STOCKCHASE

Doesn’t like it because it is expensive. Prefers CNQ, SU.

2012-01-25

PAST TOP PICK

36.580

(A Top Pick Jan 14/11. Up 16.35%.)

2012-01-23

TOP PICK

34.050

Laura Wallace

Best oil company in Canada, beautifully structured. Just put out a 10-year plan where they see cash flow increasing every year. They can actually make money in Nat Gas at $3. Has to do with freehold land they hold. Trades at a warranted premium to its piers. Best in Breed, which you should invest in in this kind of market.

2012-01-12

PAST TOP PICK

31.390

(A Top Pick Jan 14/11. Up 0.68%.) Still likes this one. Assets that they own are very good. Have some downstream growing production. Possibility it could increase its dividend down the road. A story that gets better and better as time goes on.

2011-12-19

TOP PICK

32.950

Conventional natural gas assets and growing oil assets. Great business. Price is not that bad. With keystone pipeline going ahead, this is the non-mining oil sands company.

2011-12-13

Comment

32.950

Michael Smedley

Oil Sands but is more in SAGD, which is less pollutive. Well rated. If you have patience, this would be all right to buy.

2011-12-13

TOP PICK

30.150

You have a great play on the oil sands with this one. You also have the refining kicker. Have been expanding their operations and looking for joint ventures to help finance the development of a number of properties.

2011-11-25

TOP PICK

31.540

One of a handful of extremely high quality companies. Low-cost, transparent growth and doesn't trade super expensive. Trading at 7X cash flow. 2.5% dividend. This will be in business for 20-30 years.

2011-11-22

DON'T BUY

34.290

Don Vialoux

Historically you want to be in this from January to September of each year. Chart shows it in the downward trend currently. You'll probably get a test of the low some time in September and this is followed by a period of underperformance.

2011-09-02

TOP PICK

35.440

Low cost producer in the oil sands dealing with environmental issues. Long-term hold for him. Good price.

2011-08-17

HOLD

37.920

Stock has acted really well lately. The split from Encana (ECA-T) the oil has done much better than the natural gas. Expects this will continue.

2011-07-25

PAST TOP PICK

36.870

John Stephenson

(Top Pick Jul 23/10) Still likes it but saw a better opportunity. Continues to grow. You’ll want to watch this and pick up on weakness.

2011-07-18

TOP PICK

37.100

Laura Wallace

Oil sands but comes at it differently than Sunoco (SU-T). Uses SAGD (steam assisted gravity) giving them a significant technological advantage. Growth prospects are excellent. Recently updated their 10 year plan and are looking for 8% plus growth in the next 3-5 years.

2011-07-15

DON'T BUY

36.500

Laura Lau

Benefiting from the trend in the oil sands of the tremendous cost inflation on the mining side. They do more of the SAGD drilling were there is a lot less cost inflation. About half of their production is still natural gas but that will change over time. Fully priced.

2011-07-05

Comment

34.130

This is one he would look at but is second in line to his preference of . Canadian Natural Rsrcs (CNQ-T). You want to see a total pick up in interest in the oil sands and natural gas.

2011-06-02

PAST TOP PICK

35.020

Douglas Kee

(A Top Pick June 2/10. Up 22.69%.) Oil sands projects are SAGD types and they have some really good fields, which have held up very well with a great 3-4 year program to bring them on stream.

2011-05-25

BUY

35.950

Oil stocks got beaten up. Thinks this was because of profit taking. Still likes. Huge long term assets. The oil sands are off and rolling. Hopefully they’ll keep their costs under control.

2011-04-15

BUY on WEAKNESS

36.070

Joseph Schachter

Stocks done really, really well. If you own, stay with it. New buyers should wait for a bit of weakness.

2011-04-14

WAIT

35.280

Likes it. Almost a 10% pullback. It depends on your short term outlook. If you are trying to pick a bottom, watch wat happens in Saudi Arabia in the next 2 to 3 weeks.

2011-03-10

PAST TOP PICK

38.230

(A Top Pick March 17/10. Up 47.94%.) Well managed. Did some very smart joint ventures to help pay for some of the development in the oil sands. Still likes.

