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| SELL | 2.000 | Eric Nuttall | Tragic. Drilled most important well in their history. Came out with amazing drill result last week. An example of why we are having so much gas coming onto the market. Wells are expensive. Balance sheet is mildly stressed. Ideal scenario would be a take-out. | 2012-01-24 | |
| TOP PICK | 2.200 | Eric Nuttall | Have an extremely exciting drilling catalyst coming up. Their 1st Montne well will have results before Christmas and is an incredibly important play because stock has languished under the perception that is that slow 10% growth type of company. | 2011-11-30 | |
| BUY | 1.810 | Eric Nuttall | Gapped down on the volume and on very little volume. Drilling the first Montne well with strong liquids, which increases the economic value of the gas stream. Has recently been buying. | 2011-10-13 | |
| TOP PICK | 1.760 | Allan Jacobs | Gas producer with some liquids. Gas is a tough market, but liquids does help a lot. Costs are very low. Have several properties that have much higher net backs than others. Huge inventory of wells to drill. Cheap. | 2011-09-27 | |
| BUY | 2.130 | Eric Nuttall | Trading at a significant discount to its reserve value. Will be spudding their first Montne well in October. Sitting on an inventory where they can increase reserves by 10X and their production by about 9X. Also have a 4-year drilling inventory that earns about a 84% rate of return. Cheap and one you hold. | 2011-08-16 | |
| TOP PICK | 2.530 | Ron Meisels | Had a very long 4 year bottom and is just now breaking out. Use a $2.10-$2.20 stop loss. | 2011-05-30 | |
| PAST TOP PICK | 2.650 | Joseph Schachter | (A Top Pick Feb 22/11. Up 17.33%.) | 2011-05-10 | |
| TOP PICK | 2.560 | Joseph Schachter | (A Top Pick Feb 22/11. Up 13.78%.) Still likes. Continued success with the drill bit. Mix is moving more and more towards liquids, which is a higher value product. Concentrated land spread and low costs. | 2011-04-14 | |
| TOP PICK | 2.480 | Eric Nuttall | Have unbelievable hidden asset value that the street is just starting to catch up on. Painted with a brush of an uneconomic dry gas producer but are sitting on one of the most economic natural gas plays in all of North America in the Nikinassin (?). Not a fan of nat gas but they have at least a 4 year drilling inventory. | 2011-04-13 | |
| TOP PICK | 2.260 | Joseph Schachter | (A Top Pick Oct 20/09. Up 36.42%.) Moving from just being a natural gas producer and will be 30% oils and liquids by the end of 2011. Operating costs are one of the lowest. Land spread is in the hottest area where concentration by the big boys will happen. Looking for $4, maybe $5 in 18 months. | 2011-02-22 | |
| PAST TOP PICK | 2.100 | Andrew Cook | (A Top Pick Jan 20/10. Up 6%.) Didn’t perform as well as he would have liked, so sold his holdings. | 2011-01-12 | |
| HOLD | 2.120 | Eric Nuttall | Likes it, but he cut it down. Management team is very good. It is Natural Gas plays that produce liquids. Under leveraged balance sheet. 75% natural gas exposure with 25% hedged. Stock is capped out at $2.50 by price of Natural Gas. | 2010-12-14 | |
| Comment | 2.550 | Joanne A. Hruska, CFA | Gas weighted. Valuations are reasonable compared to its peers. Good team. You have to decide whether you like gas or not. She can see another 30%. | 2010-09-13 | |
| BUY | 2.430 | Mason Granger | Hedged about 50% of their gas production and have a pretty good inventory ahead of them. | 2010-08-31 | |
| PAST TOP PICK | 2.380 | Eric Nuttall | (Top Pick Mar 24/10, Down 16%) Very comfortable with this one. One of his larger holdings. | 2010-08-24 | |
| PAST TOP PICK | 2.750 | Eric Nuttall | (Top Pick Mar 24/10, Up 1.83%) Still Loves it. His largest position. Great management. Good hedging. 20% growth next year. | 2010-06-10 | |
