STOCKCHASE

Correction in the price of oil has hurt all of these companies, especially the companies that are not in production. Costs have been skyrocketing. Feels this is a warrant for higher oil prices. If you own, wait for the price of oil to go up before selling.

2008-09-25

SELL

1.740

Michael Sprung

Involved with Teck Cominco (TCK.B-T) and Petro-Canada (PCA-T) in the Fort Hills project and the costs have taken off tremendously, as it has in much of the oil sands. Until they get into production, who knows where the costs are going to end up.

2008-09-23

Comment

1.650

Announced their project is going to be considerably more expensive than they thought. Dirt-cheap. Trading at about $.20 per barrel of reserve in the ground. Market is currently punishing anything without production visibility and this one is 3 or 4 years away.

2008-09-22

SELL

1.600

Ken McCord

(Market Call Minute.) Massive cost overruns. Need to come up with $3.5 billion for the Fort Hills project.

2008-09-18

BUY

3.130

Joanne A. Hruska, CFA

The big question on this is that they have to raise $1 billion. With the credit crunch, the market is concerned they will not be able to raise it. She thinks they will be able to raise it. Have a lot of projects that they can farm down.

2008-09-12

Comment

4.040

One of the upcoming new targets in the tar sands in partnership with Petro-Can (PCA-T) and Teck Cominco (TCK.B-T). Have a very large land position, which will be going into production in about 2011. High fixed capital costs (steel, labour, etc) and low variable costs so when oil drops the stock does too. If oil gets back to $140 this will probably get to $6.

2008-08-26

HOLD

3.980

This stock will be taken out but the question is when. The big issue is how to get a handle on the cost side. Decent name that is worth holding.

2008-08-22

SELL

4.090

A lot of companies are under strain because the banks are under strain and it is difficult to raise money.

2008-08-20

STRONG BUY

4.410

A screaming buy. US politics on dirty oil has been putting pressure on these stocks. This will disappear after the election. There have also been fears about their ability to finance the Fort Hills project, but this does not concern him.

2008-08-05

HOLD

4.980

(Market Called Minute.) Boring but a Hold.

2008-08-01

Comment

5.530

Bill MacLachlan

More speculative than the kind of stocks he usually focuses on. Well managed. Trading at a pretty reasonable valuation compared to its peers. Will be volatile.

2008-07-17

PAST TOP PICK

5.450

(A Top Pick July 19/07. Down 13%.) Hasn't benefited from the big run-up because 1) production is some years away, 2) fears they will not be able to raise the $2 billion (Wrong as they have this in hand.) and 3) oil sands stocks are out of favour. Still Buying and is overweight in clients’ portfolios.

2008-07-16

Comment

5.800

Andrew Cook

Likes this stock from a longer-term perspective. Undergoing a process this year were they expect to make a production decision by the end of the 2008 along with their partners Teck Cominco (TCK.B-T) and Petro Canada (PCA-T). Once that decision is made they will need to raise some money and at that point, it may be a takeout target.

2008-07-02

BUY

5.960

Twofold problem. 1) In the oil sands, which is getting a lot of negative publicity. 2) Can it finance its share if Fort Hills goes ahead? He reviewed all the numbers with the CEO and he is convinced they have the asset base and potential earnings power to raise whatever is needed.

2008-06-30

HOLD

6.000

(Market Call Minute.) No visibility in terms of production until about 2012.

2008-06-16

BUY on WEAKNESS

5.800

Everybody's worried about CO2 emissions and labour and rising costs. Would be a buyer in the low $5’s. Until the project is completed, you won't see big moves.

2008-06-05

Comment

5.740

Michael Decter

Hasn't done much when other oil sands plays have done a lot. Well positioned. If you are going to buy, you need a 12 or 18 month time horizon.

2008-06-04

BUY

5.600

Bill MacLachlan

All of these companies are so dependant on commodity prices. Will perform better than overall index

2008-05-30

BUY

5.790

(Market Call Minute.) Amazing asset. Very attractive takeover target for the Sovereign Wealth Fund or something.

