STOCKCHASE

Valuation is the issue. It has been a darling for some time. Some decent production growth for ‘10 but hard to see where it comes from in ’11. Could sell on strength on particularly good days in the market.

2010-03-05

PAST TOP PICK

5.840

(Top Pick Jan 20/09, Up 81%) The cash flow fully funds exploration for this year. This is going to be fun but bumpy. You have to be prepared for it to be a roller coaster. The management certainly has the skills.

2010-02-16

BUY

5.640

Peter Imhof

Clean balance sheet with $150 million in cash. Next couple of quarters will be drilling in Colombia and Peru. Producing 13,000 BOE's and expects it to grow to 15,000 over 2010. Key thing is that in Q2 they're going to be drilling up Peru, which could be a company maker. Drilling targets of 140 million barrels and if they hit one of those, stock could easily double.

2010-02-11

TOP PICK

5.310

Their biggest field will be flat at 19,000 barrels a day giving steady cash flow. $150 million cash so they will have a very active exploration program including some big wells in Peru.

2010-02-08

HOLD

5.150

Good management. Recent drill results were a bit of a disappointment. A “show me” story right now.

2010-01-22

BUY on WEAKNESS

5.340

Andrew Cook

Oil/gas producer focused in Colombia. Has had a really good run so probably has to go through a period of consolidation. Have significant upside from drilling later this year. Wait for it to consolidate before buying.

2010-01-20

WAIT

5.760

Mason Granger

International stock that he is most positive on. Deep technical expertise. Enormous amounts of free cash flow, no debt. Drilling 11 or 12 exploratory wells this year. Wait before getting in.

2010-01-05

BUY on WEAKNESS

6.010

Andrew Cook

Oil/gas producer in Colombia where there is resurgence. Has a lot of prospect of the day from here. Would like a 10%-15% lower.

2009-11-30

TOP PICK

6.030

Dennis Da Silva

International oil producer with their primary asset in Colombia and Peru with about 15,000-16,000 barrels, which can ramp up to about 20,000. Good cash flow. Fantastic balance sheet. No debt. About $140 million in cash.

2009-11-18

BUY

6.030

Oil production in Colombia. Their big field will be plateauing for 3 years and they have about $150 million in the bank. Expecting it to reach $6.50 when they start drilling the big wells.

2009-11-18

TOP PICK

5.640

Peter Hodson

Oil exploration in Colombia. $156 million in cash and no debt. Produce 13,000 barrels equivalent of oil and are going on a massive exploration program next year.

2009-11-16

BUY

5.410

Bill Harris, CFA

Probably fair valuation. They are going into the more exotic projects. They have some pipelining issues that they are working on. Doesn’t know if the market is going to pay for the Peru projects. Fantastically run company.

2009-11-10

BUY on WEAKNESS

5.170

Glenn MacNeill, P.Eng.

Colombian play in oil, which is very interesting. Great slate of drilling locations and great growth in production going from 2000 barrels a day to about 8000. Cash flow has gone from $18 million to about $57 million. You can probably get it slightly lower over the next couple of weeks.

2009-11-06

TOP PICK

5.120

They are fully valued today. Biggest upside is in Peru. They are going to drill next year in Q2/Q3 next year. It is light and medium gravity oil. If they have any success we would be looking at a double-digit target.

2009-10-20

TOP PICK

4.800

International player in Colombia and is the hot international place to be. You can actually find and get paid for your oil very quickly here. A lot of cash on their balance sheet and will have an active drilling program next year. Will also be drilling in Peru next year for big oil finds.

2009-10-13

BUY

4.490

(Market Call Minute.) One of the cheapest Colombian players and will be drilling actively in the next year.

2009-09-30

HOLD

4.570

3 months ago it had a very promising future but it has had a really good run.

2009-09-28

BUY

4.530

(Market Call Minute) You have 140 Million in cash, 16,000 bpd of production and 14-well drilling program coming up.

2009-09-22

TOP PICK

4.350

Colombian basin. Had some problems recently with a tax on the pipeline system. Costayaco play has continued to work out for them. Should do about $.80 in cash flow. As upside in other areas of Colombia and will be doing some high impact exploration drilling. Also have upside in Peru. Pristine balance sheet.