| SELL | 2.580 | Jaime Carrasco | Montney play. Rates this as a neutral right now because of the gas weighting. At some point, natural gas will be a good buy. If you own, consider making a switch to something that has more oil until gas prices come around. | 2010-04-14 | |
| TOP PICK | 2.730 | Eric Nuttall | Exceptionally well run natural gas. 50% of their production is hedged at $6.50. Very cheap at 6X cash flow. Testing 4 new zones, none of which have any meaningful reserves. Tremendous success in the Cardium. | 2010-03-24 | |
| BUY | 2.770 | Jason Donville | Have a big capital expenditure program. There should be a big ramp up in production. | 2010-03-23 | |
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| BUY | 2.600 | John Stephenson | Small. It’s not going to be a home run. A few good wells. | 2010-03-05 | |
| WAIT | 2.400 | Jennifer Stevenson | It has had its challenges because it is gas focused and balance sheet was hefty. They have done well in paying down their debt and growing their production. Stock is not expensive. Biggest risk is that it is a gas focused player and as we are rolling into the shoulder season, you may get a chance to buy it cheaper over the next few months. | 2010-02-16 | |
| SELL | 2.030 | Laura Lau | One of the cheapest gas stories. Priced to sell but doesn't think they are ready to sell yet. | 2010-02-08 | |
| TOP PICK | 2.000 | Andrew Cook | About 80% production is natural gas with about a 15% production growth. Also have a pretty strong drilling program over the next year. Also have some light oil exposure. | 2010-01-20 | |
| BUY | 1.760 | Laura Lau | Tend to spend a lot of their capital, more than other companies, in the winter months. Have some good assets so will be able to grow their production and reserves. Expects a few more months of good performance.. | 2009-11-18 | |
| BUY | 1.720 | John Stephenson | (Market Call Minute.) Small at 6800 BOE’s a day that has a lot of catalysts for growth. | 2009-11-09 | |
| Comment | 1.650 | Michael Smedley | Very small gas company that has made some acquisitions. Basically a speculation. | 2009-10-26 | |
| PAST TOP PICK | 1.620 | Joseph Schachter | (Top Pick Nov 14/08, Up %24.6) Would be a buyer here. Like the company. They have an oil business to grow while Nat Gas is suffering. | 2009-10-20 | |
| TOP PICK | 1.620 | Joseph Schachter | Has a very dominant core in west Alberta. There is vertical as well as horizontal potential. They’ve started going after the horizontal natural gas. Just did a number of acquisitions to try to get control of that area. By next year they should be doing about 8,000 bue’s a day. They estimate $.35 in cash flow. | 2009-10-20 | |
| PARTIAL SELL | 1.540 | Jennifer Stevenson | Great conventional assets. Decent hedge position, but balance sheet is rather hefty. It is a stock that you should trade because it is at risk of following the price of gas. If you own, consider taking some profits and then get back in later. | 2009-09-22 | |
| BUY | 1.430 | Joanne A. Hruska, CFA | Gas weighted. Well-respected management has been working its way through the debt. Some interesting plays but one in particular that she is excited about is northwest Alberta gas in the Montney fairway. | 2009-09-14 | |
| TOP PICK | 1.050 | Joseph Schachter | (A Top Pick July 25/08. Down 59.92%.) Have become very careful with their debt load. Production is right where he wants them to be. Cash flow has improved because of hedging. Increased production in Q2 versus Q1. Acquiring Fairmount Energy (FMT-TX). By below $1. | 2009-08-21 | |
| HOLD | 1.060 | Laura Lau | (Market Call Minute.) Has been range bound for a long time. | 2009-08-14 | |
| Comment | 1.070 | Laura Lau | Very good assets. Did a very good job developing their last acquisition. Starting to look more attractive but need capital to grow more. Because of disappointments in the past they have struggled to get capital. | 2009-06-30 | |
