| HOLD | 5.520 | Peter Brieger | An interesting story. Not his favourite. Has a $22/23 price started on it at which point he would probably sell it. | 2006-01-16 | |
| BUY | 5.520 | Peter Brieger | Very gas oriented. About a 15% yield. The biggest knock against it is that it doesn't have any sponsorship on the street, but now that it is triple in size, it wilol start to be followed. | 2005-11-15 | |
| BUY | 5.520 | John Stephenson | Amalgamated with Tusk Energy (TSK-T) and created an exploreco, Vero (VRO-T). The metrics for the combination look pretty good. Has a large land base, a decent reserve life index of about 8.4 and fairly low debt levels. | 2005-11-07 | |
| BUY | 5.450 | Peter Brieger | True Energy (TUI-T) and TKE Energy (TKE.UN-T) are merging and he likes the deal. TKE by itself is about a 4,000 equivalent per day and this will go to about 14,000. | 2005-10-18 | |
| BUY | 5.750 | David Cockfield | Turning into a trust. A more gassier company. Not a bad investment as a trust and spin out company. | 2005-10-12 | |
| BUY | 5.950 | Peter Brieger | TKE Energy Trust (TKE.UN-T) and True Energy (TUI-T) are entering into a merger. Likes this company and would buy the new exploreco that will be spun out. | 2005-10-04 | |
| BUY | 5.800 | Joseph Schachter | Expects the price will go up to $6.75 and between now and Nov 1st it's not a bad rate of return. Getting access to the new exploreco will be valuable. | 2005-09-26 | |
| DON'T BUY | 6.080 | Bill Harris | Combining with TKE (TKE.UN-T) to become a trust. The trust merger price has been fully discounted. Will be a good quality little trust. Doesn't expect anything spectacular from it. The spinout of the exploreco should be interesting. | 2005-09-13 | |
| BUY on WEAKNESS | 6.180 | Bruce Campbell | A nice, well managed, growing, gas oriented junior that's in the middle of doing a merger to turn itself into a trust. You'll have a trust and an exloreco. The latter will be another junior and it looks quite interesting. The value of the pieces might be $7 or so. If you're not interested in the trust, wait for the split and buy the exploreco. | 2005-09-12 | |
| HOLD | 6.020 | Joseph Schachter | Recently trusted and spun off an exploreco. Big fans for a long time. Likes the team. | 2005-09-02 | |
| BUY | 5.940 | John Stephenson | Has filed a plan of arrangement to convert to an energy trust and is well positioned to be a trust. Going to have a land base of 350,000 net acres. Reserve life of about 8.1 years. Has available cash to re-invest in its development as well as to acquire other fields or even other companies. | 2005-09-01 | |
| HOLD | 5.940 | David Cockfield | Has just declared itself a trust. Would hold and just see where the exploreco and the trust goes. You'll get a little upside from here. Not a bad company. | 2005-09-01 | |
| BUY | 4.830 | David Cockfield | Has been gathering momentum after a period of relatively slow growth. | 2005-08-18 | |
| TOP PICK | 4.840 | Joseph Schachter | Still has a lot of legs. Exited Q2 at 9,000 BOE's a day. Will be reporting their Q2 results next week and thinks the cash flows will be very strong because of the big increase in production. By the end of the year if they do 12,000 BOE's a day they will be doing $1.20 in cash flow. Deserves a 6 or 7 multiple. Very cheap. | 2005-08-02 | |
| BUY | 4.650 | David Cockfield | Had a big run, fell back, consolidated and then started to run again. Made a major acquisition in January, brought their production up smartly and they seem to be absorbing that. Touted as a potential income trust and there is some justification for that. Good value here. | 2005-07-28 | |
| BUY | 4.340 | David Cockfield | A good solid one. Got ahead of itself so has pulled back. Now in a buying range. | 2005-07-22 | |
