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| Glenn MacNeill, P.Eng. of Lawrence Asset Management |
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| DON'T BUY | Compton Petroleum | CMT-T | 1.110 | Gas producers in a very expensive area. Have had a very rocky past. Put themselves up for sale but unable to complete it. Have a lot of debt. | 2010-01-19 | ||
| TOP PICK | Enbridge | ENB-T | 47.590 | Isn't up that much relative to its price and the other energy infrastructure stocks/trusts. Will spend almost $3 billion next year in order to grow infrastructure. Looking for a 10% earnings growth per share over the next several years. 3.6% yield. | 2010-01-19 | ||
| SELL | Enerplus Corp | ERF-T | 24.500 | 50/50 gas and oil. So big it has multiple strategies, which is a problem. He is contemplating reducing his holdings and taking advantage of other opportunities. | 2010-01-19 | ||
| PAST TOP PICK | Keyera Corp | KEY-T | 25.100 | (A Top Pick May 20/09. Up 48.87%.) Should continue to grow. | 2010-01-19 | ||
| SELL | Nexen Inc | NXY-T | 23.810 | Assets across Western Canada, Gulf of Mexico and Yemen. Newest project is Long Lake, which has had a great deal of difficulty. Very difficult reservoir to develop needing Steam Assisted Gravity so have been unable to meet production projects. Refining looks very interesting. Better opportunities elsewhere. | 2010-01-19 | ||
| BUY | Exxon Mobil | XOM-N | 68.030 | For a large-cap, this is a good choice. Has been very aggressive recently with the purchase of XTO, which gives them exposure to a shale play. Chevron (CVX-N) is another when you could look at. | 2010-01-19 | ||
| BUY | Baytex Energy Corp | BTE-T | 31.840 | Doesn't expect any problems when they change to a corp. Expected to distributions, but if not, adjustment will be slight. On an after-tax basis, you should end up in the same place. | 2010-01-19 | ||
| DON'T BUY | Crescent Point Energy Corp | CPG-T | 39.450 | Excellent company and is in the most profitable play in Western Canada, PetroBakken. Produces light oil. Has gotten very expensive and there are other producers with better value. Recently reduced his position. | 2010-01-19 | ||
| TOP PICK | Red Back Mining Inc | RBI-T (Dead) | 17.690 | Has been on a tear recently because it is working in a large gold discovery in West Africa. Good for gold exposure on a company that is growing dramatically. Should be trading in the $20 level. Speculative. | 2010-01-19 | ||
| HOLD | AvenEx Energy Corp | AVF-T | 5.720 | Eclectic mix of assets. Roughly 50% oil and gas, 50% financial and also 500,000 square feet leased real estate space, 2/3 industrial and 1/3 retail. Would like to see some strategies and growth mechanisms before buying. | 2010-01-19 | ||
| PAST TOP PICK | Allied Properties REIT | AP.UN-T | 19.920 | (A Top Pick May 20/09. Up 39.96%.) Should continue to grow. | 2010-01-19 | ||
| PAST TOP PICK | Morneau Shepell Inc | MSI-T | 10.150 | (A Top Pick May 20/09. Up 29.28%.) Wouldn't Buy at this time, but still a Hold. | 2010-01-19 | ||
| WATCH | Vero Energy Inc. | VRO-T | 6.650 | Gas weighted in the Montney northwest Alberta, the most prolific and economic play. If you like gas this would be the one. He is inclined to wait until spring to see how much gas is around. | 2010-01-19 | ||
| DON'T BUY | Day4 Energy Inc. | DFE-T | 0.850 | Photovoltaic modular developer. Big advantage is its technology that allows it to get better electricity yields. However, Photovoltaic is not competitive with most other electrical generation systems. Any large project needs government assistance or major capital. | 2010-01-19 | ||
| Comment | Cenovus Energy | CVE-T | 25.520 | Stock price should continue to go up. About 58% natural gas but in its asset mix it has Christina Lake, an excellent heavy oil production facility. Also a big play in Foster Creek. Also involved in refining. | 2010-01-19 | ||
| TOP PICK | Sandstorm Resources Ltd. | SSL-X | 0.580 | Gold/Silver royalty company. Management owns about 20%. Made a number of deals. Expecting cash flow to start over the next couple of months. Undervalued. Speculative. | 2010-01-19 | ||
| BUY | Connacher Oil and Gas | CLL-T | 1.160 | Going through a very rapid development. Expects heavy oil differentials to remain relatively small so likes the netback it is receiving. Good growth pattern. | 2009-12-07 | ||