2011-03-03

TOP PICK

37.550

If you really want to participate in the tar sands, this is the way to go. They are also big in the SAGD, which is a much greener approach and less disruptive on the local areas.

2011-02-25

Comment

33.910

Took profits at around $32. Good company as long as you are positive on crude prices. Well positioned company that is going to grow. Prefers things that have a bigger yield to them.

2011-02-07

PAST TOP PICK

32.310

(A Top Pick Feb 2/10. Up 25.77%.) This might be one of those great Canadian companies that you just hold on to forever. Very good at what they do.

2011-01-24

BUY

32.140

Sees long term growth here. Well run company. Really tied into the price of oil. Caveat. Cdn oil companies sell in US $’s so it could be bad if the Cdn$ goes up.

2011-01-21

TOP PICK

32.170

(A Top Pick Jan 27/10. Up 33.44%.) Extremely well managed. Good properties including unexploited oil sands. Good level. Expecting cash levels will be going up over the next number of years at the $3.60-$3.70 level.

2011-01-14

BUY

32.950

Jim Huang

One of his top holdings. Likes it from a 2-5 year point of view. Very high quality assets. They aren’t spending money on gas assets; it is just a cash cow.

2010-12-30

PAST TOP PICK

31.360

(Top Pick Dec 10/09, Up 27%) Went to his target and he said thank-you and went on to other things. A week or so ago he bought Encana, which is the Gas story. CVE was oil.

2010-12-16

TOP PICK

29.680

Stock has been sideways for a while but likes what they are doing and it could break out from here. Likes SAGD approach, which is much neater. Feels they are the leading edge of the oil sands area.

2010-11-12

SELL

29.090

Eric Nuttall

Just covered a Short he had on it. On a parallel between it and Suncor (SU-T) and finds the valuation ridiculous. Almost 50% natural gas so you are paying an oil sand premium for natural gas. Fully valued.

2010-10-27

SELL

27.860

If he were going to be involved in the oil sands area he would go with Canadian Natural Resources (CNQ-T) and if he owned this he would consider switching.

2010-09-21

Comment

28.320

Cenovus (CVE-T) versus Canadian Natural Resources (CNQ-T)? Both are good companies and both oil oriented with conventional and crude. He prefers something with a significant yield so he owns Canadian Oil Sands (COS.UN-T) instead. (See Top Picks.)

2010-08-30

BUY

28.740

Jim Huang

Gas assets, which fully financed their growth in the oil sands. Have one of the best SAGD projects. Not expensive.

2010-08-09

BUY

28.590

Analysts had raised estimates from mid to upper $30’s and stock moved up. When they reported earnings, there was a slight disappointment so the stock has dropped. Still likes and can see $33-$34 over the next year.

2010-08-04

TOP PICK

30.180

John Stephenson

Foster Creek and Christina Lake are the 2 main SAGD operations and have some of the best ratios in the business. Have 137 billion barrels of oil in place on their lands, which will support potential production of 2 million barrels a day.

2010-07-23

PARTIAL BUY

28.030

This is the mostly oily assets of Encana (ECA-T). Under performed for the first little while and dropped to good value at the $24-$25 range. On days when oil is weak, you can pick away at it and get more aggressive if oil goes back to $70.

2010-06-28

TOP PICK

29.090

Douglas Kee

Pure oil play and primarily oil sands. Very good at keeping costs down. These guys are the low cost producers. Very advanced on the technology side. Have refineries. It lowers the volatility. Thinks they will increase their dividend faster than competition.

2010-06-02

BUY

26.010

Barry Schwartz

Long-term growth story of oil sands. He chose CNQ and SU as his oil stories. Not enough coverage of this one yet. Likes the oil sands. Lots of reserves in a politically stable area. Nice dividend.

2010-05-25

BUY

29.160

Dean Orrico

Very high quality company.

2010-04-16

DON'T BUY

29.360

He is almost at the point of taking out some of his oil stocks and start to look at some of the natural gas. At $85 oil they're going to do fine. More growth on the Encana (ECA-T) side.

2010-04-12

BUY

25.180

Paul Harris, CFA

This is a heavy oil side after the split up of Encana (ECA-T). Great management and great prospects. Low cost producer. Oil in the long-term is going to go higher but you need to own good companies.

