STOCKCHASE

Has had an unnamed offer for $3 but he would be tempted to continue to hold. Doesn't think they will accept this offer so either the offeror will up the bid or another bidder might enter the fray. His target on this has been $4. It is a huge increase in production coming from 5000 to about 25,000 barrels a day over the next 18 months.

2012-02-09

HOLD

2.890

Robert McWhirter

Company is expected to have decent earnings growth in future. Bringing on new fields in the North Sea and the UK. This would be of interest to about 5 potential buyers so he would continue to hold. Trading at about 8X PE.

2012-02-03

SELL

2.760

(Market Call Minute) Be careful. Close to fair value. Sell to take profits, 10% upside remains.

2012-01-24

BUY on WEAKNESS

2.150

North Sea drilling. Canadian company, virtually name only. While their NAV is well through $3, they've had a number of delays. Particularly they’re waiting on a ship coming out of Dubai that has to pass through Straits of Hormuz. The longer this takes, they lose $.05 a share of cash flow from the new Athena. On the positive side, they’re producing at the rate of 5000 barrels a day. Athena will get them up to about 10,000. Would buy this one under $2 and sell it close to $2.75-$3.

2012-01-13

WAIT

2.170

Thinks their 12-18 month production profile will rise dramatically (double). One timing delay. They have a ship in the Emirates that is going into the north sea to pump 5000 Barrels per day but it is delayed by safety inspectors. Will have to pass through straight where Iranians have been firing missiles. Could be a 1 quarter delay and it could affect cash flow for the year. You might be able to get it closer to $2

2012-01-04

TOP PICK

2.070

Alice Tsang

2 projects they are going to bring on to production are already de-risked. Currently producing 5000 barrels a day. Within 2 years expected to increase to 20,000 barrels a day. Athena project is set to come on in January, which will bring in 10,000 barrels a day and then they bring on Stella, which will add anywhere from 10,000 to 15,000 barrels. Very cheap at 2X next year's value.

2011-12-16

TOP PICK

1.990

North Sea oil. Between 2011-2013, with the projects they have coming on stream, they'll be tripling their production and cash flows. Cheap valuation.

2011-12-06

HOLD

2.070

Finds the North Sea a very difficult area to operate in. Costs are generally higher and there can be weather issues. Relatively cheap at about 3X cash flow. Risk NAV is around $3 which would mean a 50% upside. Once Athena comes online, they’ll produce about 10,000 barrels a day with visibility to grow to about 20,000 barrels in the next 1.5-2 years.

2011-11-30

BUY

2.280

North Sea oil. Just had new royalty structure, which is an issue for them. Production strength is very strong going forward. WestFire (WFE-T) or Legacy (LEG-T) would be better but this is a good name.

2011-11-15

BUY

2.320

Jim Huang

UK North Sea player. Its specialty is taking projects that are too small for large companies. Have been very creative in terms of financing and getting production going. Looks cheap.

2011-11-14

TOP PICK

2.220

(A Top Pick Nov 11/10. Down 6.69%.) Target of $4 in a year. Producing 5000 barrels of oil a day in the North Sea. 2 new fields coming on. One will take it to 10,000 and the 2nd to 25,000. Strong balance sheet and over $100 million in the bank.

2011-11-10

TOP PICK

1.530

(A Top Pick Oct 4/10. Down 24.88%.)Small oil producer in the North Sea. Been under pressure along with the whole oil sector. Extremely well-managed. Has production increases coming. Selling oil into the Brent market.

2011-10-03

PAST TOP PICK

2.060

(A Top Pick Jan 12/11. Down 26%.) Had some issues with drilling, so he sold this around February. This has been sorted out now and he is looking at it again. Likes the company. Cheap and have great growth profile over the next couple of years.

2011-09-01

HOLD

1.970

Jason Donville

Either the price of oil has to go up or the production has to ramp up. This one has the production ramp up. If he owned it he would hold it.

2011-08-17

TOP PICK

2.190

Not for the faint of heart. North Sea oil producer. Ramping up its production quite dramatically over the next year, year and one half. Very well managed. Will potentially get back to $3. Buy it for an 18 month hold and don't put your life savings into it.

