STOCKCHASE

Shale gas Montreal-Quebec City corridor. Very good partner in Talisman (TLM-T), who is also the operator. They know procedures that have to be done but farmers are nervous and water tables are important so there has to be education at the local level and they've done a very good job. Market doesn't know when they are going to get a window go-ahead.

2011-05-10

HOLD

1.090

Play on shale gas in Quebec. It has been 2 years on not knowing what is going to happen. Trading around its worth of $1, which is its cash and Alberta properties, so basically Quebec is free. If you feel Quebec will happen, it's a $1.50-$2 stock. Pretty much dead money.

2011-05-09

BUY on WEAKNESS

1.530

Waiting to see how the environmental rules will be resolved and the land tenure access. Won’t be any activity for the next quarter or two. There is an economic advantage to go ahead with this. We know there is gas there and that Talisman (TLM-T), the operator, is supportive of the project. Stock is cheap but it may drift for the next couple of months. Potentially worth $2 to $3 in 2012.

2011-02-22

HOLD

1.610

If you are a believer in a rebound in natural gas, this is one to look at. In a play with Talisman (TLM-T). He is not constructive on natural gas himself.

2011-01-17

HOLD

1.380

Gas weighted. Good name but thinks ultimately development is going to be slow.

2010-11-26

HOLD

1.460

Chyanne Fickes

Some lawsuits involving European investors because of the moratorium involving shale gas drilling in Quebec.

2010-11-22

SELL

1.620

Eric Nuttall

2nd horizontal well results were disappointing with a 750 MCF a day versus the 1st well of 5 million. Somewhat cautious on the economic viability of this play. Could be quite a bit more headwinds.

2010-10-27

DON'T BUY

1.820

James Hodgins

Big resource in Utica Shale. Recent well results have not been positive. Talisman (TLM-T) says they are going to delay future testing and wells.

2010-10-07

Comment

1.900

Jason Donville

Jr. natural gas in Quebec. A horizontal well came in with poorer results than expected and stock took a big hit. Not a lot of predictability to future levels of production. Extremely speculative.

2010-10-04

BUY

2.820

Nice land package. Looking for stronger natural gas prices. Good potential in their Utica shale. Expected to come out with some results shortly. Partners are active in this area, which should get the stock moving.

2010-09-13

Comment

2.800

Ron Meisels

Fallen below its 200-day moving average and right now is in kind of a limbo. The positive thing is that there is a descending triangle so if they can get out of the wedge it would be wonderful. Anything above $3.50 would be a breakout but you don't want to see it fall below $2.40-$2.50 as it would mean the stock is going lower and again.

2010-09-08

SPECULATIVE BUY

2.600

Eric Nuttall

Poor performer mostly because of gas prices. Balance sheet is not an issue. Good upside if held longer than a year.

2010-08-24

BUY

3.090

They have some cash flow producing assets in Alberta and primary asset is in Quebec. Is Optimistic on Nat Gas. As hey drill more, that will help to “prove up the science project” and this will move the stock up.

2010-07-27

DON'T BUY

2.880

Jason Donville

Now is the time stick with the steady eddies. Don’t unless it is trading at 3-4x cash flow.

2010-06-29

HOLD

3.530

Jim Huang

(Market Call Minute) Speculative – yet to be proven. Only buy for high risk investors.

2010-06-22

BUY

3.070

Mason Granger

Geology is fairly complex. Prefers to play through Talisman.

2010-06-10

BUY on WEAKNESS

3.070

Eric Nuttall

You don’t have to be bullish on Nat Gas to be bullish on a particular company. Their first horizontal well with Talisman was very successful. If they replicate this success, you don’t need a $6-$8 natural gas price for it to be economic. 4 horizontal well results out in August. It’s still a risky investment but if they are successful they will sell at a premium.

2010-06-10

BUY

2.810

Linked to the Quebec shale play. Promising story. Has potential upside from here.

2010-05-28

BUY

2.890

Jamie Horvat

Has large potential upside. Predicated to continued development.

2010-05-11

BUY

3.990

(Market Call Minute.) A Quebec shale play. Good drill results. Talisman (TLM-T) is a partner.

