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Glenn MacNeill, P.Eng. of Sentry Select Capital Corp
The Exchange Tower
130 King Street West, Suite 2850
Toronto ON
M5X 1A4
416-861-8729
Glenn MacNeill, P.Eng.'s website
Toll Free: 1-888-246-6656
Fax: 416-364-1197
info@sentryselect.com

Opinions from Glenn MacNeill, P.Eng.

TOP PICKTalisman EnergyTLM-T18.760Continues to be undervalued and in the penalty box but value will get crystallized at some point. Management has a new initiative to maximize value by selling off some non-core assets and taking a much more aggressive approach to assets they already have. Especially like their Indonesia, Malaysia and Vietnam assets that make a very attractive takeover target. Kazakhstan is a relatively small exposure.2008-07-18
TOP PICKAddax Petroeum Corp.AXC-T41.820Crude oil production in Gabon, Africa. Hasn't moved as much as it deserves to. Good growth rate in oil production.2008-07-18
TOP PICKZargon Energy TrustZAR.UN-T24.990Low debt and low payout ratio. Kind of ignored by the market and, as a result, a takeover target. Good possibility they will have to increase their distribution in the near future. Some very attractive assets.2008-07-18
PAST TOP PICKEncana CorpECA-T78.810(A Top Pick May 9/07. Up 27%.) Pretty fully valued at this time. Has lots of gas exposure, which he likes. Short term Hold but long-term Buy.2008-07-18
PAST TOP PICKSuncor Energy IncSU-T55.000(A Top Pick May 9/07. Up 19%.) Driven by oil prices so has dropped recently. Still making a lot of money. Excellent management. Long-term assets. Good long-term Hold. Buy on weakness.2008-07-18
PAST TOP PICKOilexco IncOIL-T15.980(A Top Pick May 9/07. Up 75%.) Although there is good future for the company, he would be a seller at this point. North Sea producer and has a number of rigs locked up. Buy on weakness, anything below $15 or $14.2008-07-18
BUY on WEAKNESSIteration EnergyITX-T7.000About 65% natural gas. This is one to buy for the long-term. Good track record. Recently acquired Cyries Energy. Good management team.2008-07-18
SELLHarvest Energy TrustHTE.UN-T20.12017% yield, which should make you suspicious. Having difficulty, mainly because of their Come by Chance refinery. Margins are very poor in the refinery business right now. Highly likely the distribution will be cut.2008-07-18
CommentPenn West Energy TrustPWT.UN-T30.010Really hasn't moved like some of the others, so is undervalued. A “wait-and-see” management on their ability to incorporate their acquisitions. It should do better in future.2008-07-18
DON'T BUYExxon MobilXOM-N81.540A pretty volatile stock. A massive company. Doesn't expect a big bump-up in the near future. Will trade with the oil market.2008-07-18
HOLDNAL Oil & Gas TrustNAE.UN-T15.000Well run company. Wouldn't be one of his first choices, but a good performing trust that is going to trade oil prices. 13% yield.2008-07-18
CommentCanadian Oil Sands TrustCOS.UN-T46.400Good long-term hold if you want oil exposure. May suffer in the short term as prices come off a little.2008-07-18
DON'T BUYImperial OilIMO-T48.840Predominantly a heavy oil producer. Not his favourite major.2008-07-18
BUY on WEAKNESSBonavista Energy TrustBNP.UN-T32.370Good company. You have to time your purchases. Anything below $30. Mostly gas and has some properties in the Bakken area of Saskatchewan. Very well managed and management owns a significant portion of the trust. 11% yield.2008-07-18
HOLDGalleon Energy Inc. (A)GO.A-T17.450This will continue to grow. Likes its slate of properties.2008-07-18
BUY on WEAKNESSNexen IncNXY-T34.050Oil driven. 50% ownership of Opti Canada (OPC-T), which is starting production and is one of the real benefits of owning it. A large part of their production comes out of the North Sea. Try to buy in the $30 range.2008-07-18
DON'T BUYTrue Energy TrustTUI.UN-T4.090Because of management and its slate of properties, there are other trusts that he would rather own. Institutional market does not like it.2008-07-18
BUYQuesterre EnergyQEC-T3.190A high risk/high reward gas play. Utica shale area in Quebec. Very exciting play. Looks pretty promising. Depends on completion techniques, how well current drilling goes, etc. A good risk. Would own as a high beta stock.2008-07-18
BUY on WEAKNESSArc Energy TrustAET.UN-T31.090Like this a lot. Just increased its capital expenditure program which will go to good use. Exposure in the Montney region. Has land/opportunities in great areas.2008-07-18
BUYBankers PetroleumBNK-T1.400Very interesting company representing higher risk because of foreign properties. Has room to run. Continuing to grow its production.2008-07-18
DON'T BUYHighpine Oil & GasHPX-T12.600Last 6 months they have had some management changes that he feels are positive. Very high quality slate of drilling prospects. Will be heavily penalized by the royalty changes in Alberta. A “wait and see” stock at the moment.2008-07-18
