. A phenomenal asset. Incredibly low cost. Very profitable.

2004-06-04

DON'T BUY

7.120

Has had a fantastic run, but thinks it's way overpriced by 25/30%. Has quite a bit of downside.

2004-06-04

TOP PICK

7.900

Debt free and strong management. Present heavy oil property recovery rate is 12 and could go as high as 20

2004-05-04

TOP PICK

5.700

(A past top pick Mar 16/04. Up 4%.) Expects the cash flow will quadruple in the next 4 years. Very cheap stock.

2004-04-14

TOP PICK

5.390

A way to play the oil, it's heavy oil. 6000 barrels a day through pipelines. Debt free.

2004-03-31

TOP PICK

5.430

Will probably quadruple production in each of the next five years. Cash flow will probably go from $.62 to two $1.30. No debt.

2004-03-16

WEAK BUY

4.350

Has some excellent properties. Good growth in its production. Has steered clear of heavy oil because of its element of risk.

2003-12-18

WEAK BUY

3.020

Lou Schizas

Up 27% year-to-date. Last quarterly report was not as good as previous ones. A new development looks promising in including a pipeline. Volume has thinned out. Has resistance at $3.10. If it can break through that, it should have more upside.

2003-08-28

DON'T BUY

2.350

A heavy oil producer. Would wait until asphalt season is over. Buy in the fall.

2003-02-05

DON'T BUY

1.100