2010-04-16

HOLD

4.130

Robert Lyon

Have some small producing assets in Western Canada but the real story is the huge land position in the Utica gas shale play in Quebec. Still early days as Quebec doesn't have an oil/gas act that monitors the business. Will be several years before there is any significant production.

2010-04-09

BUY on WEAKNESS

4.010

Lesley Marks

Quebec Utica natural gas shale play. Just had a huge run. Had a large financing and raised $30 million. Just announced very strong results on a well that they partnered with Talisman (TLM-T). 2 to 3 more wells they will be drilling this year with results coming out in 2nd or 3rd quarter 2011.

2010-04-07

Comment

4.130

Laura Lau

Utica shale is probably the most difficult geologically wide because there has been a lot of Teutonic action there. This is typically not very good for shale gas. Last couple of wells have been good and it is close to market for good transportation. Thinks the play will take longer than expected. Early days right now.

2010-04-05

DON'T BUY

3.950

Veronika Hirsch

Utica shale gas play. Very attractive land position. You need to have a long span in mind as there is not much infrastructure and you need pipelines, etc. For the short term, stock is fairly valued but okay for 3 years out.

2010-03-26

SPECULATIVE BUY

4.220

Jason Donville

Entering the weak season for gas and this is affecting sentiment, but not earnings at this point since contracts were established at peak prices in the winter. It’s a great speculative name - buy a little taste of it. It’s over sold seasonally. Thinks the lower gas prices are already in the price.

2010-03-23

HOLD

4.680

Ron Meisels

Has had a major breakout. It was base building last fall. The 200 has crossed over and is rising. Would buy lower, but there no reason it could not go higher.

2010-03-02

SPECULATIVE BUY

3.730

Jennifer Stevenson

They are located in the best place for gas because they are at the pipeline into the US. Fair amount of risk on their play.

2010-02-16

BUY

3.220

Exploration in Quebec for the Utica Shale and has had a good run. Probably the largest emerging Junior in that entire shale gas play. Partners include Talisman (TLM-T) and Forrest Oil. Still early days for this play but this is the best way to play the junior side.

2010-02-10

BUY

3.780

Good management. Primary asset is their land holdings in Quebec lowlands. A shale gas play, extremely prospective. Partnered with Talisman (TLM-T). He is positive on natural gas.

2010-01-20

Comment

2.370

High beta stock towards natural gas. Looking for more drill results in the 1st half of 2010. Expect natural gas prices will be higher 12 months out.

2009-12-04

BUY

2.550

Has always been a good name with great prospects. Well run. Great huge potential in Quebec shale.

2009-11-16

BUY on WEAKNESS

2.310

Have a number of producing assets out West that gives them cash flow. Market is focused on their shale play in Quebec lowlands. They may have to do some financing to bring production on. Would consider at $2.

2009-10-28

BUY on WEAKNESS

2.680

52 week high today. Still in the pilot stage. Will be another year to get into development. If you own it, stay with it, no urgency to buy it. If there is a correction, then load up on it. Fabulous buy under $2

2009-10-20

DON'T BUY

2.480

Laura Lau

Doesn't trade with natural gas prices but with exploration successes in the Utica Shale instead. Finds it too speculative. Shale plays take about 5 years to develop and she is not prepared to wait for that.

2009-10-13

HOLD

2.500

The issue on gas is how long can a company sustain operations at the low price. They need a price of around $6. With $57 million cash on the balance sheet it will be able to ride out the storm.

2009-09-28

HOLD

2.600

Jennifer Stevenson

(Market Call Minute) If you are in it you are speculating on the Utica shell gas play and TLM is going to drill another couple of holes.

2009-09-22

HOLD

2.560

Jamie Horvat

Announced they have potential for over 4 PCF of gas. Located in Quebec. Predicated on your belief in gas prices, which will depend on the weather. Given the lack of drilling and the decline rates inventory levels should quickly correct.

2009-09-16

WAIT

1.930

Rick Rule

Natural gas. Thinks this will do reasonably well in the long term. Near-term outlook for natural gas is very poor. Expecting a major drop in natural gas stock prices in April/May. That would be the time to buy.

