| BUY | | ProspEx Resources | PSX-T | 3.300 | Great little company. Hard working company. Has a sector outperform on it. Well run. Not flashy, so you'll have to be patient with it. | 2005-04-05 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 68.680 | A very well run company with a lot of opportunity for further growth. Still the cheapest on the large caps. At current levels, you're getting their Canadian oil sands project for free. Horizon has a lot of investment that has to come forward with 1st production in 2008. | 2005-04-05 | |
| HOLD | | Compton Petroleum | CMT-T | 12.000 | Has an underperform on it. Have a lot of resource plays and a lot of good assets and look to be a takeover candidate. Their outlook is based on a 12 month outlook and from that perspective, they've had a very good run and feels comfortable where they are at. Very large land base and very focused on resource plays. May be a little ahead of themselves. | 2005-04-05 | |
| HOLD | | Petro-Can | PCA-T | 70.700 | Financing the development portion of the oil sands project for UTS Energy (UTS-T) which will earn them interest in the oil sands portion. Expects production from Petro Canad to be relatively flat. | 2005-04-05 | |
| TOP PICK | | Talisman Energy | TLM-T | 41.220 | (Was a Top Pick Apr 3/03 at under $20.) One of the cheapest in the world in terms of production along with Canadian Natural Resources (CNQ-T) and Encana (ECA-T). Good set of North American Assets. Pretty large position in North Sea assets. Also has assets in south east Asia with a very high margin product. | 2005-04-05 | |
| HOLD | | Ketch Resources Trust | KER.UN-T | 12.970 | Initially were a little shy of a production level, but brought out about 1,000 BOE's a dayof production that was behind pipe. That made them very solid for the rest of the year. Payout ratio is probably in the range of 60/65% which is excellent. | 2005-04-05 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 29.750 | Reserve life is about 9/10 years. Management has a lot of ownership. Do a really good job of focusing on costs. In the order of 50,000 BOE now. | 2005-04-05 | |
| BUY | | Nuvista Energy Ltd | NVA-T | 12.000 | Not a very exciting company, but it just continues to grow and add value and stock continues to go up. Keep costs in control. | 2005-04-05 | |
| BUY | | PetroKazakhstan Inc | PKZ-T | 47.000 | There is political risk there, but you have to remember, Kazakstan is not Russia. Management has a very good relationship with the country. Cheap. | 2005-04-05 | |
| BUY | | Ensign Resource Service Group | ESI-T | 28.320 | All the drillers are going flat out. Have had record number of rigs working in the last few weeks. When there is more demand than there is supply, rates go up. | 2005-02-02 | |
| BUY | | Duvernay Oil Corp | DDV-T | 23.600 | Financed them and are big believers in this company. Consistantly able to find reserves with the drill bit. Consitant growth. Still have a good run to go. | 2005-02-02 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 57.310 | Over the last 15 years has been a top decile performer, i.e. always in the top 10% of its peer group with respect to operating costs, growth, finding development costs. A very well run company. One of the cheapest ones out there trading at a multiple of about 4 X cash flow. Their oil sands project with Horizon isn't factored into the stock. | 2005-02-02 | |
| BUY | | Encana Corp | ECA-T | 75.270 | Moved them to an outperform on Oct 22. A very good place to be in a long term wide holding. Execution of strategy is very key in the ability for investors to believe in management's credibility. Becoming a North American gas equity. | 2005-02-02 | |
| DON'T BUY | | Husky Energy | HSE-T | 33.450 | White Rose is going to be a very good project. Once you have the sunk costs behind you, you get a very long and consitant source of production. As an integrated, it's very solid. Reasonably good set of assets. Have an underperform on this stock because it has done so well. | 2005-02-02 | |
| TOP PICK | | Talisman Energy | TLM-T | 37.760 | Just made an acquisition in the Norwegian part of the North Sea. Getting back to the Talisman of old. Wouldn't be surprised to see a couple of more in that area. 2nd cheapest in their peer group. | 2005-02-02 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 19.530 | Income trusts are trading at a premium. What you look for is good solid management, good solid assets and a good track record. This one qualifies. Haven't had a negative reserve revision in their lifetime. Not a bad time to get in and not sure it will get a lot cheaper. | 2005-02-02 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 29.760 | 8/8.5 reserve life. Management owns 20/25% of it. Very good set of inventory and very strictly managed. Possible increase in distributions. | 2005-02-02 | |
| DON'T BUY | | Nexen Inc | NXY-T | 52.360 | Has great assets. Has 2 large projects, Buzzard and Long Lake. Won't see production from either of them until '06/07. Has an underperform on it because there's $1.5 billion assets to be sold and can't see any production growth nor cash flow growth. OK for a long term play. | 2005-02-02 | |
| BUY | | PetroKazakhstan Inc | PKZ-T | 39.700 | Risks are 1) all oil, 2) only in Kazakhstan. The 3rd largest producer in that country. Generating a lot of cash and have had share buybacks. Relatively cheap because of their location. | 2004-09-15 | |
| BUY | | Agilent Technologies | A-N | 22.380 | Have done very well. New drilling rigs which require fewer people to operate and can drill more quickly. Will probably be a takeout down the road. | 2004-09-15 | |
| BUY | | Peyto Energy Trust | PEY.UN-T | 34.300 | Has the longest reserve life index at about 14 years. Shows some growth. | 2004-09-15 | |