| SELL | Compton Petroleum | CMT-T | 0.880 | Gas producer in an expensive area. A lot of debt. | 2009-12-07 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 29.380 | (A Top Pick Nov 10/08. Down 2.26%.) Gas with large amounts of money spread over a large geographical area. 5.8% dividend. Not keen on gas at this time. Good growth record. | 2009-12-07 | ||
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| HOLD | Enerplus Corp | ERF-T | 24.080 | Large trust so there is a diversified mix of assets. 9% distribution, which will go down if they convert to a corporation. | 2009-12-07 | ||
| PAST TOP PICK | Perpetual Energy | PMT-T | 4.800 | (A Top Pick Nov 10/08. Down 8.96%.) | 2009-12-07 | ||
| PAST TOP PICK | Talisman Energy | TLM-T | 18.140 | (A Top Pick Nov 10/08. Up 55.7%.) Good internationally diversified company. Prefers others. | 2009-12-07 | ||
| TOP PICK | Vermilion Energy Inc | VET-T | 30.750 | Hasn't moved like its peers. Number of disappointments including sale of Verenex (VNX-T) and its Libyan assets. Also a small problem in the Irish Sea, which they will remedy. Undervalued. | 2009-12-07 | ||
| Comment | CGX Energy Inc. | OYL-X | 1.160 | Have made some progress on getting close to drilling a well in Ghana. Very expensive. High/risk high/reward. | 2009-12-07 | ||
| TOP PICK | Armtec Infrastructure | ARF-T | 24.080 | Manufactures pre-cast concrete beams, structures, traffic dividers etc. Benefiting from infrastructure construction. Integrating last year's acquisitions. 9.1% yield. | 2009-12-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Lithium. Has recently gone up a lot. Some interesting exploration plays in Canada but it has to be refined and manufactured but no facilities for this in Canada. | 2009-12-07 | ||
| TOP PICK | Allied Properties REIT | AP.UN-T | 17.800 | Pays about 7.5%. Office space in refurbished brick/beam buildings, which gives a pricing advantage. Well run. | 2009-12-07 | ||
| DON'T BUY | Penn West Petroleum | PWT-T | 17.970 | Mixture of oil/gas. Some great assets in the Pembina area. Expects distribution will come down when it changes to a corporation. Likes but hasn't performed as well as others. Will take a lot of capital to keep the company growing. | 2009-12-07 | ||
| HOLD | Galleon Energy Inc. | GO-T | 4.700 | Good management and have put together a reasonably good set of plays. Lost traction recently. Drilling in a very competitive area in central Alberta. | 2009-12-07 | ||
| DON'T BUY | WesternZagros Resources Ltd. | WZR-X | 0.580 | Based in Kurdistan and the western part of Iraq. Very prolific production basin geologically. Biggest problem is difficulty in understanding government policy. Political risk is high. | 2009-12-07 | ||
| BUY | Legacy Oil + Gas Inc. | LEG-T | 9.700 | Mainly oil. Management has good track records. Production is about 100 barrels a day. | 2009-12-07 | ||
| DON'T BUY | Cenovus Energy | CVE-T | 25.500 | 2 largest oil projects are heavy oils at Foster Creek and Christina Lake but 50% of revenues come from gas production so you are not really getting away from natural gas. A “show me” story. | 2009-12-07 | ||
| DON'T BUY | Antrim Energy | AEN-T | 1.240 | (Market Call Minute.) Playing in the North Sea and Argentina. Need a partner in the North Sea to develop their project. | 2009-11-06 | ||
| BUY | Arc Resources Ltd | ARX-T | 20.530 | Very well managed. Will change into a corp in the latter part of next year probably. About 50/50 oil and gas. In some great areas. 5.8% yield. | 2009-11-06 | ||
| DON'T BUY | Altagas Ltd | ALA-T | 18.150 | Energy infrastructure company. There are others he prefers better. 12% distribution is suspect. | 2009-11-06 | ||
| Comment | BCE Inc. | BCE-T | 26.600 | (Market Call Minute.) Pays a good distribution. Biggest danger is that landlines are not the thing of the future and revenue will gradually decline over time. | 2009-11-06 | ||
| BUY | Bonavista Energy Corp | BNP-T | 21.690 | One of the best trusts out there. Gas oriented. Results were in line with expectations. Management keeps their costs very low and their debt reasonable. 8.8% distribution. | 2009-11-06 | ||