2011-08-02

BUY

2.280

Good name with strong production growth. He expects it to begin to trade higher. Good growth expected over the next year or two. North Sea. Will go up 300+% over the next 4 years.

2011-07-18

HOLD

2.320

Recently had an unsuccessful well in the North Sea, which are very expensive. Will probably be producing between 4,500 5,000 barrels by year-end. NAV might be as high as $3.50 but is very volatile. If you own, consider selling as it approaches $3.

2011-07-08

BUY

2.320

North Sea producer. With the Jackie (?) well coming on, the stock price has gone up on anticipation of the catalyst. The next catalyst will be Athena when it comes on in Q4. Not expensive at 2.5x EBITDA to next year and has a lot of cash.

2011-07-05

BUY

2.150

Poster child for a small oil stock that has been lambasted. A development well they drilled came in wet so they could not meet their production forecast. 2.3 times cash flow. He is looking at buying it.

2011-06-08

BUY

2.210

North sea so there are British tax increases. They had production misses. Still remains a big production co. and one they like.

2011-06-06

STRONG BUY

2.310

Has come off for a couple of reasons. 1) British raised their royalties on North Sea oil but this company is entirely unaffected as they have 3-4 years of tax pools. 2) Had a couple of pump failures in a well, which is normal. Good management. Terrific buying opportunity and could be one of the top performers for the year.

2011-05-16

Comment

2.360

North Sea producer of about 5,000 barrels a day. Has been a lot of noise in the North Sea recently including tax increases, abandoning liabilities and mitigation of tax changes. North Sea is very difficult because of high costs, very weather dependent, hostile environment in winter. Cheap at 2.5X price to cash flow. Enough cash for funding another year or two. Expects a big production bump in Q4 so there will probably be a bump in the share price.

2011-05-09

BUY

2.440

North Sea oil. Debt free. Produce about 4,500 barrels a day. Another play, Athena, will be producing about 5,000 later on. Attractive.

2011-04-27

WAIT

2.480

Jason Donville

Explosive growth 24+months out. Has owned it in the past. Might add some in the summer.

2011-04-26

BUY

2.340

A great time to buy. 5 wells they are drilling this year. You buy this and you are rewarded over time.

2011-04-20

BUY on WEAKNESS

2.460

Joseph Schachter

UK has recently raised taxes and the stock got hit. Has some very good plays in the North Sea and their funding is in good shape. If you own, stay with it and Buy on weakness.

2011-04-14

BUY

2.370

One of his largest positions. North Sea oil producer. Terrific management brought it back from $0.22 to $3. Came off a little, largely because of the tax issue. UK government sideswiped the oil producers by putting some higher royalties on them. Expecting them to increase production dramatically over the next couple of years.

2011-04-13

TOP PICK

2.600

Bruce Campbell

Oily, North Sea. Dip recently when UK government raised tax on North Sea production. They have tax losses to avoid the tax for 5 years. Markets aren’t pricing in the increased cash flow from an acquisition that is almost completed.

2011-04-05

BUY

2.880

Jim Huang

Explorer and developer in the North Sea. Doing quite well in bringing older fields into production and exploring for them. Enjoying the higher prices they have been getting in the last little bit, which benefits their cash flow. Doesn’t see any impediments on regulatory issues.

2011-02-24

BUY

2.640

Pure play in the North Sea, primarily oil with a bit of gas. Producing around 5500 BOE’s a day. Will be doubling production in each of the next 2 years. At $90 oil it has a 2 P/NAV of $3.55, about 30% upside. At $100 it has a NAV of $3.90. Fully funded. Lower risk because it is not pure exploration. Good management and a pretty good balance sheet.

2011-02-09

Comment

3.020

Expect it could have a little more upside but it won’t be a lot. Would wait for a much more significant pull back such as $2.50.

2011-01-17

TOP PICK

2.800

(A Top Pick Jan 20/10. Up 94.96%.) North Sea oil/gas producer. Was extremely cheap at 1X cash flow. Did a funding last year so have capital to execute their program and are on track to triple production over the next couple of years.

2011-01-12

BUY

2.610

Bruce Campbell

Is a recent purchase of his just before it ran. Still buying on this little dip. North sea oil producer. Pretty big production gains coming late 2011-13. Stock is very cheap. Could still double from $2.40.

