STOCKCHASE

Ran into production and management problems and very much on the gas side. Expect the company will have difficulty surviving. If you own consider for a tax loss.

2010-12-17

SELL

0.415

Eric Nuttall

One of the two most levered ways to play natural gas. He thinks gas will go lower and says the survival of the company is questionable.

2010-12-14

SELL

0.520

Don Short

Prefers oil to gas as gas is in for a difficult period. You have to be very selective on the type of companies for gas exposure. Look for ones that are operating in the top quartile. This one doesn't fit those criteria. Carry a lot of debt so he questions the real equity value.

2010-09-22

DON'T BUY

0.480

Robert Lauzon

Had too much debt on the balance sheet going into the lower gas prices. Trying to work out with this by selling assets. It's just a Call option.

2010-09-13

DON'T BUY

0.410

Would be one of his least favourite names in this space. High exposure to Natural Gas. Avoid.

2010-08-31

DON'T BUY

0.720

Eric Nuttall

Not a better stock if you believe in $10 gas. Leverage has been an awful situation. Sold some assets so debt to cash flow is still unbelievably levered. Only catalyst for growth is the price of Natural Gas.

2010-06-10

DON'T BUY

0.990

Laura Lau

Exceedingly leveraged to gas. High operating costs. Balance sheet is exceedingly heavy and haven't seen evidence of them turning this around.

2010-04-05

HOLD

0.900

Doing a lot of the things right. Debt is still high. A little more gas weighted. It has gone from a sell to a hold. A year or more of patients and you will be rewarded.

2010-03-05

DON'T BUY

1.110

Gas producers in a very expensive area. Have had a very rocky past. Put themselves up for sale but unable to complete it. Have a lot of debt.

2010-01-19

SELL

0.880

Gas producer in an expensive area. A lot of debt.

2009-12-07

DON'T BUY

1.250

Benj Gallander

They have just done an equity issue to reduce debt. It’s not a company he would be looking at right now, even though he likes the sector as a play.

2009-10-22

Comment

1.380

One of his least favourite names. Will probably be okay because they recently went to the market and raised some money. Would be cautious on this name. If there is a little bit of lift, he would be inclined to sell.

2009-09-28

WATCH

1.220

Joanne A. Hruska, CFA

Had far too much debt. New management issued some equity last week, which will help but doesn't think it's enough to keep the debt levels in a range that she would be comfortable with. Thinks new management will be able to turn it around.

2009-09-14

DON'T BUY

1.110

A couple of problems. 1) In the gas business and 2) have a very high debt load. New management is focusing on cutting costs. Speculative. Consider selling for tax losses.

2009-08-21

DON'T BUY

1.200

Laura Lau

New management team has a plan in place but not sure it will be enough because debt to cash flow is almost 17X. Trying to re-capitalize but it will be difficult. Overvalued.

2009-08-14

SELL

1.200

Doesn't like this name. Would exit it immediately. High levels of debt. Disorganized management.

2009-07-24

SELL

1.330

Laura Lau

In an exceedingly precarious position right now because there debt to cash flow is 17 times. Normal for this time of the cycle is 2 times. Has the potential to go to zero.

2009-06-30

SELL

0.940

Dennis Da Silva

(Market Call Minute.) Has been a troubled company. Seriously disappointing on per share growth. Now going through transition with the CEO leaving.

2009-03-26

SELL

0.980

Put themselves up for sale but nothing really happened. Weaker management and properties. Could have a slow death.

2009-01-02

HOLD

12.750

Bruce Campbell

90% gas. Possible takeover target. Would Buy on a pullback.

2008-06-13

HOLD

11.530

Dennis Da Silva

Had an early successful history. Hit the wall in 2000-2001. Its Achilles heel has been that it is great in assembling and growing its reserves at a low cost but has stumbled on production growth. Always over leveraged. Now up for sale.

2008-05-01

Comment

9.050

Natural gas. Sold off a lot of their oil assets. They need natural gas prices to go back to $9 or higher. Not a great growth story but they have good assets.

2008-01-24

HOLD

8.890

(Market Call Minute.) Good assets.

2007-12-19

PARTIAL BUY

8.260

Robert Floyd

Very exposed to gas. They are now exposed to the Alberta royalty changes as well as tax loss selling. It's down to a point where there is decent value here. You may want to just stick your toe in. Cash flows are going to be restrained for this type of company and they could run into a bit of a cash crunch in the next couple of months.

2007-12-11

Comment

8.140

Joanne A. Hruska, CFA

Debt level is quite high and much greater than the average. Although they have a solid team and a huge suite of assets, it is gas weighted. If she were getting into gas stocks right now, this might not be her first choice. In market upswings, affect will be greatest in companies with higher debt levels.