| Comment | Connacher Oil and Gas | CLL-T | 0.980 | Heavy oil. Have done a reasonably good job of getting production. Have lots of plays in front of them where reserves and production levels are known. There are others he likes better. | 2009-11-06 | ||
| Comment | Canadian Oil Sands | COS-T | 30.300 | Has gone up substantially and has done very well and is very much driven by oil prices. Has gotten fairly expensive. Long life reserves so every portfolio should have some in it. | 2009-11-06 | ||
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| PAST TOP PICK | Encana Corp | ECA-T | 61.120 | (A Top Pick Nov 10/08. Up 6.8 %.) Split into 2 parts, Encana for gas and Cenovus (CVE-T) for oil, which he likes. | 2009-11-06 | ||
| BUY | Veresen Inc | VSN-T | 9.350 | Gas transportation company. One of the undiscovered trusts that is throwing off good cash flow. Should continue to do very well. | 2009-11-06 | ||
| TOP PICK | H&R Real Estate Inv Trust | HR.UN-T | 12.850 | Stable group of properties. Knowledgeable management. Biggest project is the Bow in Calgary but they do have the cash to complete it. Thinks management could sell a portion of the Bow Tower to a pension fund and distribution could go up. 5.6% distribution is very safe. | 2009-11-06 | ||
| SELL | Husky Energy | HSE-T | 28.190 | Not the most dynamic management. Refining has not been very profitable. Production is relatively flat. | 2009-11-06 | ||
| BUY | Keyera Corp | KEY-T | 21.610 | 8.3% distribution and a recent $0.22.5 special dividend. Well managed. Good growth. | 2009-11-06 | ||
| TOP PICK | Northland Power Inc | NPI-T | 10.790 | Power company. Recently announced a contract with Saskatchewan Power to build a gas fired generating facility. Good growth prospects. About 10% distribution, which is high for a power company but when it is cut, the stock price should rise. | 2009-11-06 | ||
| PAST TOP PICK | Perpetual Energy | PMT-T | 5.150 | (A Top Pick Nov 10/08. Down 3.6%.) 100% natural gas. Likes the assets and management but doesn't have great expectations for it going forward. If you own, consider Selling. | 2009-11-06 | ||
| WATCH | Just Energy Group | JE-T | 13.650 | Continued to do acquisitions and expanding into the US with their gas and electrical distribution sides. 9.1% distribution is reasonably safe. A lot of renewals coming up on their subscription agreements in Canada so he would like to see what their renewal rate is. | 2009-11-06 | ||
| PAST TOP PICK | Talisman Energy | TLM-T | 18.390 | (A Top Pick Nov 10/08. Up 58%.) Still undervalued. Likes its management style, strategy and asset plays. Better Buys out there. | 2009-11-06 | ||
| Comment | Trans Canada Corp | TRP-T | 32.050 | Provides a fairly high dividend. Big danger is in the rough gas markets where volumes will go down, which will spread the tariffs. 4.7% yield. Prefers Enbridge (ENB-T) a little better for the short-term but this one for the longer-term. | 2009-11-06 | ||
| BUY | Armtec Infrastructure | ARF-T | 23.100 | Infrastructure. Have a number of different ways of generating cash flow. Cash flow goes into a high distribution, which typically has a low reinvestment requirement. Good backlog and potential for more government projects. 9.3% yield should be safe. | 2009-11-06 | ||
| Comment | Crew Energy Inc. | CR-T | 11.360 | Quarter results are due Nov 10th. Great company and well managed. Management owns a large chunk of the company. He is in others that pay higher distribution. If you own, consider taking some profits. | 2009-11-06 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Commodity prices reflecting a more bullish market but he is not sure of that yet. Depends on what winter is like. Storage levels are very full in US and Canada and doubts if we can use it all up this winter. Worries that we come out of winter with 1.5 to 2 TCF of gas left in storage and we start going into the build up season again. Thinks it will take 18 months to recover. | 2009-11-06 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Crude oil. Thinks the price is very fair right now. $60 to $80 a barrel is in the right range. Over the very short term, his bias is negative because there is a lot in storage but long-term the current price is reasonable. | 2009-11-06 | ||
