STOCKCHASE

(A Top Pick Mar 3/07. Down 8%.) Got caught in the decline of gas last year. Has been acquired by Iteration Energy (ITX-T).

2008-04-24

HOLD

8.830

Dennis Da Silva

A deep value play. Merging with Iteration Energy (ITX-T). This will make it one of the larger intermediates in the Canadian oil space at about 20,000 BOE is a day. Liked it when it was a stand-alone company as it was very cheap. Will be a gas-focused company in Alberta and parts of Northeast B.C. Owning Iteration after the merger will be a great idea.

2008-02-25

HOLD

8.450

Merging with Iteration Energy (ITX-T), which is a good move. The new company is a better one than the 2 parts. Solves a bit of the debt problem.

2008-02-08

BUY

8.020

(Market Call Minute.) Didn't like their merger with Iteration Energy (ITX-T) but likes the prospect for gas right now.

2008-01-31

PAST TOP PICK

6.010

(A Past Top Pick Dec 27/06. Down 53.7%.) A well run small cap, but gassy. Hasn't sold any of his shares. Still has the potential to recover.

2007-12-21

HOLD

5.870

One of the gassy stocks that has got caught in the big increase in drilling costs and the collapse in the natural gas prices. They are still doing okay, but they don't have the kind of cash flow to give them the drilling room that they need. It'll do just fine in a year or two. Good management and good properties. Could be used as a tax loss if needed.

2007-12-07

BUY

5.920

Juniors are getting hammered in this low-priced environment. This is one of the better juniors. Could be a good short-term trade that could be sold in December when the speculation on cold weather will be strongest.

2007-11-12

TOP PICK

6.900

Adam Thomas

Undervalued story. Junior gas focused company with 70% gas in Alberta. Probably one of the best management teams in the patch. Has come down significantly from its highs. You now get it below NAV. Clean balance sheet. Could be a takeout candidate. Buy a little bit now and if Alberta does not implement the royalty review, buy more.

2007-10-05

Comment

8.820

Bill Harris, CFA

To play gas companies, you want to find high quality management teams that have low debt; low operating costs and are the best acquirers in the industry. ProEx (PXE-T), Nuvista (NVA-T), Cyries (CYS-T) andDuvernay (DDV-T) are 4 that fit, but he hasn't had a chance to look at the numbers on Cyries yet.

2007-08-07

BUY on WEAKNESS

8.830

Jennifer Stevenson

Drop in stock price is not a specific company problem that she can see. It was a market darling, which tends to overshoot on the way down. Will also overshoot on the way up in a stronger market. Suffers from low gas prices.

2007-08-01

BUY

12.370

Jennifer Stevenson

Seasoned management team. Over 12,000 BOE's a day. Had a really successful Q1 drilling program.

2007-05-15

BUY

13.120

Natural gas. Problems in the 4th quarter. 1st quarter results were very good. Expecting big volume growth in the 2nd half of this year. The seasonal trade is starting now. Exit it coming of the summer.

2007-05-10

TOP PICK

10.040

(A Top Pick Dec 7/06. Down 22.7%.) Very gassy and the incredibly long warm spell in December and January was a big problem. Growing by the drill bit. Have been able to acquire good assets in this down period.

2007-03-15

BUY

11.050

Has run into the typical problems that have plagued the juniors and have been unable to meet some of their objectives. They have the necessary properties and expertise to do better. Have been Buying. Good management.

2007-02-23

BUY

11.630

Over the next 2-3 weeks, natural gas inventories are going to fall below last year's. Should be a good year for natural gas and would play this with unhedged companies such as Duvernay (DDV-T), Cyries Energy (CYS-T), ProEx Energy (PXE-T).

2007-01-29

SELL

11.450

Management is very well admired by the street and was a name that could have converted into an income trust. Not sure where they can go from here.

2007-01-05

TOP PICK

12.710

Good management. Gassy. Good operator. Strong financial position.

2006-12-27

TOP PICK

13.380

Started with 1,000 barrels daily and are now up to 11,000 over 2.5 years. Excellent operators. Good land position. High success ratio. Good buying range.

2006-12-07

WEAK BUY

11.320

Wouldn't have recommended it 6 to 12 months ago, where he didn't see a conversion to a trust. Could see it being acquired by a trust.

2006-10-12

BUY

11.000

Acquiring Dual Exploration (DLX-T). Very capable management. Has a lot of potential. Clean balance sheet.

2006-10-05

BUY

12.700

Great management team, which has had a track record of building companies and selling them off. Giving to that point now. Good growth.

2006-09-08

BUY

13.370

Good management and good land position. Have problems that a lot of juniors and mid-caps have in getting rigs and into the pipelines. This is now clearing up.

2006-08-30

BUY

13.170

Michael Smedley

One of the preferred, potential high performers with a good history with the gassy stocks in western Canada. Coming into the winter season, he is optimistic in terms of a rising gas price.

2006-08-24

TOP PICK

13.050

An excellent record of growth. More expensive than its peers. You have to pay for its management and its growth. 80% natural gas, so buy on softness in gas prices.

2006-08-23

BUY

13.020

Had a good bounce recently. Had some problems with not hitting production and with cash flow problems. An excellent company. Reasonable value. Expecting pretty good numbers to come out.

