STOCKCHASE

It’s a sad situation because they were excellent operators. Good management by they got caught on the wrong side of the street.

2010-06-04

HOLD

1.600

Had a lot of momentum and was moving from more conventional gas into unconventional gas but got caught a little late making that move. Also had some debt issues.

2010-05-28

Comment

1.620

Jason Donville

Amalgamating into Chinook Energy. Stock has not moved since the announcement. Conversion is $1.83 with $1.05 in cash and the rest in shares, which is expected to be worth less now than when the deal was announced. Won't wait for the conversion but will sell his holdings into the market in the next few days.

2010-05-14

HOLD

1.610

Robert Lyon

Hoping to be acquired. Feels the assets are worth a lot more than where the stock is trading. Can't see who would want all of the company's assets. If it was sold in 2 or 3 different pieces, they could probably get more value.

2010-04-09

HOLD

1.450

Dennis Da Silva

Sort of hit a wall when it bought Sequal. Gas prices also played a role. Up for sale but hard to put a price on what it should be worth. If you own, be patient for a couple of months.

2010-03-29

Comment

1.550

This company will definitely get sold and the deadline has been extended to April 10. Good company, good properties and great management. They are gassy and are too small to take advantage of some of the good properties that they have. Hoping the sale price will be north of $2.

2010-03-19

SELL

1.650

Jason Donville

They recently put themselves up for sale. It’s a matter of what someone will pay for it. Will likely sell over the next 90 days. Hold if you are a long-suffering holder of it.

2010-02-24

BUY

1.260

Andrew Cook

Saw an analyst increase estimates for the first time in 2 or 3 years. Doesn't have as much issue on their debt as everybody thinks. Poised to move significantly higher. On his short list.

2010-01-20

SELL

1.190

Insider buying, which is positive. Good management team. Was slow getting into resource plays and then got caught up in some debt related issues. Thinks those things have been resolved. However gas weighted and not in the shale or resource to a large degree. Junior gas has come way too far too fast.

2009-11-09

DON'T BUY

1.300

Small, well run gas company. Didn't hedge. Excellent positions in the Montney but is getting squeezed on the capital side. No cash flow because of low gas prices. Caught between a rock and a hard place. A gas price bounce to $6 will give them some lease in life but meantime production is probably going to fall. He is hoping for a takeover.

2009-09-23

DON'T BUY

1.340

The operational performance just has not been there and the balance sheet has been a tremendous overhang. There are a lot of better places to safely sit.

2009-09-22

DON'T BUY

1.500

Gas oriented. New management team really started to grow production substantially in the last year and did an excellent job. More recently did a number of acquisitions and took on more debt and this has hurt them in the marketplace. There are others with less debt and cheaper production costs.

2009-09-18

DON'T BUY

1.020

Laura Lau

Have done a disposition to help pay down the debt, which is very high at about 3X debt to cash flow. Very leveraged play to natural gas and a high cost producer. In a little bit of a pickle until gas prices improve.

2009-08-14

PAST TOP PICK

1.110

(A Top Pick Aug 1/08. Down 84.2%.) Gassy.

2009-08-07

DON'T BUY

1.170

Robert McWhirter

Natural gas in storage is currently at 20% above the 5 year high. Cheap on its ratio compared to oil but there is a lot of gas coming out of the shale plays in the US. In the bottom 15% of his database.

2009-06-22

HOLD

1.250

Jim Huang

Natural gas focused. First-rate management team and good assets. Balance sheet was a little more levered than it should be but they did an equity issue and is now back on side. Expects natural gas prices to be low for the next 6 months.

2009-06-18

BUY

1.280

Andrew Cook

Junior natural gas producer. The tide on natural gas is shifting in this provides a great opportunity.

2009-06-17

PAST TOP PICK

1.370

(A Top Pick June 20/08. Down 84.41%.) Small gas play. Have land in the Montney. Good management. Doesn't have the cash flow to do what they want to do. He is hoping someone will buy the assets or the company.

2009-06-05

DON'T BUY

1.450

Producing about 18,000 BOE's a day and just did a massive financing. She is disturbed by the lack of operational performance. Tough to see a growth story here.

2009-06-01

HOLD

1.250

Joanne A. Hruska, CFA

People thought their debt level was unmanageable. Just did a bought financing deal that will help. Higher risk.

2009-04-15

PAST TOP PICK

1.290

(A Top Pick April 24/08 Down 82.7%.) Natural gas has turned into a disaster. Horizons ahead are not clear. Small company that looked like it was heading up and had good management. Liked their Montne holdings.

2009-04-09

DON'T BUY

1.030

Dennis Da Silva

In the penalty box. Highly regarded management. Did a major acquisition last year, natural gas focused and leveraged, which ended up as poor timing. Also had stagnant production from the acquisition. Encouraged by the reserve growth. You can make a good return by sticking to clean balance sheets.

2009-03-26

SELL

0.720

Very challenged company. Good management. Has found itself in a perfect storm in that the price of its equity has fallen so low that it can’t do an accretive transaction to get itself out of the mess.

2009-03-06

SELL

0.820

Jeff Parent B. Eng. FCSI

Chart is a big red flag. Would sell on any uptick. A lot of these companies are taking in provable and probable reserves for financing for the next year. Banks will turn them down unless they are generating about 5000 barrels a day.

2009-02-11

DON'T BUY

0.770

Bill Harris, CFA

(Market Call Minute.) Great company. Production per share growth looks pretty good. Problem is that cash costs are not quite as low as he would like.