2009-08-21

BUY

4.150

(Market Call Minute.) Very cheap.

2009-08-14

BUY

4.090

Peter Hodson

One of the best names in Colombia in terms of oil and risk parameters. Great production profile and are sitting on $150 million in cash with no debt.

2009-08-06

BUY

4.190

Veronika Hirsch

Been running up lately but hasn’t participated to the same extent with the rest of the internationals. Incredibly strong balance sheet and good prospects. Hasn’t drilled anything exciting but this should change over the next little while. Can see another $1 without drilling success but if they have success there could be another $2.

2009-07-17

TOP PICK

4.000

Dennis Da Silva

All this production is in Colombia with a base that is growing 20,000 barrels a day. In the 2nd half of this year they have a very aggressive exploration program to drill some very high impact wells.

2009-07-16

BUY

3.620

(Market Call Minute.) Increased production by about 5X year-over-year. Nice diversity of projects. Good management.

2009-06-24

BUY

3.430

A Colombian Costayaco oil project growth story. Want to keep production at 15,000 barrels a day. Sitting on cash flow from that and have over $140 million in cash. With that money they will be able to continue exploration programs. Also have a play in Peru, which could be a farm out to possibly somebody big.

2009-06-01

BUY

3.050

Glenn MacNeill, P.Eng.

Colombia and Peru have some of the best royalty regimes in the world right now. Some good capital gains to be had out of growing production and this company has indicated it will do so. High margins and high economic values.

2009-05-20

TOP PICK

2.980

Liked it a long time. Great success in Columbia. Sitting on lots of cash, no debt. Likes current cash flow. Home run potential in Peru. Biggest risk would be country risk if it became so in Columbia. Buy after correction in oil prices.

2009-05-01

TOP PICK

3.460

Has a lovely play in Columbia (Costayaco) and are ramping up production. Currently at about 12,000 BOE's a day and will double that later this year. Very cheap. Thinks it will do $.77 in cash flow this year. No debt and $177 million in cash.

2009-04-06

HOLD

2.940

Management is regarded as probably the best in the international space. Assets in Colombia and Peru and Argentina. Merged with Solana Resources, which helps with the mix. However there isn’t any really strong argument for production growth. Kind of stuck in the middle.

2009-03-06

Comment

3.960

Kevin O'Leary

(Kevin's brother is COO!!!) He is not recommending it because there is a family connection.

2009-02-05

TOP PICK

3.220

Oil in Colombia. $140 million in cash. Unbelievable land position in South America. Columbia has a fiscal regime that is enviable. Have a $200 million capital project that they can fund with cash flow. Excellent management.

2009-01-20

BUY

4.400

Merging with Solana Resources (SOR-X). Just announced a discovery in Argentina. Also have Colombia and a big play in Peru.

2008-09-25

HOLD

4.700

Bill Harris, CFA

This is one of a handful of stocks that he kept. Very unique asset in Colombia. The company is firing on all cylinders. Easily a $10 stock if everything stabilizes.

2008-08-20

HOLD

6.150

Frederick Kozak

His target price is below current stock price. Guayuyaco field is very interesting. Potentially found the largest onshore discovery in Colombia in the last 10 years. Current drilling should put the pin in the oil field size and should be around the end of July.

2008-07-16

BUY on WEAKNESS

6.100

2043 BOE’s a day in Q1. Guayuyaco wells in Columbia can do over 3000 a day. Need to expand the pipeline system. Looking to do 7000 by the end of this year. As volumes ramp up in latter half of 2008 the stock will start to move again. The next couple of months it will be in a holding pattern.

2008-06-05

BUY

3.920

Operator in a 50% partnership with Solana (SOR-X) in a project in Colombia. Fabulous wells. Have drilled Costeyaco (?) 2 and are now drilling Costeyaco (?) 3. There could be 10 wells in this play. He doesn't know how big it is. In his models, he is using 30 million barrels of recoverable oil. Use a 2, 3 year time horizon.

2008-04-04

BUY

3.430