2007-12-05

HOLD

8.730

Has been hit along with gassy stocks. They need $9 or $10 gas to do very well. There are a lot of stocks very similar to this. Feels gas prices will recover but not sure if it will be in the winter of 07-08. By the winter of 08-09, there will be so much lower deliverability in Canada and the US because of the slower amount of drilling.

2007-10-11

Comment

11.380

Natural gas stocks have really suffered. Have recently made acquisitions, growing their base a little bit. Could go into the mid-teens if he is right about commodity prices in the winter of 07-08. Will probably stay where it is in the meantime.

2007-07-20

SELL

11.340

Hasn't done much in the past year because of the erosion of the natural gas price. Had some fairly negative announcements recently. Would sell this and would buy Rider Resources (RRZ-T).

2007-07-19

DON'T BUY

13.190

Gavin Graham

Have never liked it. It might be recovering from it's big selloff.

2007-05-22

SELL

11.680

Has disappointed in terms of production for a while. Last quarter shows a loss of $10 million. High level of debt. Trend is not good and the street is turning bearish on the name.

2007-03-27

TOP PICK

11.680

Bill Carrigan

Energy is coming back in. Had a low in January with a higher low in March. The downtrend has been violated. Likes it for 6 months.

2007-03-27

PAST TOP PICK

11.070

Ron Meisels

(A Top Pick Feb 21/06. Down 33.1%.) Shortly after his appearance, it broke below the 200-day moving average and he exited at that time.

2007-02-14

DON'T BUY

11.150

David Taylor, MBA, CFA

Has shown significant production growth. Doesn’t have the strongest balance sheet.

2006-12-18

DON'T BUY

11.310

Has suffered with the drop of natural gas prices. The excess inventory of natural gas has to be worked off. A very cold winter or very hot summer will do it.

2006-11-21

BUY

12.200

Trading at net asset value. Looks good. Had their problems but looks very cheap at the moment.

2006-10-26

BUY

11.490

Has dropped a lot. His model prices $18.22. Consensus earnings have gone down, but the stock price has dropped further than the fundamentals. $12.50 is an important level and, if it breaks through that, his model price would go back to about $16.

2006-10-17

BUY

12.680

Very interesting company. Has suffered price wise. Almost 100% gas. Vulnerable to a takeover.

2006-09-08

DON'T BUY

13.660

Has a debt to cash flow of about 2.1 X’s. Natural gas weighted. Has had some disappointments in production.

2006-08-21

DON'T BUY

13.820

Like a lot of the senior juniors, it has run into some problems. Have not been able to get production on as fast as they thought and the stock has gone nowhere. Production is starting to show signs of coming back. Looks a little expensive as compared to its peers.

2006-08-16

DON'T BUY

13.120

Problem with senior/intermediate companies in Alberta is that costs have got out of hand. Also you have the gas problem. This company is fairly heavy on the debt side. Would sell half your holdings and put the money into something safer.

2006-07-13

DON'T BUY

12.390

Probably has a little room to go on the downside. A gas weighted name and has one of the higher levels of debt. Wouldn't see a turnaround until there is a turnaround in gas prices.

2006-06-28

BUY

12.260

He has a model price of $18.45. That is a 43% positive differential. It would be a screaming buy at $11.14.

2006-06-19

BUY

14.750

Reasonably well priced. If you are a longer term investor, you could probably start picking away at it. A good company. It has lots of drillable properties.

2006-05-04

SELL

16.360

Has higher debt levels than most others. Has had a few production misses. Has been disappointing.

2006-04-05

BUY

15.300

David Chapman

Has been correcting with the oil/gas stocks. It's important to keep an eye on the lows set in 2005. As long as it stays above the October/November low, it will probably start another uptrend. The chart indicates he may be trying to turn and is establishing a bottom.

2006-03-28

DON'T BUY

14.880

The biggest problem is their relatively high levels of debt which is at 2.1 X debt to cash flow compared to the industry average of 1 X. This makes it difficult to make acquisitions. All so, being a gas-weighted stock, it is suffering from weak gas prices.

2006-03-22

DON'T BUY

14.810

Gavin Graham

Investors are not comfortable with management, so this has not done as well as some others.

2006-03-20

TOP PICK

16.730

Ron Meisels

Oil stock. He bought at $16, thinks that you should buy from $15 to $17. The downside risk is $14. He thinks people should own Oil, a mine, and a Gold. So he picked one each for his top picks.

