STOCKCHASE

(Market Call Minute.) Too speculative for him.

2008-09-02

SELL

1.850

Big hiccup was financing for the Algerian properties and it looks like they will get it by the end of this year. All their finagling has pushed production to the 2nd, maybe 3rd quarter of 2011. Doesn't look like they are going to have as much natural gas liquids as the market expected. No catalyst for a couple of years.

2008-08-22

HOLD

2.310

Have a large potential find that they need to develop and it’s a financing issue. Whether they can make a go of that is an open question and they probably will. It’s going to be a little bit of tough sledding.

2008-08-06

HOLD

2.490

Infrastructure in Algeria is a bit on the weak side. Their best bet on marketability is to liquefy it and send it out as LNG. Huge development. Some uncertainty around financing.

2008-06-16

HOLD

2.840

Gordon Higgins, CA, MBA

(Market Call Minute.) There has been a change in management so you have to see how things play out.

2008-04-17

DON'T BUY

2.870

Oil/gas in Algeria. Gas, which is harder to ship, has to go into Italy or Spain and is a little more difficult to generate cash flow. Oil exploration has been somewhat disappointing. Other international plays have better risk/rewards.

2008-03-07

DON'T BUY

2.870

Liquid rich gas and some oil in Algeria. Very good success with the drill bit. Problems are twofold. 1) How much money are you going to make at the end of the day with the Algerian government? 2) They need hundreds of millions of dollars to bring this project into existence. Too risky even for him.

2008-03-07

DON'T BUY

3.700

Alex Ruus

Natural gas discoveries in Algeria. He is not crazy about Algeria. He is also concerned about how long it is taking for these investments to come on. Recently had some good news so is moving on. A lot of risk here.

2008-02-25

BUY

2.960

Something is stirring. Issued a statement today about shareholder proposals. Have solidified their arrangements with the oil/gas company in Algeria.

2008-02-21

HOLD

2.280

Algerian gas play. This is a name that you could start to get a little more excited about. They completed an engineering and design study. They need to secure $750 million and will likely get it. Once they start producing it will probably get some interest by the market. It's a May-June story.

2008-02-08

DON'T BUY

2.930

He has a short-term Short on this stock. They have a decent asset, but it's going to cost a lot of money to get it to market. They seem to have a consistent need for new capital.

2007-12-14

HOLD

2.710

(Market Call Minute.) Massacred over the past year. They have just raised more money with a debenture.

2007-11-27

DON'T BUY

3.260

Has a problem with this one. Not a question of finding natural gas. Have announced fabulous numbers on the discovery side. The problem is, how much will they make at the end of the day given the desire of the Algerian government to take more for themselves.

2007-11-15

VAGUE

4.830

A lot of concern about the fiscal regime.

2007-10-22

BUY

4.870

Moving from the highly news driven story of LNG production overseas to really becoming a true development play. Have done a really good job of managing expectations. It should do well.

2007-09-26

BUY

5.090

Transitioned itself from an interesting exploration play with potentially huge upside to a really good value play. Entering the development stage. He likes, and thinks you can buy at this level.

2007-06-06

BUY

5.260

Jeff Parent

He is using volume at price and the resistance point is going to be $6.55. Based on last week's action, he would put a bigger than average bet in. The first upside would be to $6 and you might want to add it breaks through this.

2007-05-23

DON'T BUY

4.910

Operating in Tunisia and Algeria. Better opportunities and better risk/reward with other companies.

2007-05-09

DON'T BUY

4.820

Assets in North Africa. Excellent gas producing properties but are too small to be able to do anything about them. Will probably get bought out by the locals, and who knows at what price.

2007-03-15

DON'T BUY

6.450

This is the season where you want to buy companies where stocks are weak. This would not be his first choice. This is an international company with gas assets in Tunisia, where it is a little more difficult to sell.

2007-02-16

DON'T BUY

6.620

Has gas properties in Algeria and Tunisia. Some of these have been disappointing. He is very cautious when it comes to oil companies with foreign assets.

2007-01-16

DON'T BUY

6.990

Have a really good discovery, but are trapped in North Africa without anyway of getting the gas out or cash to develop them. Put themselves up for sale and there were no takers, Not a fan of foreign jurisdictions.

2006-12-27

DON'T BUY

6.400

Gordon Higgins, CA, MBA

It has found gas, but it just can’t get it out. Doesn’t have pipes attached to it. It will stay cheap until they can get the gas out.

2006-10-12

HOLD

6.400

Had trouble monetizing its assets. The market is waiting for its value to be proven. The worst of the news is of the stock, so if you own, continue to hold.

2006-10-12

WAIT

7.030

The company has made a large discovery. Waiting to see how they are going make money with it. No news is hurting the company.