BUYCrescent Point Energy TrustCPG.UN-T35.56080% oil. Great trust. A lot of properties are concentrated in the southeast area of Saskatchewan in the Bakken play. Long-term hold. 8% distribution.2008-07-18
CommentArsenal Energy Inc.AEI-T0.870Grown dramatically in the last little while. Recently got new management, so a “wait and see” situation.2008-07-18
BUY on WEAKNESSBreaker Energy Ltd.WAV-T11.080Great performer in the last little while. Been able to grow its production pretty dramatically. Good management team and good slate of assets. A junior that is going places.2008-07-18
CommentNuvista Energy LtdNVA-T15.600Great company. Had good growth. Good management team and a good slate of assets. Will continue to do very well.2008-07-18
CommentPeyto Energy TrustPEY.UN-T17.250Mainly a gas producer. Had a dramatic growth rate in the early years. Low debt level. There are other trusts that are more attractive. Not a bad place to be.2008-07-18
HOLDDuvernay Oil CorpDDV-T82.180Being acquired by Shell and doesn't think there will be any other bidders.2008-07-18
HOLDOpti Canada Inc.OPC-T20.250(Market Call Minute.) Just getting production going right at the moment. His short-term outlook for crude is soft.2008-07-18
BUY on WEAKNESSTrans Canada CorpTRP-T38.000(Market Call Minute.) Very steady company. Regulated cash flow so don't expect big changes.2008-07-18
BUYTriStar Oil & GasTOG-T18.200(Market Call Minute.) Likes this one a lot. About 21,000 barrels a day of production. Good management team. Grown by acquisitions.2008-07-18
BUYPembina Pipeline Income TrustPIF.UN-T16.710(Market Call Minute.) A pipeline and pays very steadily. In an area where production is growing.2008-07-18
BUYConnacher Oil and GasCLL-T4.050Heavy oil producer, mainly in the Seal (?) area of Alberta. Growing its production very quickly, which is why its share price is so high. Have a refinery in Montana which is more of a liability at the moment.2008-07-18
DON'T BUYPetrobank Energy and ResourcesPBG-T55.680A story that moved very early on in the energy picture. Driven by their technology in heavy oil, the Bakken play that they had a substantial position in and their Colombia assets. Has now plateaued out. Fully priced.2008-06-09
BUY on WEAKNESSOilexco IncOIL-T17.700Operates in the North Sea. Has a great slate of drilling prospects. Somewhat volatile so buy opportunistically. Can grow its production significantly over the next several years.2008-06-09
BUY on WEAKNESSDuvernay Oil CorpDDV-T65.070Have a very substantial position in the Montne play in British Columbia, which has better royalties in the gas production than in Alberta. Good management and good assets.2008-06-09
BUY on WEAKNESSTrans Canada CorpTRP-T39.710Diversifying into different areas and are doing a better job than their predecessors did. Steady performer and generates reasonably good cash flow. A prime candidate to have a big piece of the Mackenzie Valley pipeline. Very conservative, rate driven and pays a reasonably good dividend.2008-06-09
CommentA Comment -- General Comments From an ExpertA Commentary0.020Natural Gas: Potential for natural gas in the future is very, very good. Based on where oil is trading, they should be $20 MCF rather than its 12. Undervalued. The potential probably won't show up until we are into the winter heating season.2008-06-09
PARTIAL SELLSuncor Energy IncSU-T70.000Fabulous company to own over the long-term. If you own, consider selling half and then come back in a more opportune time. Long-term hold.2008-06-09
HOLDTriStar Oil & GasTOG-T20.160Great performer and a great consolidator of oil companies. Will continue to grow.2008-06-09
CommentFalcon Oil & GasFO-X1.190Natural gas in Hungary. New management team is much more driven to cash flow. Relatively high risk.2008-06-09
TOP PICKBaytex Energy TrustBTE.UN-T31.950Primarily heavy oil. 40,000 barrels a day. Increased dividend from $.20 to $.25 a month. Good model for other royalty trust. Because cash flows have increased so much they will be able to pay the taxes, capital expenditures and continue to pay out distributions.2008-06-09
TOP PICKFairborne Energy Ltd.FEL-T10.70080% natural gas. A beneficiary of the increase in sulphur prices. Good management. Undervalued relative to its peers.2008-06-09
TOP PICKSavanna Energy ServicesSVY-T22.950Natural gas trailer. Picked on the basis that shallow gas will become much more popular given the high price of gas. Relatively undervalued.2008-06-09
DON'T BUYPetro-CanPCA-T59.010Relatively flat production profile over the last year and the next couple of years going forward. Others have more growth.2008-06-09