2011-01-06

Comment

2.300

James Hodgins

A North Sea play. Had a major disappointment last year when decline rates in their fields where a lot faster than expected.

2010-11-15

TOP PICK

2.390

One of the great plays in the North Sea, not far offshore. Wonderful management team. Strong balance sheet. Very smart. Will be a significant beneficiary when BP has to start shedding assets after the Gulf disaster.

2010-11-11

TOP PICK

2.170

Wonderful energy company in the North Sea. Terrific management. Will be increasing reserves substantially in the North Sea through the drill bit. Also looking to acquire some North Sea properties from BP (BP-N). Speculative.

2010-10-04

BUY

2.070

Disappointed the company did a financing it $1.70. An excellent balance sheet and didn't need the money but have pre-funded all of their major developments for the next year or two. Good management.

2010-10-01

DON'T BUY

1.830

Mason Granger

Very cheap at about 1.9X Debt Adjusted Cash Flow basis. Did large equity financing at inopportune times over the last couple of years. Recently did a substantial equity raise. Fully financed until about 2013 for the 2 North Sea projects. Would like to own it when it reaches full development.

2010-08-31

BUY

1.840

Was negative for some time and then started buying it a month or so ago. The outlook on the company is very, very good. No exploration – it is pure development.

2010-08-24

HOLD

2.470

A little bit gassy but otherwise it is okay.

2010-05-28

BUY

2.890

Loves this stock. Story just keeps getting better. Just got financing to help develop more of their properties. Can double production over the next few years.

2010-04-26

Comment

2.250

One of the cheaper stocks as it has been a turnaround and is in the North Sea, which has a very short reserve life. Next 2 weeks should give news on their Stellar well, which should tell whether the stock goes up or down.

2010-04-05

BUY

2.040

Peter Hodson

Great balance sheet and strong management. Prospects and acreage are very good. As appetite for risk increases in the market, stock will do very well. (Optimistic on the economy for this year but not forecasting beyond 12 months.)

2010-03-30

BUY

1.620

Did a brilliant job of surviving the meltdown. Likes their North Sea projects but can they take on bigger projects without taking on more debt or a partner. Feels they will have to make a deal but doesn't think it will put the company at risk.

2010-03-08

DON'T BUY

1.620

Bill Harris, CFA

He tries to stay away from these types of things. He waits for predictable, stable and cheap enough.

2010-03-03

SPECULATIVE BUY

1.770

Jennifer Stevenson

Has had a lot of new executives come into management and it is a strong team. Solid asset base. The cost of the wells are so much for a company of this size that you have an incremental level of risk. The big discoveries have been made in the North Sea.

2010-02-16

BUY

1.550

Been through the worst and still have about $60 million of cash. One of the cheapest stocks at 2.5X price to cash flow. Have been outperforming guidance and estimates.

2010-02-08

DON'T BUY

1.450

Andrew McCreath

North Sea is a very difficult environment to operate in, in the energy sector. Would prefer something in Colombia like Gran Tierra (GTE-T). Decent enough company. Could be a homerun or a strikeout.

2010-02-05

BUY on WEAKNESS

1.280

Jim Huang

Good name. Have been severely punished over the last year like all North Sea players when oil prices fell. Can be very profitable with $70 oil plus. Have a couple of projects for the next couple of years that will greatly increase production.

2010-01-29

TOP PICK

1.390

An oil producer in the North Sea. Great production profile. Ability to triple production over the next 3 or 4 years. No debt. Also have some exploration upside. On a valuation basis, they are trading at about half their peers.

2010-01-20

TOP PICK

0.910

North Sea oil producer. No debt. Have the ability to triple production over the next several years. Extremely cheap at 2X next year's cash flow. Looking for 30%-50% upside over the next year.

2009-11-30

Comment

0.800

Glenn MacNeill, P.Eng.

In the North Sea and has had some difficulty. Has had some good discoveries and assets. Likes it but think it's going to be relatively flat for while. Expecting European gas prices to be a little stronger than North American.

2009-09-18

HOLD

0.780

Glenn MacNeill, P.Eng.

Oil producer. Have some great assets in the North Sea. There have been some consolidations in the North Sea.

2009-08-11

BUY on WEAKNESS

0.740