| TOP PICK | Daylight Energy Ltd | DAY-T (Dead) | 9.340 | Combination of income and growth. On the negative side it is about 70% gas so vulnerable to a distribution cut early next year. Likes what it has done in accretive acquisitions that will add a lot of value. Excellent group of drilling prospects. Some great land purchases and gradually changing to oil. | 2009-11-06 | ||
| HOLD | Fairborne Energy Ltd. | FEL-T | 4.790 | (Market Call Minute.) Gas production and he is biased against gas. | 2009-11-06 | ||
| SELL | Falcon Oil & Gas | FO-X | 0.155 | Exxon Mobil just finished drilling a well (in Hungary) and did some drill stem tests and came up with fresh water. Most water in an oil well is salty and briny. | 2009-11-06 | ||
| BUY | Pacific Rubiales Energy Corp. | PRE-T | 14.310 | Has grown its Colombian production very dramatically over the last little while. Have a lot more drilling to do. | 2009-11-06 | ||
| BUY on WEAKNESS | Gran Tierra Energy Inc. | GTE-T | 5.170 | Colombian play in oil, which is very interesting. Great slate of drilling locations and great growth in production going from 2000 barrels a day to about 8000. Cash flow has gone from $18 million to about $57 million. You can probably get it slightly lower over the next couple of weeks. | 2009-11-06 | ||
| Comment | Trinidad Drilling Ltd | TDG-T | 6.870 | Driller. Recently announced positive results. There are others in the service sector that he likes better. Well managed. Drilling is pretty flat right now. | 2009-11-06 | ||
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| DON'T BUY | WesternZagros Resources Ltd. | WZR-X | 0.790 | Like a lot of oil companies in Kurdistan it has a great geological basin to drill in. Finding reserves is only part of the problem. If they are successful how do they get it out, how do they put it in the pipeline and how do they turn it into cash flow? | 2009-11-06 | ||
| BUY | PetroBakken Energy | PBN-T | 31.600 | Saskatchewan oil. Has a great set of plays in front of it. | 2009-11-06 | ||
| TOP PICK | Altagas Ltd | ALA-T | 17.100 | Natural gas distributor and service company. Cash flow is not weighted towards gas price although down the road it could be weighted towards gas production volume. Almost 13% distribution could be slightly vulnerable if gas volumes drop off a lot. | 2009-09-18 | ||
| WAIT | Celtic Exploration Ltd. | CLT-T | 18.450 | Excellent company. Has done an excellent job of hedging its natural gas. Think there will be opportunities so put it on your radar screen. | 2009-09-18 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 72.220 | Has heavy oil production with its Horizon project. Had good results over the 2nd quarter. They watch their costs very closely, which is very important. About 1/3 production is natural gas and they will be among the low-cost producers. | 2009-09-18 | ||
| BUY | Canadian Oil Sands | COS-T | 28.930 | Pure oil sands exposure. Made a commitment that they are going to increase debt to build the next stages of their several Syncrude projects. Dividend is reasonably safe and you will have some growth down the road. | 2009-09-18 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 61.390 | (A Top Pick Sept 2/08. Down 14.94%.) Splitting between their oil and gas operations, which will give some clarity. Doesn't create a lot of value. Great hedging program. | 2009-09-18 | ||
| BUY | Imperial Oil | IMO-T | 40.460 | Turned a corner and he likes what he sees than what he saw in the past. Had been reinvesting a small amount of their cash flow mostly into the Cold Lake area for heavy oil extraction. Announced the Kearl project, which is very exciting and will have good economic return for them. This will increase their production substantially. Likes it for a slow, steady hold. | 2009-09-18 | ||
| BUY | Northland Power Inc | NPI-T | 10.390 | Power generation. Relatively conservative. Undervalued. 10.5% yield. Market had concerns about valuation as it merged with its parent entity. Well run. | 2009-09-18 | ||
| DON'T BUY | Superior Plus Corp | SPB-T | 11.520 | Balance sheet is just okay. Dividend is more a function of the cash flow. Complicated business mixture in that they are selling to the pulp and paper industry and construction industry. There are other income generating companies that he would prefer. | 2009-09-18 | ||