2006-08-16

WATCH

9.940

A company that should be on your watch list. Gas weighted. Being a small junior, it is in a subsection of the market that has been hit very hard. Reasonably decent balance sheet. If production got to 10,000 or more, it could possibly convert to a trust but doesn't see this as likely right now.

2006-06-28

BUY

10.830

Gas weighted. A good company. One of the best management teams in the oil patch. You could take a small position now and add more if there is further softness down the road.

2006-06-16

DON'T BUY

12.100

If you're willing to wait, it's okay. Not cheap. Trading at a higher multiple than a lot of the others. The attractive feature is that it could turn into an income trust.

2006-05-19

BUY

12.960

A good time to get into this one. Likes the company a lot. Well-managed.

2006-05-16

BUY

14.450

Wilf Gobert

Natural gas weighted. If you want to be a contrarian, sell oil stocks and buy gas stocks. One of the better quality companies. Tremendous management team.

2006-04-25

BUY

14.890

Quality management team. Quality assets. Stock got very beaten up over the last few months.

2006-04-20

HOLD

13.050

Wilf Gobert

There is speculation on an income trust or a merger which would result in an income trust. Something will happen, so be patient. The latter half of 2005 showed a slow growth period. A solid management team.

2006-03-20

HOLD

14.900

Juniors tend to be more gas focused then oil focused and with the drop in gas prices, that's an issue for them. Possible trust conversion in a year. Would consider buying in the last quarter of this year.

2006-01-25

BUY

15.010

Good management. There have been some disappointments recently in terms of production. Good price.

2005-12-30

BUY

16.650

Has one of the top 5 geological technical teams in Canada. Good management. Thinks that next year will have huge production and dramatic cash flow growth. Feels next year’s cash flow will be $3.25 Cdn. Will be trading in the low 5’s in multiples with an absolute premium growth pattern.

2005-12-14

BUY

15.750

Expanding its production very rapidly. By the endof '06 or early '07 it will be 10,000/12,000 BOE per day, the threshold for possible conversion to a trust.

2005-12-01

BUY

14.750

A lot of the small caps have been hurt because of the trust games pause. Would split the small cap juniors into 2 categories. 1) The cheap ones that may have an acquisition possibility or 2) more expensive ones that are great managed companies. This one is in the latter category with its rock solid management team. Good long (18 months) term.

2005-11-17

BUY

17.420

Wilf Gobert

Good management. Has been dramatic in both production and price performance. Highly oriented to natural gas, more than 60% of production.

2005-09-14

WATCH

17.070

Bill Harris, CFA

Absolutely one of the best stocks in western Canada. Has had a good run and wouldn't expect a pull back, even though oil has. Management will know when it has matured and will sell at that time. When they start a new project is when you want to get in.

2005-09-13

BUY on WEAKNESS

16.740

Have a nice land spread. Very successful in executing. A little slow at the very start. Great drilling program. Has run up so much that he hasn't added to his position, but keeps hoping it will fall back.

2005-09-01

BUY

15.800

Duvernay (DDV-T) and Cyries (CYS-T) are both great Canadian natural gas plays. Have performed tremendously well. Great management.

2005-08-30

PAST TOP PICK

14.160

(A Top Pick Jun 15/05. Up 15%.) One of the senior juniors. Still likes it. Would buy more when the market moves a little lower.

2005-08-18

TOP PICK

14.940

Good management. A good buy compared to some of the others on a valuation basis. Made a couple of good acquisitions which will benefit the company.

2005-08-15

BUY

12.800

A spin out of Progress Energy Trust (PGX.UN-T). Has just gone through an acquisition. Likes it. Have lots of drillable land.

2005-07-28

BUY

12.770

Management team is excellent. Just did a private acquisition where they are taking a private company and rolling it into a public vehicle which is always a great thing to do because you get a better currency out of a public company, so your upside is usually pretty good.

2005-07-26

TOP PICK

12.280

(A Top Pick March 10/05. Up 15%.) Started off with 1,000 barrels a day, went up to 2,000 and reached 3,000 all in a year and a half. Production looks like it's going to be around 6,00 barrels a day. Have some high impact wells.

2005-06-15

PAST TOP PICK

10.000

(A Top PIck Mar 10/05. Down 4%.) Still likes it.Got a little ahead of itself and then pulled back, but is recovering nicely. Good price.

2005-05-12

BUY

10.500

This came out of the Progress Income Trust creation. Likes the stock, but it has really run. Have a lot of drillable land. Lots of money. Looks expensive based on their present multiples, but if you presume that they are going to double their production, it is reasonable.

2005-02-21

TOP PICK

9.390

A spinoff when Cequal went into the Progress Energy Trust. Have 100,000 acres of undeveloped land. Have no problem raising private money. Have grown from 1,000 to 2,000 barrels a day in less than a year. Feels they could reach 4,000 barrels by the end of the year. Very solid balance sheet.

2005-02-10

PAST TOP PICK

6.950

(A Top Pick July 26/04. Up 21%.) Still likes. If it eases back a little more, he'll average up.

2004-10-14

TOP PICK

5.750

This stock was a throw off from Cequal. Likes the management and their properties. Generating cash flow.

2004-08-10

TOP PICK

6.000