STOCKCHASE

(Market Call Minute.) Needs an enormous amount of cash to do what it is doing in Eastern Europe. Fully valued.

2009-05-19

DON'T BUY

0.590

Although he is a risk taker, the risks on Venezuela are too high for him. You just don't know what is going to happen with the government.

2007-09-11

HOLD

0.930

Bill Carrigan

Has just moved back above support. You can go long, but don't let it violate the level of support.

2007-07-30

DON'T BUY

0.810

Getting production on, is very difficult. There is a lot of nationalization going on. Stay away unless there is a regime change.

2007-06-04

SELL

0.660

Kenneth P. Norquay, CMT

Chart shows it's a downtrend. Stay away from it.

2007-06-01

HOLD

0.730

The problem is with the Venezuelan government. A tough regime to work in. Very high risk situation, but potentially very high reward.

2007-04-24

BUY

0.770

Risk/reward is very attractive. Venezuelan government expropriated 60% of the assets and now there is a flight of capital out of Venezuela. There is relative downside risk. Have lots of cash. Looking to increase his holdings.

2007-04-13

DON'T BUY

1.000

Bill Carrigan

Would be very careful of this and not let it make a new low. Would not buy.

2007-01-12

BUY

1.300

Robert Floyd

Diversified asset base that reduces the risk profile. Decent dividend.

2006-12-19

PAST TOP PICK

1.000

(A Top Pick Sept 1/06. Down 28.3%.) Has been terrible. They have an ongoing business and he is continuing to Hold. Trading at slightly more then 4 X cash flow under basic production.

2006-11-20

TOP PICK

1.200

(A Top Pick Oct/06. Down 38.5%.) An incredibly cheap company.

2006-09-01

PAST TOP PICK

1.200

(A Top Pick Oct 19/05. Down 38.5%.) A real wipeout. Saw it as 100% upside with a 10% risk if the government messed with it. Now he sees 300% upside with a 20/30% risk if the government messes with it. Will be having more talks with the company.

2006-09-01

HOLD

1.500

Being in Venezuela, it is a country risk issue. Likes what he sees. Watch for the next few months as they bring the rig in and start drilling, they bring on more facilities and he sees the financial statements come out showing that the new regime works. He thinks it works.

2006-06-20

TOP PICK

1.500

Venezuelan finally announced how businesses are going to operate. Looks like the worst-case scenario with 60% of assets being appropriated. Asset value is now $2.25/$2.50 but, at this price, it is a good buy.

2006-05-24

STRONG BUY

1.720

Loves the management and the projects they are in. Unfortunately it's in Venezuela but the market is discounting far more risk than what they're really is.

2006-03-24

BUY

2.160

The hard asset value is near $4 and the reason you can buy at about $2 is because of Venezuela. There was a lot of uncertainty because of the government. A lot of that is going to be cleared up in the next several months. It now looks like it's business as usual there.

2005-11-24

TOP PICK

1.960

A regulated natural gas business. At its net asset value of its properties and using a 10 year natural gas contract gets him a $4 stock price. Buying it under $2 gives him 100% upside. There is probably a 10% risk should Venezuela nationalize it.

2005-10-19

HOLD

2.850

Have some pretty good well prospects one of which could be drilled in the next couple of months. 50% chance of a hit. If the well doesn't hit, he'll get out.

2005-08-23

WEAK BUY

2.900

Has been a Top Pick in the past and always had a valued at about $4. Venezuella created some chaos. Bought back his position at $1.70. An incredibly cheap way to get exposure to the oil industry, but you have the Venezuelan risk.

2005-08-10

BUY

2.160

A huge fan of this stock for a very particular reason. In Western Canada you have to buy oil/gas at 2/2.5 X net asset value, but this one you can get at half net asset value. This is compelling, but you are taking on the Venezuela risk. Venezuela wants to be in the oil and gas business and will want this company to be successful. Good price.

2005-07-08

BUY

2.100

Paul Harris, CFA

The issue in his view is that they are in Venezuela. There is a lot of risk associated with anything in a non-developed country. Likes because it trades well below its net asset value. Very strong management. An under valued stock.

2005-06-30

VAGUE

2.210

Rick Rule

Will be shipping gas this year. Prospectively 10,000 BOE's per day. Concerns on president Chavaz renegotiating contracts is a risk.

2005-06-02

TOP PICK

2.270

Net asset value is around $3.50 even in a worse case scenario. They have to sell about half the company to the Venezuelan government and in return they get the same amount in other oil properties.

2005-05-11

PAST TOP PICK

2.450

(A Top Pick Mar 1/05. Down 54%.) This was a reflection of the geopolitical risk. The Venezualan government changed the royalty regime, by slapping on some new rules. Has a net asset value in the $5 range, so not selling it yet.

2005-05-10

DON'T BUY

2.440

Robert Lyon

They don't have a lot of production and cash flow now. Have some properties in Venezuela and have seen how the government has delt with some of the other oil companies, basically changing the rules of the game. Too risky for him.

2005-05-04

HOLD

4.740

Remains one of the cheapest international oil companies. The whole sector is starting to consolidate a little. Has a net asset value in the $7 range. Press release this week indicated that they discovered a hydrocarbon zone and the pay area looks quite big, but no test results yet.

2005-04-07

DON'T BUY

4.950

The play in Venezuela is fabulous, the people behind it are fabulous, but feels that they can be shafted by the Shavez government.

2005-03-23

BUY

5.680

Has been one of his key positions for 1 1/2 years. Has always had a hard $4 target on the stock. Now blasted through that number, so not sure what to do about it. This is the year that they start drilling in Venezuela with 10 holes, 3 higher risks. If they hit their exploration targets it could double from here.

2005-03-21

TOP PICK

5.550

Awaiting for cash flow from production. Attractive acreage. 400 mil market cap. Future growth.

2005-03-01

BUY

4.700

Michael Smedley

Still feels that high oil pricing is still in place. This one possibly hasn't run as so many have. Located in extremely rich territory.

2005-02-23

TOP PICK

3.630

Their plan is starting to kick in. Always nervous about Venezuela, but doesn't think it will be a problem this time. Spending lots of money on exploration.

2005-02-16

PAST TOP PICK

3.120

(A Top Pick Oct 29/04. Up 10%.) An example of a more obscure stock. Has an asset play in Venezuela. Getting a pipeline built and won't see much until they get the gas production on line. After that, the story actually starts.

2005-01-07

TOP PICK

2.850

A Venezualan play in gas and oil.

2004-10-29

HOLD

2.550

Robert Lyon

Very limited production at the current time. Have made discoveries of natural gas in Venezuela and are waiting for a pipeline to be built. We prefer the stock at a lower price.

2004-08-05

PAST TOP PICK

2.000

(A top pick Feb 16/04. Down 13%.) Will start to see the value in the back half of this year.

2004-06-04

BUY

53.770

Mark Jackson, CFA

This company and Power Corp have been stalwarts. Probably won't see the performance that we have seen over the last 12 months. But steady growers and great assets. Good dividend increases.

2004-05-28

BUY

2.450

Norman Levine

Likes the insurance area.

2004-02-23

TOP PICK

2.300