STOCKCHASE

Progress Energy Resources Corp

41.650

(Top Pick Jan 13/11, Down 32.25%) Out performed base metals. Likes the exposure to copper and the zinc exposure.

2012-01-24

DON'T BUY

Talisman Energy

TLM-T

12.140

Dividend is safe. Strongest balance sheet amongst the seniors. Had their headaches in going through transition of new management. Wants to see tangible evidence that transition is complete. No issue with the dividend. Prefers CNQ.

2012-01-24

TOP PICK

PRQ-T

10.990

He believes we are seeing a very firm bottom for nat. gas prices. This is a premier deep basin player. Has owned for a couple of decades. This is the top take-out candidate if someone wanted exposure to deep basin wells.

2012-01-24

WAIT

Yamana Gold Inc.

YRI-T

15.590

Finally seems to have come out of the penalty box. Better consistency on their execution and under promising and then over delivering. Still significant execution risk. Is near term cautious.

2012-01-24

N/A

0.020

Markets: Chesapeak production cut: They are sending out a message that after they meet their minimum commitments, they aren’t making money, so are cutting back production. A 1.5% cut in US gas production. Others have cut back also. We are slowly starting to see this message.

2012-01-24

HOLD

Petrominerales Ltd.

PMG-T

19.850

Have been hurt more than domestic producers. It is oil focused so you have the full benefit of strong oil prices. Very high prospectivity.. Not drilling 100000 barrel per day wells. They are 5000 barrels per day. It is a name that is starting to get very interesting to him. Good growth profile.

2012-01-24

PAST TOP PICK

Open Range Energy Corp.

ONR-T

1.240

(Top Pick Jan 13/11, Up 367.98%) Spun off their tank division and he continues to own both names. The tank business will double in the next year.

2012-01-24

HOLD

Legacy Oil + Gas Inc.

LEG-T

11.950

Did another acquisitions and not as great a start. Good oil leverage. He added when it was in the single digits. It’s early days but not a bad play to have with its strong asset base and size. They can stomach a few bad wells. Doesn’t think he would add to it at this point.

2012-01-24

TOP PICK

Tourmaline Oil Corp

TOU-T

23.360

Nat Gas star. Cream of the crop if you look at management teams. You can see where it was when gas was in the $3 range.

2012-01-24

TOP PICK

Continental Gold Limited

CNL-T

8.300

Important to focus on gold side in high-grade companies. Look for exploration results through out the year. Could be a double. Under $900 an oz cost. Things are moving fast with this name and under a billion market cap. so easy to take out. Well run company.

2012-01-24

Comment

Encana Corp

ECA-T

18.710

North American premiere player in natural gas resource plays. Wish they had a higher liquids content which they are trying to address. Stuck in the mud right now with being so focused on dry gas. Feels the 4.4% dividend is pretty safe, so you are getting paid to wait.

2011-12-15

TOP PICK

18.180

Premier copper producer out of Zambia with a recent acquisition in Peru. $600 million in cash. Feels there is a very good market for copper in 2012-2013. Could probably double its production by over 1,000,000 pounds by 2014-2015. The catalyst will be when their Ravenscourt Australia nickel project comes on in the 1st half of 2012.

2011-12-15

PAST TOP PICK

Iamgold Corp

IMG-T

16.780

(A Top Pick Oct 14/10. Now 2.15%.)

2011-12-15

DON'T BUY

Crescent Point Energy Corp

16.700

Trying to develop a massive gold/copper project in Mongolia with Rio Tinto. Has stayed away from this because of Mongolia as well as the significant capital and execution risk.

2011-12-15

WATCH

Kinross Gold

K-T

12.130

Has been a poor performer since it acquired Redback for the Thaseus (?) mine, which could be a 1.5 million ounce producer eventually. Cost structure is a bit worrisome. Best measure for this company as a gold producer is, how much CapX do they have to spend relative to their NAV. They're probably the highest in the intermediate to senior space.

2011-12-15

BUY

NAL Energy Corp

NAE-T

7.050

Balanced between oil and natural gas. People think the dividend may be at risk and that it is over leveraged. Yield of 12.1%. He is expecting $90 oil and about $6 natural gas for 2012. He is comfortable with the dividend given the asset base have.

2011-12-15

Comment

Precision Drilling

PD-T

9.780

Likes the overall trend in terms of a pickup in activity and how this company plays into it but more of a fan on pure service companies rather than the drillers because of the needs for fracing as opposed to drilling. Well-positioned.