2010-03-25

WATCH

25.330

Barry Schwartz

Still not a huge producer yet. Have been able to drill oil sands at one of the lowest costs. A “wait and see” to see if their technology really works.

2010-03-24

Comment

25.360

On a longer-term basis, the tar sands is a less risky side of the business than the gas side and is a good distance away from this company.

2010-03-19

BUY

25.930

Michael Smedley

(Market Call Minute.) You should buy this for its oil sands production longer-term.

2010-03-18

TOP PICK

26.270

Very solid integrated oil/gas company. Exposed to the oil sands but have traditional oil/gas assets throughout North America. Very low dividend level relative to earnings so there could be room for dividend increases. Recent quarter came in better than expected. Selling between 6-7 times cash flow.

2010-03-17

WEAK BUY

25.790

Michael Smedley

Oil sands have been weakfish. It has just livened up lately. You have to be patient with it. It is affected by political noise. It’s an oil sands play.

2010-02-23

DON'T BUY

25.370

Greg A. Taylor, CFA, BBA

Not a favourite in the energy space. This one is a spin out from Encana (ECA-T) and is more the SAG-D assets. It came out at a higher valuation than some of its peers.

2010-02-09

TOP PICK

26.170

Market doesn’t know what to do with it. Would have preferred they didn’t split off. 50% natural gas. Going to be a growth oil sands company. Has great asset and management. It will sit there for a bit and it is not going any lower. A stable cash flow generating engine that you can own forever.

2010-02-02

TOP PICK

24.750

Has lagged the industry to a great extent and is becoming a compelling buy. Good production profile going forward. Downstream margins have not been strong but this company will participate in natural gas strength.

2010-01-27

Comment

25.440

One of the better producers per barrel in the oil sands. Not a bad one if you like heavy oil. He is not a fan of heavy oil.

2010-01-21

Comment

25.520

Glenn MacNeill, P.Eng.

Stock price should continue to go up. About 58% natural gas but in its asset mix it has Christina Lake, an excellent heavy oil production facility. Also a big play in Foster Creek. Also involved in refining.

2010-01-19

Comment

26.650

Joanne A. Hruska, CFA

Valuation after the spin-off is a little bit higher than its peer group. Needs an update from the company and then consider whether to Sell or Hold.

2010-01-13

BUY on WEAKNESS

26.500

Laura Wallace

This is the oily side of the Encana (ECA-T) split. Reasonable value at this price.

2009-12-31

HOLD

25.500

Encana (ECA-T) split into 2 companies with this one retaining oil sands assets, some gas and downstream refining and this one has the natural gas assets. Has been a pop in the natural gas market but he is still sceptical of it. If you own both, he would hold.

2009-12-23

Comment

26.990

Jamie Horvat

Largely oil sands but there is some conventional oil as well as some gas to assist them in their SAGD oil extraction.

2009-12-16

DON'T BUY

26.990

Steve Carlin

Integrated and people are getting confused with its upside potential and as a result it is not moving. Has some growth going forward but not until 2011-2012.

2009-12-16

SELL

26.350

Will let Nat Gas production go down over next 3-5 years and will have flat earnings for several years.

2009-12-14

BUY

25.890

John Stephenson

1st class company. Fairly valued at around $29 so isn't expecting tremendous upside. Relatively small at 225,000 barrels a day. Oil weighted. Christina Lake and Foster Creek are superb assets and the gas assets are very inexpensive to operate. Good management. Wonders if US investors will continue to hold.

2009-12-11

TOP PICK

25.480

Just announced they will have a dividend by year's end. This gives you the oil play. If you want to be in energy, this is a high quality energy asset. Big participation in tar sands and a great partner in ConocoPhillips (COP-N). Will be a blue chip “go to” name.

2009-12-10

DON'T BUY

25.500

Glenn MacNeill, P.Eng.

2 largest oil projects are heavy oils at Foster Creek and Christina Lake but 50% of revenues come from gas production so you are not really getting away from natural gas. A “show me” story.

2009-12-07

Comment

25.500

Encana split into 2 separate companies Encana (ECA-T) and Cenovus (CVE-T). If you combined the 2 prices, this would be as cheap as they have been in quite a while. This one is getting cheap under $26. Still not 100% oil.

2009-12-07

DON'T BUY

26.810