CommentCanadian Superior Energy IncSNG-T4.310This is always being a stock that swings for the stars. Drilling an expensive well in Trinidad that looks interesting. Exploration drilling is a big roll of the dice. Not for the faint of heart.2008-06-09
BUY on WEAKNESSOpti Canada Inc.OPC-T22.860In situ oil sands producer. Operates SAG-D and also has a upgrading capacity that it is building with it. Expected to be on production very shortly. Has some unique technology. Rather than purchasing gas to make steam, it will use waste products out of their upgrading facility. Very crude oil price driven.2008-05-16
TOP PICKTalisman EnergyTLM-T23.940Hasn’t gone up as much as some of the other large producers. Represents good value. Will be doing some things to try and enhance its value. A lot of diversified areas geographically. 2008-05-16
TOP PICKFairborne Energy Ltd.FEL-T10.530Roughly 77% gas. Produces about 13.5 thousand barrels a day. Good management. Has started to sell its sulphur, which has brought in more revenue for them. Has one well that is 15% of its revenue but management is managing that.2008-05-16
TOP PICKProfound Energy Inc.PFX-T4.250Produces roughly 3400 barrels a day, about 70% gas. Good management. 2008-05-16
PAST TOP PICKEncana CorpECA-T94.200(A Top Pick May 9/07. Up 50%.) Splitting of the company will give investors a clearer picture of what they are buying. Sum of the parts will be worth more than the whole. Pretty expensive now and would Buy on weakness. Would prefer the Gasco versus the Oilco.2008-05-16
PAST TOP PICKSuncor Energy IncSU-T67.530(A Top Pick May 9/07. Up 41%.) Wonderful exposure to the oil sands. Buy on weakness. Consider taking some profits.2008-05-16
PAST TOP PICKOilexco IncOIL-T16.000(A Top Pick May 9/07. Up 72%.) Great number of drilling prospects in front of them. Could back off which would be the time to buy.2008-05-16
CommentPenn West Energy TrustPWT.UN-T33.690Undervalued relative to its peers. Hasn’t been cited as one of the top performing trusts by many of the analysts. Has a lot of gas, which will do well down the road. Consolidating with a number of mergers. Produces almost 192,000 barrels a day. Should do well on taking advantage of the current gas prices.2008-05-16
BUY on WEAKNESSIteration EnergyITX-T7.520A lot of the high profile intermediates have gone up a great deal. Would hold off on buying them now. A great performer with about 65% natural gas. Recently merged with Cyries Energy, which was a very good deal for them. Excellent management team. Represents good value.2008-05-16
BUYBaytex Energy TrustBTE.UN-T29.040Thinks it will benefit a lot from the very small differentials in heavy oil. Relatively low debt. 2008-05-16
HOLDInteroilIOL-T28.870Had a gas discovery and is going through refinancing. Some outstanding credit issues are looking much better now. Needs a bunch of money to develop an LNG project in Papua New Guinea. Long-term project.2008-05-16
DON'T BUYImperial OilIMO-T56.680Into a very controversial environmental issue. Had 2 setbacks this week. Delay in the Mackenzie Valley pipeline and this will be a lot longer to ever get done. Also denied a permit from the fisheries Department for water, which will delay their Kearl project. Not a favourite.2008-05-16
DON'T BUYTesoro Petroleum CorpTSO-N24.990The refining business has had a real tough time recently, mainly because of higher costs. 2008-05-16
BUYPhoenix Technology Income FundPHX.UN-T15.300Because of higher gas prices, he is expecting an increase in the number of wells drilled, which will increase profitability.2008-05-16
BUYPason Systems Inc.PSI-T16.750Directional driller. With higher gas prices, there will be an increase in drilling.2008-05-16
BUYCalfrac Well Services LtdCFW-T26.820Numbers for the first quarter were not good but would hope the numbers over the remaining year would be good.2008-05-16
BUYTrican Well Service Ltd.TCW-T22.050Numbers for the first quarter were not good but would hope the numbers over the remaining year would be good.2008-05-16
HOLDParamount ResourcesPOU-T16.620100% gas producer. Gas prices have moved from $8 to the $11 range, which is not a lot. This is why it has not been a favourite with the analysts. 2008-05-16
BUY on WEAKNESSDuvernay Oil CorpDDV-T56.800One of the stars of the oil patch. Has had a great run. Expensive. Well managed.2008-05-16
BUY on WEAKNESSConnacher Oil and GasCLL-T4.700Heavy oil. Refining side is a relatively small part of their business. Most of its drive is from the oil sands side on their Seal area. Investors are expecting very quick production growth giving good cash flow.2008-05-16
BUY on WEAKNESSBreaker Energy Ltd.WAV-T11.280One of his favourites. Has done very well recently. Has created a lot of value. Will continue to do quite well.2008-05-16