2008-05-15

BUY

5.220

Jennifer Stevenson

For a play on a small cap name in oil sands, you are better to go with a near term producer such as Opti (OPC-T) or UTS (UTS-T).

2008-04-25

HOLD

5.260

This is the tar sands stock. Likes it. Quite volatile. A little bit over the horizon in terms of earnings flow but every month that goes by they are getting closer. A good Hold and in the dips down under $5, it is definitely a buy.

2008-04-24

HOLD

5.400

Good company. Decent land positions. Would rather buy Suncor.

2008-03-25

BUY

5.760

(Market Call Minute.) Thinks it gets taken out at $7 or $8.

2008-03-03

STRONG BUY

5.950

There will be a hoarding of energy by the haves as well as a search by the have-nots and this company is sitting on some wonderful acreage.

2008-02-28

BUY

5.850

Sandy McIntyre

Involved with Petro Canada (PCA-T) and Tech Cominco (TCK.B-T) in developing the Fort Hills project. Should be coming into production in the 2009/2010 timeframe.

2008-02-26

HOLD

5.670

An oil sands play and most investors should have some names in the oil sands. This is a 2011/2012 play. He prefers companies that have production or near production such as Suncor (SU-T) or Opti (OPC-T).

2008-02-08

BUY on WEAKNESS

5.670

Anytime it gets under $5, you can load up on this stock. He might revise this upwards in the next few months, as they are getting closer to the payoff time. Great properties and good partners. Good long-term investment.

2008-02-08

BUY

5.190

Dean Orrico

Have done a good job with some good partners and taking their project up to the next level. Have also started some leases on their own outside of their partnership with PetroCanada (PCA-T). A good name to own if you are looking for exposure to oil sands.

2008-01-29

BUY

5.200

If he is right about oil going through $100 and moving north of that in the next 2 to 3 years to $130/$150, this company’s stock price will go to all-time highs. There are automatically 2 buyers for the company, Teck Cominco (TCK.B-T) and Petro Canada (PCA-T). Volatile, so you have to have a strong stomach.

2008-01-24

BUY

4.900

This is a potential takeout situation. It's in with Petro Canada (PCA-T) and Teck Cominco (TCK.B-T).

2008-01-22

DON'T BUY

5.170

Bill Harris, CFA

Don't produce anything but are hoping to. They are absolutely in the vice of higher costs and everything else nasty in Western Canada. Their partners are Teck Cominco (TCK.B-T). Too much uncertainty.

2008-01-17

Comment

5.390

Don Vialoux

Just about to enter into its seasonal strength like it did last year. Trend line is higher which is interesting. $5.50 seems to be the breakout level. Right at its 200 day moving average. MACD is trending higher implying that the stock wants to bottom right around current levels.

2008-01-16

BUY

5.480

You are looking at a potential NAV of close to $7.00 excluding lease 311. Production from Fort Hills starts in a couple of years. One of the great long-term buys in Canada.

2008-01-11

DON'T BUY

5.510

Bill Carrigan

This one depends on if you are a real believer in the oil sands. It's a long-term play. It might be another year or two before it moves. You'd probably have to have crude state above $100 to get this thing going.

2008-01-09

DON'T BUY

5.510

Expect it will be flat for 6 to 8 months. This is a non-producing oil sands play. 20% to 30% away from its initial scoping study. Won't be producing or have cash flow until 2012, so it's pretty well dead money in the meantime.

2008-01-08

TOP PICK

5.360

Likes the oil sands. NAV based on its oil sands activity gives you $6.30, well above its current price. To this, you can probably add $.40 for its participation on lease 14. Also have additional reserves that could be $1 or $2.

2007-12-28

BUY

5.100

Being affected by tax issues. Costs in building the tar sands are going up. Have fabulous partners.

2007-12-19

BUY

5.100

Being affected by tax issues. Costs in building the tar sands are going up. Have fabulous partners.