2009-09-01

BUY

1.670

Primary asset is their shale play in the Quebec low lands. Partnered with Forrest Oil (FST-N) and Talisman (TLM-T). Talisman is expected to do a few wells this fall, which should create some interesting news. Market is extremely negative on natural gas but he is expecting commodity prices to rise including natural gas.

2009-08-20

DON'T BUY

1.480

Alexander Lane, B Comm, C

One of the names that will require capital to get to the next level to get into massive production. When you overlay that with poor natural gas prices you have to wonder where the upside is going to be. Likes the company and management.

2009-08-06

Comment

1.430

Bill Harris, CFA

Natural gas price is low. People are writing it will never go up again. This is when you want to be in it. It might be a year before it goes up but you need something that will not go bust before then. Simplest thing is to own the lowest cost producer with a clean balance sheet. This one sits in the category of “potential gas company” but it could be trapped if they cannot obtain funds. This is a question of timing. (See Top Picks.)

2009-07-31

DON'T BUY

1.490

Shale gas in Quebec. Results have been encouraging and long-term prospects are very good. Such an early stage and with no infrastructure it could take some time, possibly 8 to 10 years. Speculative. (See Top Picks.)

2009-06-29

TOP PICK

1.580

While they have some producing natural gas assets in Western Canada, the big story is a shale play in the Quebec low lands, which is not producing currently but is a big resource. Partners are Talisman (TLM-T) and Forrest Oil (FST-N). There should be some good news flow over the summer and into the 3rd quarter.

2009-06-17

BUY

1.300

Talisman (TLM-T) just came out with a well in the Utica Shale play producing 1,000,000 MCF, which is actually pretty good because when the display works out they'll do horizontal (multi-fraqing) and will probably be able to produce 3 to 5 times more. All the juniors in this area should benefit.

2009-05-21

PAST TOP PICK

1.180

(A Top Pick April 29/08. Down 42.1%.) Was concerned last fall about anything in the resource area so he sold this. Still believes in this company and the Utica Shale in Quebec.

2009-04-07

HOLD

1.240

(Market Call Minute.) There will be more drilling occurring and as the news of the drilling comes out, there will probably be a better price on it.

2009-04-06

Comment

1.330

Partnered with Talisman (TLM-T) and Forrest Oil (FST-N) on Utica shale gas play in Quebec. Biggest of the juniors in this area. Price of gas is somewhat irrelevant for this play as it is a long-time play. It won't happen in the next year or two. Very early stage so it is a risk. If you have tolerance for risk, an interesting way to do it.

2009-03-26

DON'T BUY

0.870

Partner Forest Oil (FST-N) came out with some poorer data regarding newer wells. Cash position is okay. Wouldn't be surprised to see them do a flow-through issue this year. Will probably be more bullish on this because of their natural gas but he is not there yet. Could be in the summertime.

2009-03-02

WAIT

1.520

Had a huge run-up last year and then fell apart with the junior market. Did a well-timed financing. Expect to see some results in the near future. Still early stages so he is concerned that they could come out with results that the market would not be happy with. That could provide a buying opportunity.

2009-02-12

HOLD

1.700

Unconventional gas play. Likes Utica Shale. Early-stage so it is riskier. In the short-term, it doesn't matter because it will not be a meaningful producer until 2010/2011.

2009-01-13

BUY

2.150

Really clean balance sheet and good management team. A nice little play. Depending on commodities, it could be a double in 12 months.

2009-01-02

BUY

2.000

Oil/gas producer. Main claim to fame is their prime acreage in the Utica shales in Quebec with partners Talisman (TLM-T) and Forest Oil (FST-N). Exploration so subject to volatility and speculative.

2008-12-18

BUY

1.710

Ken McCord

(Market Call Minute.) Likes this one a lot. All of the energy trusts are screening very well.

2008-12-04

Comment

1.990

Just reported 1242 BOE’s a day in their western Canadian operations. Did $0.03 in cash flow. This is not their jewel. The jewel is their Quebec operation where they have 1,000,000 acres and 750,000 is in a deal with Talisman (TLM-T) and the other portion with Forrest Oil. This play is still emerging. Well financed with $67 million in cash. Quebec netbacks are probably the highest in the country because they don't need as much transportation. Very cheap.