2006-09-29

DON'T BUY

9.800

Has a massive gas find in northern Africa. Not sure what they can do with it as they will have to spend billions of dollars for a pipeline.

2006-09-01

HOLD

9.900

Had a major North African discovery, and has put itself on the block. Feels that eventually, it will be sold. We'll go sideways until something material happens. Have the resources, but not the money to develop it.

2006-08-30

WEAK BUY

9.170

Has a great asset. Was up for sale but no buyers, so did a finance. Short-term wouldn't expect a whole lot, but long-term things that someone will buy the company.

2006-08-28

DON'T BUY

9.150

Found a lot of gas which looked very promising but didn't have the capital to develop the resources. Tried unsuccessfully to find a buyer. They are now trying to develop it themselves.

2006-08-21

Comment

10.690

This has been the soap opera of Canadian companies. Driven by news.

2006-07-27

DON'T BUY

10.070

They have a pretty significant asset, but there are some significant risks, not only politically, but in terms of infrastructure and what they have to build to get the gas out.

2006-07-11

HOLD

10.320

Don't touch it right now. Will probably work its way out but it will take time.

2006-07-10

HOLD

10.320

Had a tremendous problem in 2005 and then it made a base and is now recovering. There is a good chance that it can break out again. $12 would be the break out price and $9 would be the break down price. Very neutral at this stage.

2006-07-05

DON'T BUY

9.500

Too speculative. Had a huge find overseas and looked very attractive. But they needed a lot of money to develop the resource so they looked for a buyer without success so they are trying to do it on their own. A turnaround story.

2006-06-28

HOLD

10.300

Very big gas reserves. It hit oil. Speculative.

2006-06-22

WEAK BUY

11.730

Recent oil discovery has made very stock much more interesting. If they can get a couple of more wells in, then you can get a scenario for some upside. Good trading stock. Management is not his favourite.

2006-06-06

DON'T BUY

9.800

The problem is, the company is a junior and it has found significant assets they can't get produced. Waiting for a partner to come in. Very speculative.

2006-05-15

BUY

10.980

Sold off from $25 to about $6, made a base, just broke out so therefore it looks like the beginning of a new up leg.

2006-04-24

HOLD

8.540

Has been languishing. Found a lot of gas, but it was under P3 (Possible). A big potential resource there, but the market wants it taken into the P1 (Proven) and P2 (Probable) areas. Waiting on news of wells they are drilling.

2006-04-12

DON'T BUY

8.520

Gordon Higgins, CA, MBA

A higher risk stock. What they have is in North Africa and the mid East. They have gas which is not behind a pipeline so they can’t move it out. They need liquid natural gas plants. A long-term higher risk story.

2006-04-05

DON'T BUY

8.520

An improving story, but the drilling is a ways away with first production hitting around 2009. It's going to take significant capital to bring the production fully on stream.

2006-04-05

DON'T BUY

9.590

David Burrows

This is an energy stock which is absolutely not in the game. If you can’t make money in an energy stock in this market, something is wrong.

2006-02-06

HOLD

9.700

Had a huge gas discovery in Algeria, but didn't have the capital to develop it. They tried to sell it without success so they are going to start development on their own.

2006-01-25

BUY

9.930

Thinks the stock has bottomed. They have a good asset there. Thinks there will be a buyer.

2006-01-23

DON'T BUY

8.420

Has never believed the hype in the first place. One of the great promotional stories of the year.

2005-12-19

DON'T BUY

7.700

Jim Huang

Had a nice pop when new executives were named. There also may be some takeover rumours. They have a lot of gas reserves in Algeria and North Africa however it is very difficult to commercialize these gases. Probably a little bit overpriced.

2005-12-06

DON'T BUY

6.670

Caught everyone's attention with these huge gas finds, but didn't have the capital to develop the fields properly. Given its history, he thinks it will take a little time.

2005-12-01

BUY

7.080

A north African stock and very big gas. Large reserves. There's probably another move to $10 again.

2005-11-10

DON'T BUY

7.200

David Chapman

Spectacular rise in '04 and an equally spectacular collapse in '05. Had a long trend line which was good, but the trend line was busted in early '05. Once a trend line is busted, don't hang around because it ususally points to lower prices. Had a correction , but is now in another down trend. It may be trying to base now, or trying to make another leg.

2005-11-09

HOLD

7.240

If you've held it all this time during its pullback, it is probably a hold. Wouldn't buy. The bottom line with this company is that they had this property that looked tremendously attractive, but haven't really developed it yet. No buyer came forward, so they decided to develop it themselves. It is some time away before it is producing.