| BUY | 4.280 | Wilf Gobert | Doing very well. Has a good track record. There aren't many natural gas companies you can invest in. Good value in its peer group. | 2005-07-07 | |
| BUY | 4.130 | John Stephenson | A resource play with a little more diversity with 70% gas, 20% heavy oil and 10% light oil. Growing its production substantially. Clean balance sheet. | 2005-06-30 | |
| DON'T BUY | 4.460 | Fred Sturm | Expecting a moderation in energy prices, so either have a long term view or be very careful in the short term. Small caps have been trading at trust-like valuations. Have been bid up too high. Feels seniors are better value. | 2005-06-22 | |
| BUY | 4.380 | John Stephenson | Strong production growth. Good balance sheet. Growing very quickly. | 2005-06-21 | |
| PAST TOP PICK | 4.420 | Joseph Schachter | (A Top Pick Mar 23/05. Down 6%.) If it backed off any more it would be a table pounding buy. They will be doing 12,000 + BOE's by the end of the year and doing north of $1 in cash flow. Loves the story. | 2005-06-20 | |
| BUY | 4.550 | David Cockfield | It has really only 2 core areas which has always concerned him. Have been expanding and long term looks like it could end up being an income trust. A conservative way to play a senior junior. | 2005-06-15 | |
| BUY | 4.410 | Joseph Schachter | Thinks they will do 12,000 + BOE's a day and annualizing cash flow of over $1. | 2005-06-10 | |
| BUY | 4.070 | David Cockfield | Like a lot of the juniors, it got really whacked. Good company. He likes it. Has a lot of gas. An excellent find/development costs. Once they get their production up to around 10,000 BOE's, a perfect candidate for an income trust. They've got reasonably long lived resources. Reasonably priced. | 2005-05-19 | |
| HOLD | 4.150 | David Cockfield | Price is quite reasonable. They have lots of momentum. Have added to their asset base. Will probably become a trust. | 2005-05-12 | |
| BUY | 4.460 | Joseph Schachter | Bought out Meridian and now doing over 9,000 BOE's a day and sees them exiting over 12,000. Very good growth rate. Because they have good growth, hopes that they don't go the trust route. | 2005-05-06 | |
| BUY | 4.020 | Robert Lyon | 12 months, out this stock will be a lot higher, but there will be choppiness in the short term. | 2005-05-04 | |
| PAST TOP PICK | 3.860 | Mark Jackson, CFA | (Was a Top Pick Dec 7/04. Up 20%.) Did a merger with Meridian Energy which made people think they were going to trust. This is why the valuation kicked up through $5. At this level, the stock is attractive. Could be a 10,000 barrels a day company in a year. 70% of their production is natural gas, which they like. | 2005-04-13 | |
| BUY | 4.330 | Peter Hodson | Good company. The merger with Meridian looks good. A pre-trust acquisition so thinks it will trust within the year. Well managed. At these levels a good one year hold. | 2005-04-07 | |
| TOP PICK | 4.530 | Joseph Schachter | In his 3 Top Picks, he is recommending that buyers take advantage during weakness in the next 2/3 months. Under $4 it is a fabulous BUY. With acquisition of Meridian Energy (MDE-X) it is now quite a lot larger platform. Now 9200 BOE's a day and thinks they will exit the year with 12,000. | 2005-03-31 | |
| BUY | 4.300 | John Stephenson | A small cap name, so has a lot of volatility. On a forward looking cash flow multiple, it's in the 6.3 X range versus it's peers at 8.4. Production is coming on very, very strong. Has been caught in a sell-off, but investors could safely enter here and do fairly well in 6/12 months. | 2005-03-30 | |
| BUY | 4.300 | Glenn MacNeill, P.Eng. | Has performed really well. Has been able to grow their production per share. Has room to grow. | 2005-03-30 | |