2011-12-15

Comment

CPG-T

42.130

One of the premier oil companies. Very well respected. Producer of light, high profit oil out of Saskatchewan. Have also moved into the Alberta Bakkens. Very well run. Nice yield of 6.6%.

2011-12-15

Comment

Consolidated Thompson Iron Mines Ltd.

0.020

Natural gas. Has been bullish on this for a year and is amazed at how much it has been hurt. There is a long-term trend for environmentally friendly source of fuel. Sees a decline in shale gas in the US where rigs are coming off. Decline rate is 80%-90% in the 1st year and then gradually slows down from there on and can then last for 10-20 years. Quite bullish in 2012 for natural gas.

2011-12-15

PAST TOP PICK

Fairborne Energy Ltd.

FEL-T

2.890

(A Top Pick Oct 14/10. Down 27.87%.) Continuing to add to his holdings. Have no respect, even though they have been moving the needle every quarter.

2011-12-15

PAST TOP PICK

CLM-T (Dead)

0.010

(A Top Pick Oct 14/10. Up 76.74%.) Got taken out.

2011-12-15

BUY

Arcan Resources Ltd.

ARN-X

4.710

A Beaver Hill Lake oil play. Whenever you encounter a small company pursuing a new resource play, there are always some initial higher costs. Likes where the play is going. Expect this will be a takeout in late 2012.

2011-12-15

WATCH

WestFire Energy

WFE-T

4.800

Oil/gas company with about 70% in oil and assets in Alberta and Saskatchewan. An emerging player pursuing the Viking play. When breaking into some of the more emerging plays, companies usually suffer from higher costs as well as tweaking the structure to optimize it. Missed guidance and have been penalized. Shown a good growth rate and he anticipates them getting to 10,000 BOE's a day but a “wait and see” story.

2011-12-15

BUY

Canaco Resources

CAN-X

1.110

Gold explorer/developer in Tanzania. One of the best performers in 2010 but a poor performer this year. A lot of this has to do with the risk trade coming off, especially for explorers. Very good asset. Key catalyst is probably coming in the 1st quarter of 2012 when there is a resource update when he expects they will be in the 2-3 million ounce range. In the 2nd quarter he is looking for a prefeasibility study.

2011-12-15

TOP PICK

Poseidon Concepts

PSN-T

11.400

Produces tanks for fracing fluids. Have a patented fastening technology. Saves 80% in time in terms of mobilization and demobilization. Expect it will be a takeout candidate within a year. Almost 9% yield.

2011-12-15

TOP PICK

Trevali Mining Corp

TV-T

0.850

Feels zinc market is going to get very tight in 2013. Developing 2 mines, 1st one in Peru and the 2nd in New Brunswick.

2011-12-15

PAST TOP PICK

Celtic Exploration Ltd.

CLT-T

22.570

(A Top Pick July 13/10. Up 81.73%.)

2011-09-30

TOP PICK

13.950

This stock reflects $225-$250 copper prices. One of the premier producers. Cash cost around $1.30-$1.40. 600 million pounds of copper, growing to 1 million in the next few years. Tremendous growth.

2011-09-30

DON'T BUY

Potash Corp of Saskatchewan

14.450

World’s third biggest copper mine. Concerned about political risks. Current pressure on the stock is because the Mongolian government owns 1/3. Expect that Rio Tinto (RIO-N), which owns about 49% of Ivanhoe, will take them over. There are rumours that Mongolia is looking to take a bigger piece.

2011-09-30

PAST TOP PICK

Nuvista Energy Ltd

NVA-T

5.720

(A Top Pick July 13/10. Down 51.48%.) Gone through a management change. Early stages was cheap acquisitions. Still a “wait-and-see” story.

2011-09-30

PARTIAL BUY

POT-T

45.500

Fundamentally positive on the demographics for agriculture. This is one that you could trim and add to in periods of volatility. Should be a core holding if you believe in the longer term trend in potash use.

2011-09-30

Comment

Uranium One Inc.

UUU-T

2.070

Russians own 51% of this company which gives it a discount. Low operating costs. Located in Kazakhstan so you have to be aware of the political risks. Expanding into Africa. A bit of the overhang now is that people are expecting an equity issue or some sort of finance.

2011-09-30

Comment

0.020

Oil. Sees some near-term weakness. $70-$80 range is appropriate given the fundamentals. You now start to invest in oily companies.

2011-09-30

Comment

0.020

Natural gas. Still bullish on this commodity. Favours it relative to oil, because risk/reward is much better in terms of how much lower it goes. Can see a $6 handle, possibly in the next 12-18 months.