2007-12-19

TOP PICK

5.460

Likes the oil sands. One of the best management teams in this area. Geographically safe. Production will be in 3 or 4 years. One of the cheapest stocks in Canada.

2007-12-11

DON'T BUY

5.350

Derek Webb, CFA

Oil sands. He doesn't like any of these things right now. In spite of higher commodity prices, these stocks are not producing higher earnings because of higher expenses. If they are disappointing at $90 a barrel, what are they going to do at $60? Not crazy about any energy companies at the moment.

2007-11-28

TOP PICK

5.770

NAV of $7.00, which excludes a 50% partnership with Teck Cominco (TCK.B-T) of a mining operation as well as explorations west of the Athabascan River.

2007-11-26

DON'T BUY

5.660

Michael Decter

Seems to be stuck in a rut. If you don't have a compelling reason to own it, he would look elsewhere.

2007-11-12

BUY

5.660

Once it's up and running, the market can assess just how cost effective the economics are. One of the better names and they have good partners. Certainly worth more. Could be acquired by one of the partners.

2007-11-12

HOLD

6.090

Stephen Carlin

Affected by royalty review. Great long term outlook. Will be able to surface additional reserves over the next few years. Be patient.

2007-10-25

BUY

6.030

Is surprised it has moved up as sharply as it has. Short term thinks 6.5 to 7, longer term his target is 9.

2007-10-17

BUY

5.650

Likely candidate for a takeover. The financing by selling some of the Fort Hills to Petro Canada (PCA-T) is a good thing as it gives them more potential exploration upside.

2007-09-26

VAGUE

5.650

David Baskin

Oil sands becomes iffy proposition if they raise the royalties. The government will back off, and you’ll see stock rise.

2007-09-26

BUY

5.680

A great way to play the oil sands. Sold 10% of its interest and this should take them through until 2009. Could be taken out.

2007-09-25

BUY

5.680

Has been under some stress because it has to find the means to finance an ever-growing cost. It has to sell off bits and pieces of itself. In the end, it’s still going to be all right.

2007-09-24

VAGUE

5.610

Brian Acker, CA

Don’t invest in net asset value plays. No earnings.

2007-09-20

BUY

5.180

Could be some very interesting results on their lease 311. The base NAV is probably $5.75. His target is between $8 and $9.

2007-08-28

BUY

5.300

David Baskin

He is a believer in the oil sands, but prefers to play them through the big producers like Petro Canada (PCA-T). This is not a bad play for a small company.

2007-08-23

HOLD

4.960

If you believe in the long-term price of oil being better, which he does, the stock could go to $7-$8.

2007-08-17

BUY

5.380

In the short term, the expected surprise, hopefully to the upside, will be the exploration on lease 311. NAV on current holdings is probably $4.75 to $5.00.

2007-08-14

BUY

6.020

Ian Nakamoto

Has a 30% interest Fort Hills heavy oil project. Believes they will be taken out by Petrocan (PCA-T) or a major company. An excellent play on the oil sands.

2007-07-24

TOP PICK

6.470

After being out of favour for about 1.5 years, the oil sands are coming back into favour. It will have its share of production out of the Fort Hills project. On lease 14 they will have 50% of the production. The alliance they hold with lease 311 could increase the NAV from $7 to $7.50. He thinks it will be well above 8.

2007-07-19

Comment

6.190

Jean-Francois Tardif

Has had a big move and he would prefer Canadian Oil Sands (COS.UN-T). This would be all right in a basket of oil sand stocks that you plan to own for 10 years.

2007-07-16

DON'T BUY

6.370

Bruce Campbell

A takeover candidate. The group of oil sands trades around 90% of its asset value. Oil sands needs $45 oil to be economical because the costs of extraction is so high. This is really just a play on oil prices. Pretty much fully valued.

2007-07-09

TOP PICK

6.060

Exxon-Mobil, Conoco Phillips, Petro-Can are pulling out of Venezuela, so they will be going elsewhere for similar "hunting ground", obvious answer is the oil sands. Petro-Can, Tettamenko, UTS have been involved in developing the 4 hills project, which is very bullish for UTS.