2006-02-21

WEAK BUY

18.200

It's gotten to the point where it’s a fairly large company so segregating it into a trust and exploratory company makes some sense. Not a lot of BUY recommendations on the street as they haven't met their numbers. Have a number of good assets including coal bed methane which looks interesting. Their production has kind of plateaued.

2006-01-18

DON'T BUY

18.840

James Cole, BA, CFA

Trading at a little lower P/E than the other banks, but deservedly so since it has the worst capital ratios because of Enron. The next little while, it will be repairing the capital ratios. Would prefer other banks.

2006-01-17

WEAK BUY

17.100

His model price is $26.11, up 49% differential, but he doesn't really see it achieving that model price. A year from now he can see it reaching $21.68, maybe a 20% total return. A sort of high risk/high reward situation.

2005-12-21

PAST TOP SHORT

17.470

David Taylor, MBA, CFA

(A Top Short Aug 29/05. Up 29%.) Missed on this one. Covered his Short three days later.

2005-12-20

DON'T BUY

17.580

This one is a puzzle. It has been trading amazing volumes and as a result, the price has absolutely spiked. This is as a result of a lot of speculation. They have a number of terrific prospects. Have very good real estate for a company their size. There is always speculation that it will be taken over or turned into a trust. Looking a little toppy at the moment.

2005-12-19

STRONG BUY

14.250

Mostly a natural gas play. Has taken a terrific hit over the last 3 days. A really excellent buy at this price.

2005-10-06

BUY

14.520

Bill Harris, CFA

Any of the mid tier oil/gas companies have either been acquired or became a trust. This is the remaining one. They believe they're on a resource trend which is deep and takes a lot of technical work to get it out. Believes they have cracked this nut, but there's an awful lot of work to do and it will take two years and an awful lot of capital. Loats of time on this one.

2005-09-13

TOP SHORT

13.850

David Taylor, MBA, CFA

A great research report highlighted the company was spending a great deal of money and were cash flowing about half of that. In the last 2.5 years, it has not grown production and the reserves seems to be growing, so something is wrong. Either production is understated or reserves are overstated. Weak balance sheet. (Do a pair with another oil.)

2005-08-29

BUY on WEAKNESS

13.700

Went through a bit of a down period. Had trouble tying in their wells. Seem to be better at finding them. Had some concern, but seems to have sorted it out. Have excellent land that they're drilling. Had quite a run and could possibly check back for a bit.

2005-07-28

BUY

12.200

Had a big run and then a major set back and still isn't back to its March highs. They seem to be getting their act together. Have some good properties.

2005-07-22

SELL

11.700

Prefers Storm Cat Energy (SME-X). Sold his holdings and bought Storm Cat instead.

2005-07-21

DON'T BUY

11.400

Has had a quite a run. Has run into a few problems along the line. As it's grown larger, management has not been able to complete some of its tie-ins on time. One of the last intermediates. Reasonably fully priced here.

2005-06-15

BUY

10.010

Peter Hodson

Used to own, but sold when it was higher. Getting ready to Buy again. Doesn't think it will become a trust for a couple of years. They have too much growth ahead of them.

2005-05-10

BUY

10.350

Has had a nice correction. Model price is $14.31 which is a 43% differential. Good price.

2005-05-05

BUY on WEAKNESS

12.040

Looking pretty expensive. Missed on their last quarter and the stock fell off the top. It is frequently talked of as either a takeover target or an income trust. Net asset value is compelling. Reserves are very good even though their cash flow was lousy. Would sell if it got above $15 and would probably buy more if it dropped below $12.

2005-04-11

HOLD

12.000

Brian Prokop

Has an underperform on it. Have a lot of resource plays and a lot of good assets and look to be a takeover candidate. Their outlook is based on a 12 month outlook and from that perspective, they've had a very good run and feels comfortable where they are at. Very large land base and very focused on resource plays. May be a little ahead of themselves.

2005-04-05

DON'T BUY

12.050

Werner Muehelemann

Hasn't been showing any growth. Last year production per share growth was around 4%. People are expecting around 10% this year. Can't go into a trust because of their debt covenents and legal issues.

2005-03-23

DON'T BUY

13.240

Fred Pynn

Possible conversion to income trust. Stock price at highest of cycle for short term.

2005-03-03

SELL

12.150

Has had a nice run, but has had a few problems in meeting its production targets. No visible catalyst in sight for that to change.

2005-02-15

DON'T BUY

12.100

A previous Top Pick. Ran into some production problems and he became a disenchanted. Recently picked up, had 2 really good quarters and the stock has taken off. Management has become aggressive issuing more shares and raising capital. A little concerned they will go through the same problems getting product tied into the system and into the bottom line.