2011-09-30

Comment

0.020

Uranium. Looks like it is a 1-2 year period to sort this all out. The moratorium in China has been lifted. China, India and Russia probably constitute 80% of global reactor builds over the next decade. For longer-term players this is an advantage for a purchase.

2011-09-30

TOP PICK

5.300

Incredible yield of about 12% right now. Some concerns about the debt. About 15% left on the line and he is confident they can renegotiate. Very cheap. Well-managed.

2011-09-30

PAST TOP PICK

Cinch Energy Corp

CNH-T (Dead)

2.110

(A Top Pick July 13/10. Up 40.38%.) Acquired.

2011-09-30

WATCH

Osisko Exploration Ltd.

OSK-T

13.270

Ramping up to be a 600,000 ounce a year gold producer by 2013. World-class mine. Acquired Hammond Reef assets, which will be difficult as they are underwater. Look for a resource update by the end of this year.

2011-09-30

TOP PICK

Perseus Mining Limited

PRU-T

3.080

Just ramping up to be a 250,000 ounce a day producer, which he expects in 2012 with the possibility of expanding to 400,000 in a couple of years. Expecting it to be a takeout.

2011-09-30

BUY

Copper Mountain Mining

CUM-T

4.140

Brand-new producer. Located in southern BC. Partnered with Mitsubishi, which holds 25%. Low risk. A little expensive but there seems to be upside in expansion down the road. Could be a takeout.

2011-09-30

BUY

Extorre Gold Mines

XG-T

6.130

High grade gold/silver deposit in Argentina. Thinks it is capable of being a multimillion ounce deposit. Views it as a takeout candidate. Low CapX project.

2011-09-30

BUY

Arc Resources Ltd

ARX-T

25.150

Been a top tier performer. They know how to manage and deliver consistent returns. Consistent dividend yield. Fairly balanced between oil and gas. The real upside comes from its key Monte assets in Alberta, so tracks gas a little closer than oil. 4.8% dividend yield is sustainable.

2011-04-25

TOP PICK

Celtic Exploration Ltd.

CLT-T

19.980

Pull back has created a good entry point. Top tier management. Produces around 17,000 BOE a day. Gas levered. Just acquired 600 sections to develop a new play in the Montne. Have another great asset in the Duvernay, and early stage shale play.

2011-04-25

PAST TOP PICK

Eldorado Gold

ELD-T

16.830

(A Top Pick March 29/10. Up 39.61%.)

2011-04-25

PAST TOP PICK

136.510

(A Top Pick March 29/10. Up 42.49%.)

2011-04-25

Comment

Kinross Gold

K-T

14.520

Has been an underperformer since it bought Redback, whose resources were 17 million ounce’s at the time. Kinross went on a limb with an expectation of 22-25 million ounces. Last update showed it at 18 at this point and they are aggressively drilling. Reputation is on the line as it is a company maker or transformer as a total of their resource will come out if this asset.

2011-04-25

BUY

53.180

85% earnings are generated from met coal and copper. Both commodities have been doing very well and have a very good long term outlook.

2011-04-25

Comment

UEX Corp.

UEX-T

1.120

Went through a bit of a management change. A long time story. Cameco (CCO-T) own about 20%. Not getting a lot of attention and needs to get larger. Kind of in the development mode, which is boring to some investors.

2011-04-25

PAST TOP PICK

Crew Energy Inc.

CR-T

16.440

(A Top Pick March 29/10. Down 4.78%.) Has been a disappointment but the pull back under the $17 range is a good entry point.

2011-04-25

BUY on WEAKNESS

New Gold Inc.

NGD-T

10.060

Top tier management. Acquiring Richfield Ventures in BC, which is complementary to their other mine they are planning to build in the same area. Early stage and have to prove out how big the deposit is. Valuation is a little rich right now. Prefers it at $9-$9.50 range.

2011-04-25

Comment

Osisko Exploration Ltd.

OSK-T

13.690

Doesn’t see it as a takeover target as companies like to buy before the mine is built. There is a noise reduction program in place, which is slowing down the ramp up of the project. Has been an incredible story and will become the largest gold mine in Canada.

2011-04-25

Comment

Denison Mines Corp

DML-T

2.300

(His uranium fund holds this producer.) Their Achilles heel is their higher cost US operations. Starting to ramp up even with $57 US prices. Starting to bring in new production. Higher costs/lower margins.

2011-04-25

TOP PICK

Cequence Energy Ltd.

CQE-T

3.650

Great turn around story. Bought a private company last year. Have something in the Montne rich area that is just starting to evolve. Likes their gas exposure. Very early days.