| PAST TOP PICK | Suncor Energy Inc | SU-T | 38.590 | (A Top Pick Sept 2/08. Down 27.46%.) Going through a merger with Petrocan (PCA-T), which will have lots of ups and downs. Expect they will perform well but keep your eye on it. | 2009-09-18 | ||
| TOP PICK | Vermilion Energy Inc | VET-T | 29.070 | Mainly oil but some gas exposure in the Netherlands, which is priced as a function of oil so it gets full value. Hasn't gone up as much as some of its peers. Some difficulty with sale of a Libyan subsidiary, which appears to be stalled out for a while but will create some value down the road. Well run. 7.7% distribution is sustainable. | 2009-09-18 | ||
| Comment | Crescent Point Energy Corp | CPG-T | 38.230 | Oil. Distribution should be safe. Big exposure is in the Bakken play in Saskatchewan. We'll continue to do well. | 2009-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Short term not very happy with it and is bearish on pricing. Storage space will run out in the next 1.5 months. Surprised it is over $3 and expects below $3 going forward. Great buying opportunity. Not drilling and not spending money on it companies are not getting cash flow in order to drill again so there will be very quick production decline. Not expecting the problem to be cleaned up until the winter of 2010/2011. The longer low gas prices, the larger the rebound. | 2009-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil. Expect it to trade roughly in the current range but couldn't get over $100 at several points of time in the next little while. Running out of cheap oil. Have been a lot of exciting discovery announcements out of Gulf of Mexico, offshore Brazil, offshore Ghana, etc., but it is very expensive. | 2009-09-18 | ||
| HOLD | Penn West Petroleum | PWT-T | 15.330 | Not one of his favourites. Has to fight really hard in order to keep its production flat. Property/management team has gone through a number of acquisitions making quite a few changes in the last number of years. A “show-me” story. | 2009-09-18 | ||
| WAIT | Storm Exploration Inc. | SEO-T (Dead) | 14.450 | Junior gas player. Excellent company. Well managed. Good exploration team. Have had some good discoveries and being able to grow their production. Think there will be opportunities so put it on your radar screen. | 2009-09-18 | ||
| DON'T BUY | Chinook Energy Inc | CKE-T | 1.500 | Gas oriented. New management team really started to grow production substantially in the last year and did an excellent job. More recently did a number of acquisitions and took on more debt and this has hurt them in the marketplace. There are others with less debt and cheaper production costs. | 2009-09-18 | ||
| BUY | Galleon Energy Inc. | GO-T | 6.420 | About 60% waited to oil production and the rest in Alberta-based gas, which is suffering. Very interesting exploration program although stock price hasn't performed as well as they would like. Will go through some tougher times but has a history of managing through that. On his radar screen. | 2009-09-18 | ||
| HOLD | TriStar Oil & Gas | TOG-T | 14.600 | Light oil. Likes the Petrobakken story. Probably the most profitable play in Western Canada. Well managed. Will grow their production substantially and has some great opportunities to do that. | 2009-09-18 | ||
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| Comment | Ithaca Energy Inc. | IAE-T | 0.800 | In the North Sea and has had some difficulty. Has had some good discoveries and assets. Likes it but think it's going to be relatively flat for while. Expecting European gas prices to be a little stronger than North American. | 2009-09-18 | ||
| BUY | Altagas Ltd | ALA-T | 16.500 | In the infrastructure area, midstream area, which does not avoid some of the commodity risks out there. Revolves around infrastructure and producing electricity. Good distribution. | 2009-08-11 | ||
| WAIT | Bonavista Energy Corp | BNP-T | 17.110 | Low-cost operator. About 60% natural gas so is vulnerable to gas price changes. Recently made an acquisition and will be helped by a reduction in BC royalties. Very well managed. Waiting for gas prices to increase and a more positive outlook. | 2009-08-11 | ||
| HOLD | Connacher Oil and Gas | CLL-T | 0.920 | Heavy oil producer and heavy oil margins have been relatively small. Doesn't think it will change too much unless there is a big increase in oil prices. | 2009-08-11 | ||
