STOCKCHASE

Being acquired by Crew Energy (CR-T). Fantastic asset. The problem is that Crew is priced for perfection and there are other companies he likes better so he sold it.

2008-08-20

STRONG BUY

2.900

Joanne A. Hruska, CFA

(Market Call Minute.) They have so much land to work with and trading at very cheap multiples relative to their peers.

2008-04-14

Comment

2.980

(Market Call Minute.) Grossly undervalued. Developing the Kiska oil play. Looks very interesting. Concentrating on oil.

2008-03-07

DON'T BUY

2.980

Badly missed production numbers recently. Natural gas prices are recovering. Bought out Bow Valley’s western Canadian assets. They have to execute better.

2008-03-07

DON'T BUY

2.020

Natural gas. This one has been troublesome. Missed their numbers even after the acquisition of the Bow Valley’s (BVX-T) assets. Change that the Alberta government has put through is a negative.

2008-01-24

HOLD

2.250

Western sedimentary basin got way out of whack. They have a phenomenal land base. The Alberta tax issue did not affect them at all. Have a fantastic team. This year they will go from 40% oil to 60%. Cheap valuation. Well-run business and conservatively managed.

2008-01-17

BUY

2.260

Joanne A. Hruska, CFA

Very solid asset base in SE Alberta. They have almost 300,000 net acres of undeveloped land. Valuation is probably about 2X cash flow. Can't foresee any debt problems. Could be a takeover target.

2007-12-05

TOP PICK

2.540

Have a fantastic management team. This is the cheapest company he could find excluding the gas assets. Consistently growth of business. Little effected by the royalty issues.

2007-11-05

HOLD

2.780

It is leveraged and needs high gas prices. His approach is to take a 18 month horizon. If we have a cold winter the win will come faster. Gentry has an acquisition that they paid a lot of money for and needs higher commodity prices to grow. Does not see it as the most attractive of the gas stories.

2007-10-22

BUY

2.440

Joanne A. Hruska, CFA

Did something unique by drilling after the spring break-up when normally companies don't drill. Have had some good success. Drilled 10 wells in the Princess area of Alberta and each one tested over 500 barrels a day. She is now optimistic on this company. Cheap.

2007-08-24

BUY

3.160

Everything went wrong at the end of last year for this company. Has grown organically at about 20% a year. A value company.

2007-08-07

WAIT

3.500

Has a heavy gas weighting saw the stock has been hit hard. Recently bought Bow Valley’s (BVX-T) Canadian domestic assets to give them low risk stuff in Alberta. It needs a nice recovery in natural gas.

2007-07-20

BUY

3.790

A core holding. Have lots of work to do. They reinvented the company in the last month. This won't go anywhere until the 4th and Q1 quarters. Very cheap.

2007-06-25

BUY

3.850

Michael Decter

Have good holdings and good prospects.

2007-06-20

PAST TOP PICK

3.900

(Then 4.85) It's inexpensive. Thinks it will do well in the long run.

2007-05-31

TOP PICK

3.900

Just in the last month has re-invented itself with the acquisition of the Canadian valley with Po valley. Very inexpensive, but the company is challenged to show the market. You won't see numbers out until the 4th quarter. (Patience).

2007-05-31

BUY

4.190

Should do well when oil/gas starts to go up.

2007-04-23

TOP PICK

3.450

(A Top Pick Nov 20/06. Down 30%.) Junior natural gases have been annihilated. Incredibly cheap now. Thinks this is the bottom.

2007-04-13

BUY

3.640

Sold his Encana (ECA-T) holdings and moved some of the money into this, to increase his holdings.

2007-03-16

TOP PICK

4.900

His pick in the junior diversified oil/gas companies. Had been a possible trust and investors have now left it. Trading at 3.5 X next year's cash flow, and that is on a low gas price. Incredibly cheap. Looking out to 5 years.

2006-11-20

HOLD

4.340

Production results were somewhat disappointing. Expected cash flow of $0.27, but came in at $0.18. Will have to get production growing before creating new highs.

2006-11-15

TOP PICK

5.340

A mixed company of oil and natural gas. Have done a fantastic job of broadening their base.

2006-08-01

TOP PICK

4.850

Likes companies with a long resource, low-cost with an opportunity based ahead of it in natural gas that he could add to during the summer.

2006-06-09

PAST TOP PICK

4.940

(A Top Pick Nov 24/05. Down 10%.) A natural gas, western Canadian company experiencing the worst operating environment. Costs going up, can't get rigs and natural gas prices collapse. This is a great entry point.