2007-06-29

BUY

5.750

Dean Orrico

Be careful and look at each of these projects. UTS is a good way to get exposure to the oil sands business.

2007-06-14

STRONG BUY

5.530

Have bought in the last week or two, but have bought recently, and will buy it in the future. Not a takeover target. Have bought land to prospect oil, and expect to find 2 possibly 3. Price target is $8 short term, $10 to $12 long term.

2007-06-04

TOP PICK

5.190

Oil sands. Have great partners through Teck Cominco (TCK.B-T) and Petro Canada (PCA-T).

2007-05-29

PAST TOP PICK

5.100

(A Top Pick May 15/06. Down 31%.) 2 things went wrong. The worries about any company involved in environmental impact in the oil sands. There was also weakness in the price of oil. A pure exploration play. He bought more at $4.10 and is buying for new accounts.

2007-05-16

Comment

5.370

Robert Floyd

Environmental concerns will start costing a lot of money. Developmental costs are looking to be a lot higher than initially anticipated. Have some interesting prospects. Would like to see some firm numbers.

2007-05-11

BUY

5.220

Brendan Kyne

Environmental concerns over the oil sands will be rectified over time. The whole oil sands is up for play. There are rumours it will be taken over.

2007-05-10

DON'T BUY

5.300

Glenn MacNeill, P.Eng.

Oil sands leaseholder, not an operator. Petro Canada (PCA-T) and Teck Cominco (TCK.B-T) are involved. Recently bought Lease 14 and sold 50% to Teck, which was very smart move. Good assets. Won't see cash flow for some time. Fully valued.

2007-05-09

HOLD

5.480

Derek Webb, CFA

Thinks oil sands are all going to be bought out.

2007-05-03

DON'T BUY

5.360

Brian Acker, CA

same old same old. model price of $1.12 too small to go into their portfolio,

2007-05-02

BUY

5.360

Great land play in the oil sands. With what is going on in the worlds' oil plays, more and more people will be looking for a stable oil supply.

2007-05-02

WEAK BUY

4.820

A decent name. A Hold or a modest Buy, not a screaming Buy. He would like to see actual production.

2007-04-30

HOLD

4.760

If he is right on higher oil prices, the stock will go back up. To get to all-time highs, it will need a new all-time high on the price of oil, over $80. Have 2 fabulous partners.

2007-04-24

SELL

4.760

Paul Harris, CFA

Questions if the asset will be developed. The cost of developing an oil sands asset is very expensive now.

2007-04-23

BUY

4.510

Transitioning from a land holding company to getting into partnership with Petro Canada (PCA-T) and Teck Cominco (TCK.B-T) in the fall.

2007-04-18

DON'T BUY

4.360

Brian Acker, CA

There are no earnings, which is what he uses to value of stock. Won't be producing until 2011. On a Price to Book bases they are very expensive. His model price is $1.14. Negative 72%.

2007-04-12

BUY

4.260

One of his favourites and he would buy for new accounts. It is well down because of environmental concerns and rising costs which has put into question a number of projects.

2007-04-04

Comment

4.180

Robert Floyd

A lot of these companies have been knocked back pretty aggressively in terms of the valuation. Look ahead rather than back to see where you can see the stock going.

2007-03-29

BUY

4.050

Valuation is probably a little bit ahead of where it is at, but it is appealing because of its stake in the oil sands. Possibly a takeout candidate.

2007-03-27

HOLD

4.060

A junior partner in a major oil sands development. You have to be patient with this one. A long-term hold.

2007-03-23

DON'T BUY

3.740

Paul Harris, CFA

Investors should be in some kind of oil sands play in Canada. Problem was this one is that it is a piece of land and they still have to build it out. Costs have gone up a fair bit. Prefers CNQ (CNQ-T), which has already done their work and has some of the best management in the oil industry.

2007-03-16

BUY

3.790

Have a good piece of heavy oil properties. Good partners. Treat as a trade and Buy under $4 and Sell when it gets close to $5.