| BUY | | Peyto Energy Trust | PEY.UN-T | 34.300 | Has the longest reserve life index at about 14 years. Shows some growth. | 2004-09-15 | |
| DON'T BUY | | Compton Petroleum | CMT-T | 7.970 | A sector perform. One of the few natural gas companies left in the region. &0% natural gas and as we move into winter, may see it move up a little. Pretty fully valued. | 2004-09-15 | |
| BUY | | Progress Energy Trust | PGX.UN-T | 13.700 | A trust that was formed from 2 very good companies. Some opportunity for new exploration. Should have a good run for the next two years. | 2004-09-15 | |
| HOLD | | Baytex Energy Trust | BTE.UN-T | 12.180 | A sector perform. A very solid trust. Good management. A lot of their assets are in heavy oil, so there is some risks. | 2004-09-15 | |
| HOLD | | Petro-Can | PCA-T | 62.870 | A sector perform. Speculation that the government will be selling some of their holdings. | 2004-09-15 | |
| BUY | | First Calgary Petroleums | FCP-T | 15.200 | In Algeria and a speculative stock. Huge gas/oil plays which are not marketed yet. Will probably continue to move. | 2004-09-15 | |
| BUY | | A Comment -- General Comments From an Expert | A Commentary | 11.510 | A lot of great opportunities in the great Northern assets. Cut in distributions was to retain capital for further investments. One of the better performers and should continue. | 2004-09-15 | |
| BUY | | A Comment -- General Comments From an Expert | A Commentary | 3.520 | Converting to a trust within a short period. Will probably appreciate. | 2004-09-15 | |
| HOLD | | Prime West Energy Trust | PWI.UN-T | 25.940 | A sector underperform. Have had difficulty in keeping their production and reserves per unit on a reasonable decline level. New management team is very good. | 2004-09-15 | |
| SELL | | Petrofund Energy Trust | PTF.UN-T | 15.310 | A sector underperform. | 2004-09-15 | |
| SELL | | Provident Energy Trust | PVE.UN-T | 11.200 | A sector underperform. Current share price is higher than what is warranted by the assets. Very aggressive on the acquisition side and may have some difficulty consolidating them. Cash flow ratio seems a little high. | 2004-09-15 | |
| SELL | | Viking Energy Royalty Trust | VKR.UN-T | 6.330 | A sector underperform. Reserve life is about 8 to 9 times. 70% oil. Didn't get the assets they had hoped for from an acquisition they got last year. Restructered and new management is getting it turned around. | 2004-09-15 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 16.590 | A sector outperform. One of the best companies you could own. Very good technical team and very conservative set of engineers. | 2004-09-15 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 25.250 | A sector outperform. Management has large holdings. 55% payout ratio so there is room for distributions to move up. Have inventory that can be drilled. | 2004-09-15 | |
| TOP PICK | | Talisman Energy | TLM-T | 30.950 | A sector outperform. A good portfolio with 50% of production in Nort America. Growth is coming from Malaysia. Looking to grow 5/10% per share. Very cheap. | 2004-09-15 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 45.040 | A sector outperform. Very cheap. Some of the top 10% performance metrics. Low cost and good North American base. Also an option play on the oil sands. | 2004-09-15 | |
| BUY | | Suncor Energy Inc | SU-T | 37.450 | A sector outperform. Very well run. You are seeing expansion on the oil sands. Especially bullish on their oil side. | 2004-09-15 | |
| HOLD | | Encana Corp | ECA-T | 55.400 | Have consolidated into a strategy of focusing on resource plays. A sector perform. Should be a key portfolio holding if you are bullish on natural gas. | 2004-09-15 | |
| VAGUE | | Shiningbank Energy Income Fund | SHN.UN-T | 20.410 | Very conservatively and well run. One of the top performers in royalty trusts. If you own consider diversifying into something a little more oily. 13.5% yield. | 2004-09-15 | |
| BUY | | Niko Resources | NKO-T | 38.000 | Key factors are 1) when do we see production and 2) when will the market develop more fully. High risk. | 2004-09-15 | |
| BUY | | Precision Drilling | PD-T | 48.480 | Expecting good numbers. Treat as a trade, not as a buy and hold. Good price. | 2003-04-03 | |
| BUY | | Niko Resources | NKO-T | 23.250 | Should have a lot of upside. | 2003-04-03 | |
| BUY | | Pembina Pipeline Income Trust | PIF.UN-T | 10.700 | Slow and steady. Lower risk. | 2003-04-03 | |
| BUY | | Compton Petroleum | CMT-T | 4.700 | Cash flow numbers are in line. Active program. | 2003-04-03 | |
| BUY | | Harvest Energy Trust | HTE.UN-T | 10.250 | Short reserve life, but good distributions. Higher risk. | 2003-04-03 | |
| DON'T BUY | | First Calgary Petroleums | FCP-T | 2.690 | Very high risk profile. | 2003-04-03 | |
| HOLD | | Prime West Energy Trust | PWI.UN-T | 24.270 | New acquisitions may mean they have to do a new issue to pay for it. This could result in lower distributions. | 2003-04-03 | |
| HOLD | | Arc Energy Trust Units | AET.UN-T | 11.490 | Very conservative trust. Debt may be a little high. | 2003-04-03 | |
| HOLD | | A Comment -- General Comments From an Expert | A Commentary | 2.120 | Good value, but have to see what new management does. | 2003-04-03 | |
| SELL | | Paramount Energy Trust | PMT.UN-T | 13.040 | Could be time to take some profits. 5 year reserve life. | 2003-04-03 | |
| STRONG BUY | | Canadian Natural Rsrcs | CNQ-T | 48.690 | Low operating costs, low funding and level productions. | 2003-04-03 | |
| TOP PICK | | Talisman Energy | TLM-T | 57.600 | Has stumbled. Have now solved their production problems. Should meet their targets. | 2003-04-03 | |
| TOP PICK | | Suncor Energy Inc | SU-T | 25.300 | Long reserve life. A buy and hold. Well run. | 2003-04-03 | |
| WATCH | | Bow Valley Energy | BVX-T | 2.270 | Good international holdings. | 2003-04-03 | |