| DON'T BUY | 1.070 | John Stephenson | This is a name that possibly gets acquired. Gas prices are down substantially over time. It is really a race to see who can survive. Decent little name with some good fields but doesn't see a catalyst to the upside. | 2009-06-24 | |
| Comment | 1.160 | Andrew Cook | Management weathered the storm through the credit crisis very well. Quite impressive. $3 NAV is not unreasonable. | 2009-06-17 | |
| DON'T BUY | 1.160 | Jennifer Stevenson | Despite putting in hedges, the balance sheet has plagued this company for years. Predominantly natural gas. Cheap with some good hedges in place but it has been discounted because of the balance sheet. | 2009-06-01 | |
| BUY on WEAKNESS | 1.050 | Joseph Schachter | Despite a weak commodity market will be able to bring on new production. Did a good job in hedging. Will start performing in 3’rd and 4’th quarter. | 2009-05-01 | |
| BUY | 1.120 | Joanne A. Hruska, CFA | Debt levels are higher, but they are working through it. Thinks it is going to be fine. Watch the debt level. | 2009-04-15 | |
| BUY | 0.830 | Joseph Schachter | (Market Call Minute.) Likes the story and the management and the reserves. | 2009-04-06 | |
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| DON'T BUY | 1.000 | Dennis Da Silva | Junior oil/gas producer with a gas weighting. Extremely cheap at about 1.5X cash flow and about 2.5X 09 cash flow. The general environment for natural gas really skews you to the top tier names so stay with the bigger names until the market changes its views on juniors.. | 2008-12-18 | |
| TOP PICK | 1.300 | Joseph Schachter | 87% natural gas. Just reported 3rd quarter of 6400 BOE's a day and are now at 7000. Did $0.24 in the quarter ($0.96 annual cash flow). Expect them to grow to 8000 next year, which could create cash flow of $1.20. NAV is over three dollars a share. About $90 million of debt on $140 million line. Cash flow this year might be $70 million. | 2008-11-14 | |
| BUY | 1.940 | Joanne A. Hruska, CFA | Now trading at less than 2X cash flow. Good buy right now. | 2008-09-12 | |
| BUY | 2.580 | Joseph Schachter | (Market Call Minute.) He loves it. It beat his numbers in the 2nd quarter. Thinks there will be 7000 BOE's a day by the end of this year. Balance sheet is in great shape. | 2008-08-26 | |
| TOP PICK | 2.570 | Joseph Schachter | Just announced an acquisition of natural gas assets of 6500 BOEs a day. This makes their total numbers averaging 6600, which will rise to 8000 next year. Doing about $1 annualized cash flow and he sees $1.30 next year. Inordinately cheap. | 2008-07-25 | |
| BUY | 3.130 | Joseph Schachter | 16% oil and 84% natural gas. 6056 BOE’s a day in Q1 and looking for 6400 average for 2008. $90 million of debt, which the company plans to pay down. | 2008-06-05 | |
| BUY | 2.800 | Jennifer Stevenson | Turnaround story. Management did a spectacular job in getting out of an over leveraged balance sheet, doing some swaps on assets and managing to grow the production base without spending all of their cash flow. 6000 BOE's a day of gas is less than 1.5 debt to forward cash flow. Great growth profile. Good Buy in even the $3 range for a long-term hold. | 2008-05-13 | |
| PAST TOP PICK | 2.300 | Joanne A. Hruska, CFA | (A Top Pick Dec 5/07. Up 22%.)Very gas weighted. Still buying. If you see at approaching $3.00, consider Selling. The suite of assets they have are trading at very cheap multiples. | 2008-04-14 | |
| STRONG BUY | 1.920 | Joseph Schachter | Natural gas. He is positive on this story. Thinks the company will ramp up production. Currently around 5600 BOE's a day and think it will average about 6400 a day and potentially exit the year at 7000. | 2008-04-04 | |