2008-11-14

DON'T BUY

1.530

Glenn MacNeill, P.Eng.

Utica sand shale in Quebec. Talisman (TLM-T) reduced its capital expenditure program in this area, which upset the market. Great resource and cheap but there are a lot of geological and production risks. A long shot and you need a 5 year horizon.

2008-11-10

Comment

1.530

From a corporate level, there is lots of activity coming forward in the next 6 months. Everything looks solid. Doesn't look like any geologic or rock issues in the Quebec shale, it's just a matter of how fast they develop it.

2008-11-07

BUY

1.580

Pursuing shale gas in Quebec with the largest land package and more importantly, probably the most prospective. Partners with Talisman Energy (TLM-T) and Forest Oil (FST-N). Likes this play.

2008-10-21

Comment

1.450

Talisman Energy (TLM-T) and Forest Oil (FST-N) are both involved in this project. Should have the results in the next 3 to 4 months on between 8 and 12 wells. Believes this company has the best land in the core where the risk is the lowest.

2008-10-17

BUY

2.340

A fabulous story. Shale gas has just recently been able to be accessed because of new technology. Have great partners including Talisman (TLM-T) and Forest Oil (FST-N).

2008-09-25

Comment

2.520

Lyle Stein

Interesting in the context of participating in non-traditional oil and gas. Shale gas is a technology driven discovery. This company is at the forefront. Likes the space. (Owns another company in this space.)

2008-09-09

Comment

3.100

Utica shale gas play in Quebec. Gas has been weak which partially explains the weak stock price. Recent well produced 800 so if they did a horizontal well, it would be 4 or 5 times bigger than this. Early in the play, but very encouraging. Lots of risk but significant potential.

2008-09-04

DON'T BUY

2.710

Glenn MacNeill, P.Eng.

One of the Quebec Utica shale players. If it works it is going to be fantastic. Technology looks good but has not been proven. Very speculative.

2008-09-02

HOLD

3.050

Perhaps early stage in terms of upside potential. Just announced some success in B.C. Also situated in Quebec. Did a financing and are all set to go and have 4 wells going over the next short period of time.

2008-08-27

BUY

3.050

Allan Jacobs

In the gas shale play in Quebec with Talisman (TLM-T) and Forest Oil (FST-N). Huge potential upside but not much downside protection.

2008-08-27

BUY

2.450

Company is waiting to see the next phase of drilling. 2 going on right now by the partners, one by Talisman (TLM-T) and one by Forest Oil (FST-N). As they start getting comfort that they can crack the 3 shales and that they are productive after fracking, it then becomes a manufacturing operation.

2008-08-26

Comment

3.390

John O'Connell, CFA

Many years away from production and will cost many hundreds of millions of dollars more to bring it into production. Have a lot of land with a lot of potential resources. Be careful and limit the amount of risk you expose yourself to.

2008-07-31

BUY

3.200

Key for them is the million gross acres in Quebec. Has about 30% and partners are Talisman (TLM-T), which knows shale plays and Forest Oil (FST-N). Forest is drilling right now and starting in the fall Talisman will drill their other 3 plays.

2008-07-25

Comment

3.470

Greg A. Taylor, CFA, BBA

Very interesting natural gas discovery. He has moved out of juniors and into some seniors. If they have more discoveries, they should do quite well and could be a nice tuck under for a major.

2008-07-22

BUY

3.190

Glenn MacNeill, P.Eng.

A high risk/high reward gas play. Utica shale area in Quebec. Very exciting play. Looks pretty promising. Depends on completion techniques, how well current drilling goes, etc. A good risk. Would own as a high beta stock.

2008-07-18

BUY

3.360

Gas. Has some of the best and largest land packages in the Utica shale in Quebec. Risky because it is early stage to prove up. Talisman (TLM-Y) is earning on this property. For the next 3 to 5 months, there will be results from a dozen wells and then it will be known the probability of it working. Speculative.

2008-07-15

STRONG BUY

3.230

Everything is positive for the company, but you wouldn’t know it by the recent stock activity. Did a financing at $4.70, which he participated in. There will be drill results by the end of the year.