| TOP PICK | 4.750 | Joseph Schachter | Will be a buyer on weakness. Just merged with Meridian (MDE-X). Doing 90 to 100 BOE's a day right now. Feels they can exit this year north of 12,000 BOE's a day. Some very high impact drilling potential. | 2005-03-23 | |
| BUY | 4.750 | Werner Muehelemann | Has been able to show good growth. Just completed an acquisition of Meridian Energy which will give them a good land base, so production will continue to grow. Trades around 20 X forward earnings which is about standard. | 2005-03-23 | |
| DON'T BUY | 4.840 | Bill Harris | Just in the Merger/Aqcuisition time of the year, so companies are at a stage where they are hard to evaluate. Pretty much fully valued. | 2005-03-21 | |
| BUY | 4.840 | Martin Hubbes, CFA | Junior oils is getting tougher to find a stock as a lot of them have coverted to royalty trusts. This is one of his favourites. It's in the process of closing an acquisition. Still in a growth phase. Have had great success on their drilling programs and production growth has been good. | 2005-03-21 | |
| SELL | 5.300 | Peter Hodson | Rock solid company. Possibly another 6-8months as a single entity until they sell. | 2005-03-01 | |
| TOP PICK | 5.180 | Joseph Schachter | Company keeps on beating his numbers. Averaged higher production than he had expected at 5,048. Proven and probable reserves moved up 95% in '04. Proved reserves went up 88%. Will be merging with Meridian. | 2005-02-14 | |
| BUY | 4.990 | David Cockfield | Just put in an offer for Meridian which is going to kick up their production about 3,800 barrels a day. The offer looks really good for the company. Widens their asset base. Getting closer to a trust possibility. | 2005-02-10 | |
| BUY | 4.300 | David Cockfield | Prposed acquisition of Meridian Energy doesn't look like a bad deal at 3,800 barrels a day. True really hasn't done much. Drilling in relatively unexciting areas in Saskatchewan with 20% being heavy oil. A bread and butter kind of stock. | 2005-01-21 | |
| TOP PICK | 3.690 | Joseph Schachter | Had expected them to average 5,000 BOE's a day in 2004 and exit the year at 6,200. Had actually exited at 6,300 and are currently at 6,500. What's exciting is their finding and developing costs are falling quite a bit. Revised figures will probably make this a $6 stock rather than the $5.04 target previously set. Low risk situation. | 2005-01-11 | |
| BUY | 3.590 | Glenn MacNeill, P.Eng. | Still has room to run. Not his top favourite, but a close second. Good management. | 2004-12-29 | |
| DON'T BUY | 3.510 | Peter Hodson | The recent ramp up has been a little too much. Prefers Rider Resources which has also had a big ramp up, but have had a new major discovery which could turn into a company maker. | 2004-12-20 | |
| BUY | 3.600 | 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 | 3.290 | Mark Jackson, CFA | Have had significant production with about 6,100 barrels this year and looking for 7,500 or more next year. Good management. Relatively cheap to the rest of the group. Could ultimately be a trust. | 2004-12-07 | |
| BUY | 3.400 | Bill Harris | Has traded at a real discount to its real value for some time and has now caught up to its value. Feels there is still a window of growth ahead. Could be a takeover or a trust. | 2004-11-25 | |
| STRONG BUY | 2.710 | Joseph Schachter | Likes the story a lot. Should do on average 5,000 BOE's a day. Expects them to generate cash flow of $0.86 a year and almost $1 at the end of 2005. | 2004-11-08 | |
| BUY | 2.710 | Glenn MacNeill, P.Eng. | There are rumours that it is going to convert itself into a trust. Good management. Increasing production on a "per share" basis. | 2004-11-05 | |
| BUY | 2.660 | Veronika Hirsch | Their strategy is to own the fast growing stocks and avoid the big cap names. Big caps rely on commodity prices rather than production growth. | 2004-11-04 | |