2009-02-10

DON'T BUY

1.630

One of the better names in natural gas group. Hard to make a bullish call for natural gas. When the market comes back, it will be the seniors that will respond first. Probably a great 12 to 18 month purchase.

2008-12-03

Comment

1.600

Bill Harris, CFA

Numbers on this one are just average and he can't get excited with it. Really good people and know what they are going to do. They royalty thing in Alberta is going to help them.

2008-11-24

BUY

2.800

Likes this company. About 65% natural gas so a good way to play in the gas sector. Has been beaten up pretty bad and trading way undervalue. Good management team.

2008-11-10

HOLD

2.360

Numbers look good. A little high in their bank lines but have good cash flow coming in. Suspects they are going to ease back a little on some of their Cap X plans. One of the better ones out there.

2008-10-31

PARTIAL BUY

2.520

Good name. Conservatively managed. Wouldn't take a lot to see this name gets going. Would be comfortable picking away at it. Don't make it a core position.

2008-10-22

BUY

3.750

Great Junior company, trading at very low valuations. Well run, good set of properties. Could pop if there is cold weather. A good trade in there.

2008-09-30

Comment

4.380

Quite significant production. Have Montney shale to drill. Well financed. Good management.

2008-09-26

HOLD

5.390

Market is discounting any gas-weighted producer because of concerns that gas may trend sideways or lower. Shale plays are having enormous success, particularly in the US. This name is one of the better ones. Solid management. Doesn't see tremendous downside risk here.

2008-09-22

BUY

5.050

Joanne A. Hruska, CFA

Excellent management team. Stock has come off so much that she is looking to buy this one. Expect they will be building this to 50,000 barrels a day.

2008-09-12

BUY

5.250

This is a “park it and forget it” stock. Very qualified management team. Nicely diversified asset base. Acquisition of Cyries Energy (CYS-T) gave them a nice core area in Wapiti Gold Creek.

2008-09-05

Comment

5.500

Ron Meisels

Had a very long base, followed by a big break through. Currently at around its 200-day moving average. Should run into support at around $5.50. You could take a chance on this with a very tight stop/loss of about $4.50-$4.75.

2008-09-03

BUY

6.300

Peter Hodson

Likes the management. Has been a little bit disappointing in terms of gas prices. When they move, it doesn't move quite as much as some of the other names. Good asset base and good balance sheet. Have done a lot of mergers and there are some quality assets that the street is not aware of yet.

2008-08-27

BUY

6.240

Good management. Have some Montney lands.

2008-08-22

TOP PICK

7.010

Experienced management. 164 sections in the Montney. Have 650,000 undeveloped acres. If production increases come through in 09, they will be about 25%-30%. Speculative.

2008-08-01

BUY on WEAKNESS

7.000

About 65% natural gas. This is one to buy for the long-term. Good track record. Recently acquired Cyries Energy. Good management team.

2008-07-18

TOP PICK

8.850

21,000 barrels a day. Good management. 650,000 undeveloped acres and 164 sections in the Montney.

2008-06-20

BUY on WEAKNESS

7.600

Andrew Cook

Natural gas producer in Western Canada. Could be a pullback in energy, which would make a good buying opportunity. Have some great volume growth ahead of them. Valuation is quite reasonable.

2008-05-29

BUY on WEAKNESS

7.520

A lot of the high profile intermediates have gone up a great deal. Would hold off on buying them now. A great performer with about 65% natural gas. Recently merged with Cyries Energy, which was a very good deal for them. Excellent management team. Represents good value.

2008-05-16

BUY

7.550

Jonathan Baird

An attractive company. More gas oriented. Well run. Over a 2 - 3 year time horizon it will do quite well.

2008-05-14

STRONG BUY

7.750

A great story that the market doesn't appreciate yet. Valuation is extremely compelling. Less than 4X cash flow multiple. Producing over 20,000 BOEs a day.

2008-05-13

TOP PICK

6.940

Acquired Cyries Energy and a lot of these people have come across. Stock has had a good bounce recently. 650 net acres of undeveloped land.

2008-04-24

PARTIAL BUY

6.790

Joanne A. Hruska, CFA

Very gas weighted. With their purchase of Cyries Energy, they have bolted from being a junior to intermediate ranks. Excellent assets. Had a big jump, so you need to pick your points to get in. If it dropped to $6 or below, then you could back up the truck.

2008-04-14

DON'T BUY

5.740

Alexander Lane, B Comm, C

Very gas weighted. Acquiring Cyries Energy (CYS-T). Have taken on a little bit of debt to finance it. Wait until the end of the summer or early fall and buy it in anticipation of a colder winter.

2008-02-08

TOP PICK

5.690

Natural gas. There is a major draw down on Canadian inventory supplies by the US because LNG imports from Europe have dropped off. Natural gas prices look like they are having an upward tendency. Even if they don't, this company should do well.

2008-02-06

BUY

5.930

Very good management team. Have done very well. Growing production very quickly. Reasonably valued.

2007-05-09

BUY

4.000

Very clean balance sheet. Just made an acquisition.

2006-07-10

BUY

4.700

Wilf Gobert

A reverse takeover of Hawker resources. A problem is that its single largest property is jointly held with the retirement savings of Ontario Municipal Employees and they want a “go slow” approach. Good management. You can own, but be patient. He was a financing agent for them in the past 12 months, but doesn't own.

2006-03-20

BUY

6.050

Producing about 2600 barrels equivalent a day. Fairly inexpensive. Trades at about 4.2 X enterprise value, compared to its conventional peer group of about 4.8.

2006-01-25

WATCH

5.830