2008-07-08

Comment

3.100

Bill Carrigan

Technicians never buy into price spikes. If you own, you have been drawn into a compelling story. If the stock runs up again, fails to make a new high, your exit point would be at the last low it has made.

2008-07-03

BUY

3.950

Multi fracing technology can make this play economic. Higher Risk. Long term it could worth a multiple of what it is today.

2008-06-23

BUY

4.640

Peter Imhof

Natural gas in the Quebec shale. Early stage but upside potential is so great that you have to be there. Possibly could own 10 TCF if everything works out.

2008-06-18

BUY

4.400

David Burrows

Multiple zone shale fracking is being used to open a lot of shale gas, which will benefit them. Western Canada has large tracts of land with easy to get permitting. Small parcels in Quebec could be a challenge in getting permitting. Interesting play. Worth a speculative look.

2008-06-16

HOLD

5.150

Brendan Kyne

(Market Call Minute.) Short term Hold because it has had a big run. Long-term Buy. Believes in the shale deposits. They are terrific. The chart indicates it needs a breather.

2008-06-06

SELL

5.130

Michael Decter

Linked to the possibility of shale gas in Quebec. Had an enormous run based on potential rather than production or drilling. If you own, you might think about taking your money off the table.

2008-06-04

BUY

4.940

Has some exposure to the Quebec Utica Shale deposit. There will be a lot of value delivered out of that play. Have some production a West and also a few other resource plays.

2008-05-29

Comment

4.580

The Utica shale in Quebec could be very large. Rather than buying just one stock, you should buy a basket of them. This could include Questerre (QEC-T), Gastem (GMR-X), Junex (JNX-X) and Altai Resources (ATI-X).

2008-05-27

TOP PICK

4.290

Tight with the dilution, smart financers, have a huge asset. Fabulous upside. Have pilot wells and will know in a year. Quite speculative

2008-05-26

PARTIAL SELL

3.430

Jennifer Stevenson

In the Utica Shale in Quebec. Good management and technical team. Because they have farmed out, they don't have a lot of capital exposure. A lower risk way to play the Utica Shale. She would be a little concerned about it stalling out for a while until there is more news from Forest Oil (FST-N). If you own, consider taking profits to rebalance your portfolio.

2008-05-13

TOP PICK

2.140

Natural gas. One of the 4 junior companies that owns property in the Utica Shale in Quebec. (Others are Gastem (GMR-X), Altai Resources (ATI-X) and Junex (JNX-X).) Chose this one because he believes they have the best land package. Also, their land has partnership with Talisman (TLM-T) and Forest Oil (FST-N) in the US. These 2 companies are spending the money to do the wells. High risk.

2008-04-29

DON'T BUY

0.990

Massive move from $.40 to $1 in one week because of its partner Forest Oil Corp’s announcement of large discoveries in Quebec. Their major partner, Talisman (TLM-T) will be going back to do more seismic and drilling. A shale gas play that will take a lot of time. Have to figure out the fraqing capability. Could be a very valuable asset longer-term, but could take years before becoming a major revenue and cash flow. Liked it at $.40.

2008-04-04

HOLD

0.760

Debt free and great cash flow. Had production short falls. Have an acquisition in Saskatchewan that has an oil focus to it, which is good. Drilling a very important well in NE B.C. and if that comes in, it could add meaningfully to the NAV. Just announced a major deal with a major energy company. This will be a 2 or 3-year play.

2007-12-19

BUY

0.800

Likes it for the Nahoney play and the natural gas plays in Quebec.

2007-10-22

HOLD

0.800

Production was 1400 BOE's in Q2. Made a small acquisition that hopefully will close in Q4. Drawing a very important while in B.C. Have a million acre concession where Talisman (TLM-T) farmed in on them for a shale gas play. A long-term hold on natural ga

2007-09-11

BUY

1.180

Involved in Alberta gas. Trenton Black river play. He likes the story, and is showing it to his institutional buyers.

2007-06-04

BUY

1.350

Has 2 plays in Alberta, which are on production. Volumes are doing very, very well. Had another successful play in B.C. The wild card is their ownership of over 1 million acres of land in Quebec with Talisman as a partner.

2007-04-24

HOLD

1.250