2011-04-25

BUY

WestFire Energy

WFE-T

8.690

Oil leveraged. Vast majority of their pursuits is in the Viking formation in Saskatchewan. Credible management and starting to move the risk back on the Viking formation. Finally on the cusp of breaking through in early 2011.

2011-04-25

TOP PICK

Canaco Resources

CAN-X

4.710

Gold exploration/developer in Tanzania. $1 billion market cap and he is looking for its initial resource by year end of several million ounces. Significant potential.

2011-04-25

Comment

Reliable Energy

REL-X

0.465

Oil exploration/production in south east Saskatchewan. Crescent Point (CPG-T) owns about 20% and is a strategic partner as they pursue the Bakken oil play. Still early days. Still needs to see another year of drilling. 2011 is a critical period for it.

2011-04-25

WEAK BUY

Amerigo Resources

ARG-T

1.310

Basically reprocesses tailing streams from the largest copper mine in Chile. Not his preferred choice as a copper play.

2011-02-14

BUY

Bonterra Energy Corp

BNE-T

58.670

Likes its conservative management. Nice distribution. Very focused in the Cardium play in Alberta. Still expects good growth out of the Cardium assets.

2011-02-14

PAST TOP PICK

Comaplex Minerals

CMF-T (Dead)

10.340

(A Top Pick Feb 10/10. Up 29.57%.) Acquired July/10.

2011-02-14

Comment

Encana Corp

ECA-T

30.730

Outlook if the PetroChina deal goes through? Positive move for this company and other players who have large resource bases.

2011-02-14

HOLD

133.700

Likes the outlook for copper. Very focused in Zambia and recently into Peru. Very strong production profile and expects it will double in the next 4 years.

2011-02-14

Comment

28.030

Copper/gold deposit asset in Mongolia. Rio Tinto (RIO-N) has about 49% and operates it. Well financed. There have been issues with Mongolia as to whether companies really own their claims. Massive CapX at about $6 billion and they are about half way through it. Prefers others.

2011-02-14

PAST TOP PICK

58.800

(A Top Pick Feb 10/10. Up 64.92%.) Expecting good upside on coal and copper. Any time it’s under $60 is a good time to start acquiring.

2011-02-14

BUY

Uranium One Inc.

UUU-T

6.330

Very high growth rate and very high leverage to uranium. One of the lowest production costs in the industry at about $20 a lb. 51% owned by a Russian company, which can open a lot of doors when working in Kazakhstan. Just moved into West Africa, which has conventional production, which is not their forte so would like to see how they develop this.

2011-02-14

PAST TOP PICK

Crew Energy Inc.

CR-T

19.960

(A Top Pick Feb 10/10. Up 40.38%.) Expecting good upside on natural gas. Still a Buy.

2011-02-14

Comment

Cline Mining Corp.

CMK-T

4.320

Coal market has been a great place to be and this one has been a tremendous performer. Clearly a takeover target and if you like playing takeovers, it’s a great one to own. You also Have to be comfortable with the metallurgical coal market.

2011-02-14

BUY

Rubicon Minerals Corporation

10.150

Fairly balanced producer of oil and natural gas but will have more exposure to liquids seeing where natural gas prices are. Pays a nice little dividend. One of the earlier players in the Cardium.

2011-02-14

TOP PICK

Extorre Gold Mines

XG-T

5.150

Unique high-grade gold mine in Argentina moving towards development. One of the future multi-million ounce high grade deposit stories.

2011-02-14

TOP PICK

Bellamont Exploration

BMX.A-X

0.680

Balanced oil/gas with growing liquid production. About 3000 BOEs day. Great per share growth and he is forecasting close to 20% this year. Still have good exposure to natural gas as those prices recover. NAV is around $0.80.

2011-02-14

TOP PICK

Encanto Potash

EPO-X

0.580

Potash. Unique relationship with several First Nations in Saskatchewan. Hasn’t been any drilling on their lands and they are now in prime potash territory.

2011-02-14

PAST TOP PICK

Comaplex Minerals

CMF-T (Dead)

10.340

(A Top Pick Feb 20/10. Up 29.57%.) Was acquired.

2011-01-13

TOP PICK

RMX-T

5.720

Gold exploration in Red Lake, the cream of the crop in terms of high-grade gold. A $1.1 billion market cap and they just came out with an initial resource of 4 million ounces. Potential of 13-16 million ounces. Could be a double or triple.

2011-01-13

TOP PICK

63.040

(A Top Pick Feb 20/10. Up 82.73%.) Sees a lot of upside over the next 10 years.

2011-01-13

BUY

Uranium One Inc.