| TOP PICK | 2.310 | Joseph Schachter | Natural gas. Exited the year at over 5880 cities and he sees them doing over 6100/6200 BOE’s and exiting the year at 7000. Generates cash flow of $1.20, so is trading at under 2X cash flow. NAV is about $2.85. | 2008-03-07 | |
| BUY on WEAKNESS | 2.170 | Joanne A. Hruska, CFA | Had about a 30% moved in the last few weeks so there is some potential for a pullback. Would prefer to buy it closer to $2. | 2008-02-22 | |
| STRONG BUY | 1.780 | Joseph Schachter | In Q3 they grew their production to 5700 BOE's up from 5090 in Q3 of 06. By the end of 2008 they should be producing more than 7000 BOE’s. NAV is $2.85 to the end of 07. | 2007-12-19 | |
| TOP PICK | 1.750 | Joanne A. Hruska, CFA | Not very well covered by research. Feels NAV is closer to $3. Trading at less than 2X cash flow. Just made a strategic swap of assets and should give them even better success than their previous assets. Feels they have their debt under control. | 2007-12-05 | |
| BUY | 1.440 | Joseph Schachter | 83% natural gas, 17% liquids. Did about 5379 BOE's in Q2, up from 4300 in Q1. Expect them to average 6500 BOE's a day in 2008 and exiting at over 7000. Debt of $110 million, about 2.5X relative to cash flow. A little harsh when you have a cheap natural g | 2007-09-11 | |
| TOP PICK | 1.960 | Joseph Schachter | In Natural Gas, but they had a balance sheet problem. They think they've clean up their act. A lot of upside in terms of land and other core areas. It was a 4 or 5 dollar target a few years ago, he thinks it will get back there. | 2007-06-04 | |
| HOLD | 2.200 | Joseph Schachter | Heavily weighted to natural gas. Has a high debt load, but manageable. Volumes of production have not gone up higher than expected. | 2007-04-24 | |
| DON'T BUY | 1.870 | Glenn MacNeill, P.Eng. | This is the season where you want to buy companies where stocks are weak. Would not be his first choice. Recently did an issue to raise capital. Have been spending money but it hasn't worked out well. | 2007-02-16 | |
| SELL | 2.010 | Robert Toole | Quite negative on this stock. The company has a debt problem Natural gas prices are quite low right now and it is having to sell assets at lower prices to pay down its bankers. | 2007-01-18 | |
| HOLD | 2.710 | Joseph Schachter | Just reported. Production increased 23% but the market was looking for much more. A very high debt load and will only generate about $60 million of cash flow. Debt to cash flow is 2:1. If gas price recovers to $9, debt won’t be as much of an issue. | 2006-11-15 | |
| HOLD | 2.880 | Joseph Schachter | This company has been punished by the commodity call. They have balance sheet problems and lots of debt. But they have lots of assets and he thinks they will survive. Recommends staying with them. | 2006-09-29 | |
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| BUY on WEAKNESS | 3.890 | Glenn MacNeill, P.Eng. | Like a number of juniors, it has found its expenses going up and production numbers declining. Likes management and their slate of assets. | 2006-09-08 | |
| DON'T BUY | 4.970 | Robert Floyd | A little bit negative on some of the auto part players. | 2006-06-02 | |
| TOP PICK | 5.240 | Joseph Schachter | Current production is 6400 BOE’s a day. Focused on natural gas. Have a deal with Encana where they've got access to their lands. Will be about 7000 BOE’s a day in the 2nd quarter exiting the year at 8000. Have at least 3/5 years of work ahead of them. Buy and hold for a couple of years. | 2006-05-05 | |
| BUY | 5.210 | Glenn MacNeill, P.Eng. | Has a good future in front of it. They have some “ behind pipe” production is well as some plays that look very interesting. Well managed. | 2006-01-18 | |
| BUY | 3.500 | Robert Lyon | Made a few acquisitions in the past few months that gave it a leg up. Thinks it's still going higher. One of the cheaper stocks out there. Well managed. Pretty good asset base. | 2005-01-11 |