2006-05-24

BUY

5.600

Produced 3280 BOE’s a day last year. About 45% liquid and 55% natural gas. Estimate that they will do 4400 BOE’s a day and exiting around 4800.

2006-05-05

BUY

5.600

They like it. It's cheap, and has the potential to be much higher later in the year.

2006-03-18

BUY

6.310

About 60% natural gas. Good production growth of about 50% a year over the last year. Rumour has it that it has put itself up for sale.

2005-11-30

TOP PICK

6.290

(A Top PIck Sept 13/05. Up 1%.) All sorts of things have happened to this company in the last 6 months. Has all kinds of internal growth. One of the best organic growth stories in Calgary this year.

2005-11-24

STRONG BUY

5.150

Anything under $6 would be pretty good value. Missed its numbers in the 2nd quarter probably because of the wet weather in Alberta. Should be back on track by the end of the year. Probably a late 2005, early 2006 story.

2005-10-07

BUY on WEAKNESS

5.380

Expecting a 20% upside. Will be bringing on quite a bit more volume in Nov/Dec. Below $5 it's a very strong buy.

2005-09-26

TOP PICK

5.700

Although it has had a big run, he is very comfortable with where they are. Last quarter was sort of soft with the weather they had had in Calgary. Expects that in he winter, away they'll go again.

2005-09-13

TOP PICK

5.520

Recommended it in the past at a much lower price, but still likes it. They have done a great job of growing the company.

2005-08-10

BUY

5.200

Stock has done quite well. He likes this company. Has brought on some acquisitions and has had good success with the drill bit.

2005-08-02

TOP PICK

5.070

Year end asset value came in close to $4. They are on an incredible run.

2005-07-08

BUY

4.750

Management is executing on the plan of building a lot of good reserves. Would be looking to sell between $6 and $8.

2005-06-30

BUY

4.120

They were 2,160 BOE's a day last year and he has them doing 3,710 this year, exiting around 4,400/4,500. A good story. Sees them doing $0.68 in cash flow this year and will have cash flow of about $24 million and will spend about $50 million.

2005-05-06

PAST TOP PICK

4.840

(A Top Pick Jan 7/05. Up 55%.) Was a special story in that they were well undervalued in the resources. Less enthusiastic about it now.

2005-03-21

HOLD

3.980

Likes the story. The Princess Alderton is their main core area. Have made some acquisitions so they can now resolve the facilities issues. Wants to meet with management so he can update his models.

2005-02-14

HOLD

3.350

Has done fabulously well for investors, but based on the production they have for them for 2004 and heading into '05, not a lot more near term growth.

2005-01-11

TOP PICK

3.200

At a slight premium to its net asset value, but they are having a great run. Thinks it can still grow. Possible trust which would give it a value north of $4.

2005-01-07

BUY

3.500

Robert Floyd

Feels that a lot of senior oils are in trouble by having a lot of difficulty in replenishing their reserves. Juniors are able to grow their companies a lot more effectively with growth in production and commodity prices. In the juniors, likes True Energy, Gentry and Endev.

2004-12-17

TOP PICK

2.980

A play on the energy sector in a conservative way. Peers are trading at 1.5/2 X NAV and this one is at its NAV.

2004-11-25

HOLD

2.840

Has reached target. Hold

2004-09-22

BUY

2.200

John Clarke

Does not cover the stock. They have been growing production. Stock has been flat for the first half of the year but is beginning to pick up. Has expanded into a full cycle exploration company and have several successful areas.

2004-08-05

BUY

2.060

Had a great drill program this winter. First time they've kicked in on all cylinders. Extremely disciplined.

2004-02-16

BUY

2.140

John Clarke

HAs begun to reflect its potential. Some upside. Good bet

2004-01-28

BUY

2.020

Looks like they will have a good year next year. They tend to grow internally. May grow 15-20%. May rise to $2.50 this year

2004-01-02

BUY

1.740

Have recently had some nice discoveries. Good value. High risk.

2003-11-24

BUY

1.850

Have 2 core areas. Southeast Alberta should have good increased production. Stock has languished compared to other stocks.

2003-11-05

BUY

1.850

Represents good value. Has had good production growth in the past.

2003-11-05

BUY

1.840

Mark Jackson, CFA

Concerned that oil prices will come down. Feels there is still an opportunity in gas. With any cold snap in eastern US, could see gas prices going up again.

2003-11-04

BUY

1.900

Have had fantastic drilling success. Expect it to continue in the fourth quarter. Good value. If they have more drilling success, it should trade higher.

2003-10-10

BUY

1.790