UUU-T

5.270

Very few pure uranium producers globally. Russians hold 51%, which gives them almost unlimited access to cash for opportunities.

2011-01-13

BUY

Yamana Gold Inc.

YRI-T

11.820

Gold. Has been warming up to this one. Chronically under performed in the past but are looking to have 3 mines by 2012. Likes their copper exposure.

2011-01-13

BUY

UEX Corp.

UEX-T

2.010

A core uranium non-producer. In the Athabaskin basin, one of the best prospective areas globally for high-grade uranium. Have an initial resource of 88 million pounds.

2011-01-13

PAST TOP PICK

Crew Energy Inc.

CR-T

20.150

(A Top Pick Feb 20/10. Up 46.19%.)

2011-01-13

BUY

9.660

Oily focused. He’s a little more bullish on natural gas so he won’t over weight this one. 6.10% yield. Expects oil prices will remain strong so expects good growth. Looking for 10%-12% return.

2011-01-13

BUY

Detour Gold

DGC-T

27.600

You can compare this to Osisko (OSK-T) a year ago. Have a large key asset in Ontario with expected high tonnage low-grade gold. A $1.1 billion project and have all the money they need. Strong possibility of a takeover.

2011-01-13

BUY

Gran Tierra Energy Inc.

GTE-T

8.340

One of the premier explorers in South America with an initial start in Colombia. Just under 13,000-14,000 BOE’s a day, which is a good stable rate that generates good cash flow which they can deploy into high impact exploration. Have an emerging area in Peru, which is quite perspective as Peru has had very little oil exploration.

2011-01-13

TOP PICK

Open Range Energy Corp.

ONR-T

1.840

Good management. In Alberta and produce around 3,500 barrels a day. Gas focused. Likes the Woolwich high impact wells they are drilling and the clean balance sheet. Also have a frac fluid handling business, which generated a $2 million EBITDA in December.

2011-01-13

DON'T BUY

PetroMagdalena Energy

PMD-X

0.325

Just gave some revised negative guidance. Had hoped to be 10,000 barrels a day by mid-year but are currently 2,500 a day. Will have to raise money.

2011-01-13

STRONG BUY

Rockgate Capital Corp.

RGT-T

2.450

Uranium explorer with their key asset in Mali, a politically friendly jurisdiction. Looking for sa significant catalyst over the next 1-2 months. Getting increased coverage. Potential double or triple.

2011-01-13

PAST TOP PICK

Canadian Natural Rsrcs

CNQ-T

37.740

(A Top Pick Nov 18/09. Up 6.08%.)

2010-10-14

Comment

Canadian Oil Sands

COS-T

26.040

Fantastic long-term asset in oil that will be produced for 40, 50, 60 years. Revised guidance down by about 9%. Distribution looks intact. Looking for strength over the next year and maybe a little weakness going into 2012 because of risks to the dividend due to expansion plans.

2010-10-14

TOP PICK

Iamgold Corp

IMG-T

18.040

Solid company that has not tracked with gold. Stock under performed because new CEO comes from energy, not mining. Solid assets. Key asset in Burkina Faso is just coming into commissioning, which will be very important from a net asset view.`

2010-10-14

Comment

Western Canadian Coal Corp.

25.280

Joint partner, Rio Tinto (RIO-N) owns 38%. Massive, undeveloped copper/gold deposit in Mongolia. Some political risk and uncertainty. Expect they would like a suitor to buy them before Rio Tinto gets into control position. Expect 3-4 years before it is in service.

2010-10-14

Comment

Talisman Energy

TLM-T

18.180

One reason for lack of movement on share price above $18 is the transformation they are going through. Trying to move to longer term more predictable assets. Expecting good results in 2011. He is bullish on natural gas. He looks at it from a 5-year horizon.

2010-10-14

BUY

UEX Corp.

UEX-T

1.240

Probably the most advanced stage development uranium company in Canada. Assets in Athabasca. Areva (?) Is a partner and Cameco (CCO-T) is a major shareholder. Aggressive exploration program. Won't get developed within the next 10 years. Likes it because it is at the very advanced stage.

2010-10-14

Comment

WTN-T (Dead)

6.690

Has done well because of the general view on metallurgical coal, the outlook from a commodity point of view and its operations. Could use it as a trading stock. Currently not in it but looking for an opportunity.

2010-10-14

Comment

0.020

Silver. Probably tied to gold, which has gone up too fast in too short a time. One thing silver has that gold doesn't is that it is consumed because of industrial purposes. Believes in its strength because of the industrial component. Look for companies that have not followed the commodity.

2010-10-14

BUY on WEAKNESS