2005-02-10

DON'T BUY

11.010

Bill Carrigan

Long term chart has a nice up channel. Two things against it. At the top of an upchannel, and it is January, the best time to sell energy. If you own, take some profits.

2005-01-26

PAST TOP PICK

10.970

(A Top Pick Nov 22/04. Up 1%.) Still likes. Doesn't think the natural gas story is over. Very competent management.

2005-01-25

HOLD

10.610

Robert Floyd

Has exposure to the gas side. Well managed company. Feels the oil/gas sector has to consolidate for awhile. Look at it in the late spring as a possible sale.

2005-01-07

VAGUE

10.330

Not the cheapest stock anymore. Most companies this size have been turned into income trusts or snapped up by the big guys. A lot of people are betting on this. Well managed.

2004-12-09

BUY

10.160

Michael Smedley

All oil stocks are slipping a bit. Possible income trust some day.

2004-12-07

SELL

11.150

Feels it's overvalued for what it's producing now. Has had troubles meeting its own production targets.

2004-11-24

TOP PICK

10.750

The last mid-size oil company left standing. Will probably be acquired or changed into an income trust. Even if it doesn't happen, pretty reasonably priced on fundamentals. Looking for over $2.50 in cash flow.

2004-11-22

HOLD

10.750

Bill Harris, CFA

Only a handful of companies that are a pure play in natural gas. A way to highly leverage up on natural gas.

2004-10-29

DON'T BUY

10.300

Could become an income trust. Fully valued.

2004-10-28

BUY on WEAKNESS

10.300

Has done very well. Have a new area south of Calgary which looks very exciting. Past problems included a lack of facilities and this has been somewhat alleviated. Would buy under $10.

2004-10-28

BUY

10.500

John Zechner

One of the better growth stories in the mid size gas producers.

2004-10-27

HOLD

10.710

If you hold, let it go at $12.65.

2004-10-26

HOLD

10.030

Ron Meisels

Breakout at the $8 mark was a very good move. Reached his target of $10, but could continue higher.

2004-10-20

DON'T BUY

9.660

Expects it to go sideways for a little while. A solid company. Valuations a little on the rich side.

2004-10-18

BUY

9.600

Has had a tremendous run in thast couple of weeks. There's always speculation that it is going to be taken over or turned into a trust.

2004-10-04

HOLD

9.000

One of the top rated junior companies. Doubts if it will become a trust. Limited upside.

2004-09-29

HOLD

8.900

Has had a few problems in meeting production as well as escalating costs. If you have made gains, lighten up.

2004-09-27

DON'T BUY

7.970

Brian Prokop

A sector perform. One of the few natural gas companies left in the region. &0% natural gas and as we move into winter, may see it move up a little. Pretty fully valued.

2004-09-15

PAST TOP PICK

7.730

(A Top Pick June 17/04. No change.) Still likes. A takeover candidate.

2004-09-09

SELL

7.750

Until they get production going, sell it.

2004-09-03

BUY

7.500

Quite possible this could become a trust. Has long life gas reserves. 2nd quarter was not as robust as investors expected. Likes the assets. Good valuations.

2004-08-25

BUY

7.500

Bruce Campbell

Production and plant problems should be behind it. Could eventually become a trust.

2004-08-25

DON'T BUY

7.400

Steve Gold

Has probably been bid up because of rumors of them going into a trust. Has a history of setting goals which are hard for them to beat.

2004-08-11

DON'T BUY

7.480

Reasonably priced at these levels. Have had little bit of problem getting their production on line and getting the cash flow up. Good management and good lands.

2004-08-10

PAST TOP PICK

7.500

Bruce Campbell

(Past top pick May 18/04. Down 4 1/2%.) Still likes it. Could buy more on weakness.

2004-08-06

BUY

7.810

A well-run company. Prefers Blackrock Resources and Canadian Natural Resources. A good intermediate stock and with a 2/3 year time horizon, not a bad hold.

2004-08-04

PAST TOP PICK

8.000

(Past top pick June 17/04. Up slightly.) The last independent gas producer and everyone expects it to be acquired or become an income trust.

2004-07-29

WEAK BUY

7.840

Mark Jackson, CFA

The company has disappointed over the last couple of quarters. Did not show the growth that was expected. The company has very good assets and at some point in time, it should be a break through the $8 level. Expects another flat quarter coming.

2004-07-27

BUY

8.030

In the last couple of years, have been tagged by infrastructure problems. Going forward, they should have a good run maximizing their production.

2004-07-21

BUY

7.580

80% gas weighted. Natural gas prices are high and will stay high. A bargain.

2004-07-07

TOP PICK

7.820