2005-11-07

BUY

7.240

Wilf Gobert

Because they couldn't get a buyer, they raised enough money to do 18 months of drilling to prove that they have the gas reserves. 2 cautions, 100% natural gas outside of North America and government takes about 85% of their production. Stock should do well when they come up with some drilling results.

2005-11-07

BUY

7.910

Have a nice gas reserve. Was up for sale earlier this year and nobody wanted them. They raised $75 million and are back at it again. Hit a couple of drill holes that weren't as promised. The play is still legit and thinks they will still get a buyer ultimately.

2005-11-03

DON'T BUY

7.640

Jean-Francois Tardif

Had problems selling their company, so had to raise finances to develop their properties. He doesn't know what to believe, so stays away from it.

2005-10-26

DON'T BUY

9.300

There's no real prospect to take over the company. Big land base, but they need the time and the money to develop it.

2005-10-05

WATCH

8.970

Now that it's fallen so far, he's going to take a look at it. The size of their property is significant. The key thing is taking it from a resource potential to a reserve and they have to do drilling up to do that.

2005-09-26

DON'T BUY

9.960

Starting to improve its visibility a litle bit. Struggled in the last little while because it couldn't find a buyer for its fields. Thinks it's going to pop because it sold off so hard, but doesn't think you'll see improvement for at least a year or more.

2005-09-09

DON'T BUY

9.900

Gavin Graham

Fell off the cliff when the bid from Repsol (REP-N) didn't materialize. Has some good properties. Have producing fields. Too speculative.

2005-09-06

HOLD

9.900

Has tremendous resources, but can't develop them right now. They shopped for a bidder without success. Now trying to develop production on their own. A bit of a problematic story. Will be a little tough sledding for the stock. If you bought in at the low, HOLD.

2005-09-01

WEAK BUY

9.740

A very surprising stock because it had a huge move back in 2002 which carried it up to $24 this year and for whatever reason, profit taking set in. At this stage, there is a good chance that the stock is going slightly higher, but at $12.50/13 it could run into a lot of supply, i.e., those people who bought at $13 make a run for it.

2005-08-31

DON'T BUY

9.750

David Taylor, MBA, CFA

Doesn't follow this one closely. Very large reserve base. Some question about whether they can get their gas to market. Had put themselves up for sale, but there were no buyers. Difficult to do a valuation on the company as you don't know what the cash generation is going to be.

2005-08-29

VAGUE

8.950

Was always difficult to evaluate and always ran ahead of its value. Found gas in Northern Africa, but it doesn't have any value unless someone puts in a pipeline to create cash flow. Thinks there's an awful lot of value there.

2005-08-10

DON'T BUY

7.580

Veronika Hirsch

They've put their assets up for sale and it didn't happen. Didn't get a bid that was attractive. Would not speculate on this stock. Has corrected an immense amount from the peak, but they're not going to bring their reserves into production, so you'll have to assume someone wil have to come and do a joint venture with them.

2005-07-27

DON'T BUY

7.580

Has a lot of trouble with this one. Doesn't see where growth is going to come from. Found a huge discovery of gas, but couldn't get a serious bid.

2005-07-27

WEAK BUY

8.040

Had some news today that wasn't good in that they had to abandon a well and move a rig which isn't good. Now a cheap company. Starting to have value inestors look at it. Getting below its net asset value. Volatile. Treat as a trading vehicle rather than a long term hold.

2005-07-26

WAIT

8.050

Had tremendous potential with their Algerian fields but were unsuccessful in attracting partners/buyers. Momentum is to the downside. Wait for another quarter for things to clear.

2005-06-30

DON'T BUY

7.760

Fred Sturm

Sold out of his position about a year ago when it was suspected they would not be able to find a buyer of their assets.

2005-06-22

DON'T BUY

7.780

Have a tremendous potential asset in Algeria, but were unable to find anyone to buy them. Wait on the sidelines, at least until a bottom on the stock is established.

2005-06-21

DON'T BUY

7.780

Jean-Francois Tardif

Couldn't get a buyer so the stock dropped. Very risky.

2005-06-21

WAIT

8.360

Did a financing last week so they replenished the balance sheet. They're going to go on their own to drill. Came up with a reserve definition of "possible". This has to be moved into the proven category. Until they do that, it is in question mark territory. His view is that the Algeria is a very good basin for finding it but is concerned about the fiscal regime and how they will move the natural gas.

2005-06-20

DON'T BUY

8.750

Went into a reverse because too many people owned it and started to take profits. Now very oversold. Maybe a speculator could take a chance on this stock, but only for very strong hearted people.

2005-06-14

DON'T BUY

8.650

They're between a rock and a hard place. Repsol (REP-N) is the only party they are negotiating with and Repsol knows this, so the can squeeze very hard. They have 2 alternatives, make a deal with Repsol or raise capital and build the infrastructure themselves. Net asset value is in the $12/13 range.