| HOLD | Husky Energy | HSE-T | 30.010 | Have some interesting properties. Has been suffering a little because of the high price of heavy oil. They are a refiner so they are buying heavy oil as their feedstock. There are others that he likes better in the same space such as Suncor (SU-T) and PetroCanada (PCA-T). | 2009-08-11 | ||
| TOP PICK | Northland Power Inc | NPI-T | 10.300 | Power generation, which is relatively secure, stable, recession resistant. Just emerged with their parent company in a complicated transaction but will add investment opportunities going forward. Likes the yield of 10.5%. | 2009-08-11 | ||
| BUY on WEAKNESS | Suncor Energy Inc | SU-T | 34.910 | Merging with PetroCanada (PCA-T), which will be good. Very well managed. Oil prices are very strong right now and will continue to be so. | 2009-08-11 | ||
| PAST TOP PICK | Talisman Energy | TLM-T | 16.910 | (A Top Pick July 18/08. Down 8.48%.) Undervalued as an oil company. Likes what he sees in it. Buy on weakness. | 2009-08-11 | ||
| TOP PICK | Trans Canada Corp | TRP-T | 31.260 | Good growth prospects in front of it through the Keystone project, which will generate good cash flow through the next couple of years. Has the Horn River project that will generate good cash flow. Over the next 2 years it will provide better returns. Good distribution of about 5%. | 2009-08-11 | ||
| DON'T BUY | UTS Energy | UTS-T (Dead) | 1.480 | Doesn't have control of its project. PetroCanada (PCA-T) runs it and it is really up to them to decide what they're going to do. It’s heavy oil, which needs $90 a barrel to develop it. | 2009-08-11 | ||
| TOP PICK | Vermilion Energy Inc | VET-T | 30.370 | Oil/gas. Results just came out and were very good. Internationally oriented with properties in Paris, Netherlands and most recently in Ireland. Very well managed. Trying to sell a Libyan property, which will reduce their debt to very low levels. Good distribution. | 2009-08-11 | ||
| BUY | TriStar Oil & Gas | TOG-T | 13.340 | Petrobank Energy (PBG-T) is spinning off its Bakken properties to form a new company called Petrobakken Energy along with Tristar properties. Think it will be very good. Have a great track record. | 2009-08-11 | ||
| PAST TOP PICK | Addax Petroeum Corp. | AXC-T (Dead) | 52.500 | (A Top Pick July 18/08. Up 27.69%.) Acquired by Sinopec at $52.80. | 2009-08-11 | ||
| WATCH | Pengrowth Energy | PGF-T | 9.150 | Has some great properties and assets. Has always had management issues and more recently have brought in a new president who is very well thought of. Anxious to see what he is going to do. | 2009-08-11 | ||
| DON'T BUY | Trinidad Drilling Ltd | TDG-T | 4.750 | This one needs an increase in the number of drilling rigs so oil companies have to start spending more money. Until there is some recovery in natural gas prices he doesn't think this will take place. Well managed company. | 2009-08-11 | ||
| HOLD | Ithaca Energy Inc. | IAE-T | 0.780 | Oil producer. Have some great assets in the North Sea. There have been some consolidations in the North Sea. | 2009-08-11 | ||
| BUY | Arc Resources Ltd | ARX-T | 17.360 | Will probably be a trust as long as it can be. When it goes to a corporation, it is hoping to generate enough cash flow to pay both capital expenditures, taxes and continue distributions/dividends. Think they'll be successful at this. | 2009-06-29 | ||
| Comment | Celtic Exploration Ltd. | CLT-T | 15.260 | Gas producer in the Montney play. Made a lot of money by hedging their gas production. Likes this company. | 2009-06-29 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 60.910 | Horizon project is going through its initial stages of starting up. Will generate huge amounts of cash flow. About 1/3 gas, 1/3 heavy oil and 1/3 light oil. Well managed. | 2009-06-29 | ||
| DON'T BUY | Encana Corp | ECA-T | 57.560 | Has been writing lately because of its 80% gas weighting. You'll be able to get it cheaper down the road. | 2009-06-29 | ||
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| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 6.400 | 1st quarter on the refining side was very profitable. Debt is high. Need to do capital expenditures on their refinery. Much higher risk than others. | 2009-06-29 |