| DON'T BUY | 2.750 | Werner Muehelemann | Trading at 20 X forward earnings which is a bit high for buying. | 2004-10-25 | |
| BUY | 2.700 | Robert Floyd | A well run company and a little bit undervalued. | 2004-10-19 | |
| DON'T BUY | 2.790 | David Cockfield | Fully priced. Cash cost per barrel is relatively high. Have a couple of really good areas. | 2004-10-14 | |
| BUY | 2.810 | Mark Jackson, CFA | Has delivered on all their prduction targets. Expect them to continue to grow. Good properties in Saskatchewan that could add significant barrels. Long reserve life. Trades relatively cheap to the group. | 2004-10-04 | |
| TOP PICK | 2.580 | Joseph Schachter | Not high risk drilling. Winter access in some of their areas. Fabulous job. Could be $5 15 months down the road. | 2004-09-22 | |
| BUY | 1.930 | Glenn MacNeill, P.Eng. | Has performed quite well and is increasing its production. Making some interesting discoveries. Market doesn't seem to want to buy in. Good price. | 2004-08-25 | |
| SELL | 1.950 | Peter Linder | A well-run company. High success rate. Fairly inexpensive. Upside from here will be minimal so would take some profit. | 2004-08-19 | |
| TOP PICK | 1.880 | Joseph Schachter | $3.00 target. Great management. Beats numbers regularily. | 2004-07-09 | |
| PAST TOP PICK | 1.770 | Mark Jackson, CFA | (A top pick Jan 8/04. Down 4%.) Still likes. Getting good growth, production and cash flow. Has lots of opportunity. Under followed and undervalued. | 2004-05-28 | |
| DON'T BUY | 1.650 | David Cockfield | Has upped its production to over 4000 barrels a day. Fully priced at this time. Cash costs per BOE is relatively high. | 2004-05-12 | |
| TOP PICK | 1.630 | Joseph Schachter | Has consistently beaten his forecasts. Undervalued. | 2004-04-02 | |
| DON'T BUY | 1.650 | Bill Carrigan | Maybe forming a symmetrical triangle which means there could be one more advance out of that. Probably closer to the end of its move than to the beginning. | 2004-04-01 | |
| PAST TOP PICK | 1.650 | Mark Jackson, CFA | (A top pick Jan 8/04. Down 11.5%.) Still likes it. They just announced production numbers and sees them going higher. | 2004-03-15 | |
| BUY | 1.820 | Peter Hodson | Management put together a top-notch team. Some top analysts really like this company. On his watch list. | 2004-03-02 | |
| STRONG BUY | 1.590 | Joseph Schachter | Buy. Target of $2.40. Nice upside. Hold. | 2004-02-05 | |
| BUY | 1.700 | David Cockfield | Junior situation. Had 21% increase in production. Fully priced. | 2004-01-29 | |
| BUY | 1.720 | John Clarke | Been growing very rapidly. Not a lot of upside. Continue drilling. | 2004-01-28 | |
| DON'T BUY | 1.720 | Bruce Campbell | Could be acquired. Pretty fully valued. | 2004-01-27 | |
| TOP PICK | 1.850 | Mark Jackson, CFA | Predominately gas. Trading at a low cash flow multiple. Have had some pretty good success. | 2004-01-08 | |
| DON'T BUY | 1.650 | David Cockfield | Not really enthused about the company. Pretty average. Quite well run. Too expensive at this point. | 2003-12-30 | |
| BUY | 1.340 | Peter Linder | Have turned the situation around. Inexpensive. | 2003-11-20 | |
| BUY | 1.250 | Joseph Schachter | The key area of the company is Southwest Saskatchewan. They have a year or two of growth. Also have a growth area in the Whitecourt area of Alberta. Good value. | 2003-11-05 | |
| BUY | 1.280 | 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 | 1.250 | Glenn MacNeill, P.Eng. | Has seen good growth in production. A good value. | 2003-09-24 | |
| TOP PICK | 1.180 | John Clarke | Have very little debt. An exciting exploration program. 3500 barrels a day. Thought of as a heavy oil company, but is actually 60% gas. Trading at low multiples. | 2003-09-22 | |
Experts that have talked about True Energy Inc
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