2005-06-13

DON'T BUY

8.900

A bit of a geographical story here. Algeria is just not the best place to be in the oil business. Haven't been able to find a viable partner and thinks there was a lot of hot money that piled into this stock after they announced their exploration results.

2005-06-09

WEAK BUY

14.200

Bought at $13 which is a great entry point for an ultimate takeout. It's up for sale and lots of buyers have declared their interest. The NAV is in the $13/14 range. There's probably $1/2 left in the stock.

2005-05-10

DON'T BUY

14.950

They are shopping the company around, looking for a buyer. They can't develop the Algerian assets with the current management team, cash flows, etc.

2005-04-19

BUY

19.300

The rumours/noise around the company is humungous. A lot of speculation about what may/may not happen. Ignore the noise. It's a company with a very good asset that somebody will want, just a question of valuation. 1) They'll get a great big bid on the company in a couple of weeks and it'll get sold 2) they won't get a bid that's acceptable and will pull it off the market and it will drop to the $12 range. Pretty good risk.

2005-04-07

SELL

17.500

Has been fueled by the expectation of the reserves in Algeria. They are shopping the company around, looking for a buyer and it's questionable if they can find one as a buyer would be taking over a $3.5 billion company, but they also have to pour another couple of billion into developing these fields.

2005-03-30

HOLD

22.300

Since its $15 level, has been thinking it's more of an exit part of the cycle. Have a huge resource that's going to take an awful lot of capital to develop in taking their gas from Africa and getting it to Europe which effectively puts them up for sale. What's a foreign company going to pay for them?

2005-03-21

HOLD

21.530

Repsol (REP-N) is showing interest in a takeover. Has had a fantastic performance.

2005-03-17

VAGUE

20.300

Down due to some profit taking and people getting tired of waiting for a deal to happen for sale of the company. Might be running light on cash. Europe is buying, but nobody is buying here.

2005-03-09

HOLD

22.290

Kyle McKay

The biggest concern over the last 12 months has been the size of the findings, but now getting more conclusive evidence of it.

2005-01-24

WAIT

19.200

Fred Sturm

The asset base is really interesting. What is not clear is how they will be able to monetize it. Will they get the pipelines/infrastructure in place to get full value for their reserves. Have some reservations.

2005-01-14

HOLD

18.400

Robert Lyon

Looking at being acquired. Not sure it's undervalued. Has discovered huge amounts of gas in Algeria and now have to find contracts for these.

2005-01-11

DON'T BUY

18.550

Larry Berman CFA, CMT, CTA

A little expensive. Prefers domestic oil/gas plays. Prefers other companies.

2004-12-29

WAIT

19.200

One of the best perfoming stocks in the energy sector. When a stock's making new highs, it's hard to say where it can go. A guess on the next upside resistance is in the $22/23 area. If it drops below the $15 range, that would be a big negative sign technically. Feels the energy sector is in a rotation, so you probably should wait.

2004-12-15

HOLD

19.200

Robert Lyon

Essentially for sale now. Have been drilling phenominal gas wells in Algeria. Not sure he would buy at this time.

2004-12-15

HOLD

16.920

You could sell it. You have to believe Stat Oil (?) or someone else is there. A tremendous asset. Take some profit.

2004-12-07

BUY on WEAKNESS

15.300

Above its 200 day moving average. A little bit over bought and needs a correction. Could pull back towards $13.

2004-12-01

WATCH

15.480

Bill Carrigan

Had a long base running through 2002 and then went into an up trend. Had 4 uplegs and then a spike. If it goes below the recent low again, then sell.

2004-11-26

HOLD

15.510

Huge assets in Algeria. Doing well.

2004-11-25

BUY

15.540

Offers a lot of upside. Fundamentals look very positive.

2004-11-24

BUY

15.600

Veronika Hirsch

Interested in doing a deal with a major. Even though the stock has gone up quite a bit, they still have the potential to find new reserves, so you can still make money. Have a fantastic land position. A lot of the easy money has been made.

2004-11-04

TOP PICK

15.600

The company is effectively in play for a takeover. Has a giant gas discovery.

2004-11-04

WAIT

16.740

One of the real success stories. A truly extraordinary find of natural gas in northern Africa. Will require a lot of capital for infrastructure, so expect them to monetize their investment and let someone else spend the capital.

2004-10-29

HOLD

16.740

Has announced another great discovery in the Algerian territory. Will probably be bought out in due course.

2004-10-29

BUY

15.460

Still has some upside. Prospects are pretty high. A $2 billion market cap, so a lot of people are watching and success may be priced in now. If they had any bad drill results, it would create a big hiccup. Could be a takeover.

2004-09-24

HOLD

14.960