2007-03-15

Comment

3.840

Jean-Francois Tardif

In the short term, oil prices will be weak. Also, environmental issues a currently a focus of the government. Can't see the stock moving substantially with these factors. Long-term, oil sands are great if oil prices go up substantially as he expects.

2007-03-13

BUY

3.930

Bruce Campbell

Oil sands. Good project and good partners. Has probably been oversold. Could be a takeover.

2007-03-06

PAST TOP PICK

3.930

(A Top Pick March 13/06. Down 42.6%.) The drop in the price had to do with the fear of cost overruns, environmental concerns and collapsing oil prices. Great buy here if you have a 2 to 3 year time horizon.

2007-03-02

BUY

3.990

Oil sands stock. Have leases with great partners. The real problem is that no one has a handle on costs. Cost per barrel has continued to escalate. If you can buy under $4 and are willing to sit for a while, it’s not a bad stock. At $5 or $6, it’s getting ahead of itself.

2007-02-23

STRONG BUY

4.080

Suffered along with other oil sands stocks on concerns on environment and cost overruns. Given the shrewd land acquisitions they have made recently with Teck Cominco (TCK.B-T), 70% of their holdings are outside the Fort Hills project. Great story going forward.

2007-02-19

Comment

4.070

Glenn MacNeill, P.Eng.

Has a large lease in the oil sands. Need billions of dollars in order to develop it. Has been very high because of takeover expectations. At a fair price right now.

2007-02-16

DON'T BUY

4.100

Veronika Hirsch

Probably not in a great position to be taken over because Petro Canada (PCA-T) and Teck Cominco (TCK.B-T) are already involved.

2007-02-07

Comment

4.400

Bruce Campbell

Has no earnings or cash flow. Partnered with Petro Canada (PCA-T) and Teck Cominco (TCK.B-T) to take Fort Hills forward. Extremely leveraged to the price of oil. Costs are going up. Looks cheap, IF, oil prices are $60-$70 when it comes on stream.

2007-02-05

PAST TOP PICK

4.350

(A Top Pick Feb 20/06. Down 39.9%.) Increasing costs put a lid on all oil sands stocks. Also, there were environmental concerns so everything in that area has been marked down. He is an aggressive buyer at this price. Thinks the company will be acquired this year.

2007-02-02

DON'T BUY

4.040

In the Fort MacMurray area and has some good partners. A long way away from production. A lot of money has to be put into this. Would prefer the big caps right now, which are at reasonable prices.

2007-01-25

BUY

4.240

Feels that tar sands stocks such as UTS (UTS-T), Canadian Oil Sands (COS.UN-T) and Western Oil Sands (WTO-T) will all do well. If we get to a $70 commodity prices, they will go back to all-time highs.

2007-01-23

STRONG BUY

4.120

Fell out of favour because of concerns of oil sands entities, cost overruns, environmental concerns, etc. Announced that they and their partners Teck Cominco (TCK.B-T) just acquired 18 new leases.

2007-01-15

WEAK BUY

3.800

Jean-Francois Tardif

If an international company wants to own oil that is geographically safe, there is not much to buy. Expect more takeovers in 2007. He prefers companies that are already producing such as Opti (OPC-T), Western Oil Sands (WTO-T), Athabascan Oil Sands

2007-01-10

BUY

4.150

Alex Ruus

Could be an acquisition candidate here. One of the solid remaining mining/oil sands development plays.

2007-01-04

BUY

4.510

One of his favourites. 70% of their holdings in the oil sands are outside the Fort Hills project, so regardless of the delays that Fort Hill might encounter, this could end up as a totally separate project..

2006-12-29

Comment

4.730

Bill Carrigan

Probably going to rally. Sector has been beaten up. Wouldn’t get too wrapped up in it.

2006-12-20

DON'T BUY

4.080

Paul Harris, CFA

Doesn’t like this company. More speculative than an investment. If you want to be in the oil sands, be in an existing one that understands the business.

2006-12-12

BUY

4.090