DON'T BUYPengrowth Energy TrustPGF.UN-T20.750This was the trust that had a good start early on and was able to acquire some very good assets. More recently they have had some difficulty in maintaining their production. Had a policy of paying out more than they earned, which required more borrowing or underwriting. Prefers others.2008-05-16
CommentEnerplus Resources FundERF.UN-T48.500Just acquired Focus Energy Trust, a gas driven trust. Has exposure to the oil sands, which is good. Also has exposure to the Bakken area in Saskatchewan. Feels distributional is safe at the moment. There are others he prefers better.2008-05-16
BUYCanadian Natural RsrcsCNQ-T101.860Had a tough time in not picking this as one of his Top Picks. Have the Horizon oil sands project coming on in the 3rd quarter of this year and should be 110,000 barrels a day growing to 250,000 and up to 500,000. Very profitable at current oil prices. One of the best management teams.2008-05-16
CommentHusky EnergyHSE-T51.940Would probably put money in Encana (ECA-T), Talisman (TLM-T) or Canadian Natural Resources (CNQ-T) first. Have a lot of stuff going for them.2008-05-16
CommentCrescent Point Energy TrustCPG.UN-T36.650Recently announced results and were on the mark. Has been a very steady increasing performer. About 80% plus oil. 80% of their lands are in Saskatchewan, which is promised not to change the royalty regime. Should continue to do very well.2008-05-16
BUY on WEAKNESSProEx Energy Ltd.PXE-T22.250Good management team. British Columbia driven so doesn’t have the Alberta tax problem as much. 2008-05-16
HOLDArc Energy TrustAET.UN-T30.700(Market Call Minute.) Hold at this point in time.2008-05-16
BUYNiko ResourcesNKO-T94.000(Market Call Minute.) Great gas production coming on in India and Bangladesh.2008-05-16
BUYTrans Canada CorpTRP-T38.560(Market Call Minute.) A nice dividend and a nice steady performer. If you like something conservative, this is a good place to put your money.2008-05-16
SELLOilsands Quest Inc.BQI-A4.750(Market Call Minute.) In the oil sands and doesn’t have as good leases as some of the others.2008-05-16
BUY on WEAKNESSBronco EnergyBCF-T19.350(Market Call Minute.) Heavy oil and should be producing very shortly. Production should grow very rapidly.2008-05-16
TOP PICKCanadian Natural RsrcsCNQ-T73.370Likes the Horizon project that is coming on in the latter half of this year. A little more expensive and delayed from what the expectations where but that's not unusual for Fort McMurray. Cash flow will be significant at well over 100,000 barrels a day. 45% natural gas. Good management. (Would treat the Top Picks as a Watch rather than a Buy.)2008-03-07
TOP PICKOilexco IncOIL-T14.820International oil. In the North Sea. Has a number of very interesting areas it is working in. Owns drilling rigs, which is important in the North Sea. Two main operating areas are North Firth and the Southern Gas area. Mainly acquired their positions through farm-ins. Continue to dramatically grow their production at reasonable costs. (Would treat the Top Picks as a Watch rather than a Buy.)2008-03-07
TOP PICKEncana CorpECA-T76.260Mainly gas driven. About 53% of its revenue is Canadian natural gas with a lot of that in the very exciting Montne gas play in NW Alberta. About 32% gas from the US, mainly Wyoming. Relatively small oil holdings. (Would treat the Top Picks as a Watch rather than a Buy.)2008-03-07
WEAK BUYPetrobank Energy and ResourcesPBG-T52.400Has the White Sands oil project for heavy oil, which looks very interesting. Some risks associated with it but he is positive on it. Has some Bakken play in Saskatchewan that looks very interesting. Also have a big interest in PetroMinerales (PMG-T). A very expensive stock as the market has chosen to give a high valuation to the White Sands project. He feels there is a lot of risk there.2008-03-07
WAITDuvernay Oil CorpDDV-T38.650Gas dominated company. Shoulder season is traditionally a slow time for natural gas, but we are not seeing it because of the cold weather. This company is very well run. Large acreage position in British Columbia and NW Alberta, in the heart of the very exciting Montney play, which is undervalued. Good management.2008-03-07
DON'T BUYBow Valley EnergyBVX-T4.910Had been a frustrating stock and recently sold his holdings. Drilling in the North Sea and had 2 dry holes. Looks like they are having some success in Alaska. Have a lack of good drilling plays.2008-03-07
WAITParamount Energy TrustPMT.UN-T7.800100% gas. Sold his holdings last fall, presuming low gas prices. Would wait to see how strong gas imports are this summer. He likes it. Has good plays and is well managed and a good cash position.2008-03-07
DON'T BUYFirst Calgary PetroleumsFCP-T2.870Oil/gas in Algeria. Gas, which is harder to ship, has to go into Italy or Spain and is a little more difficult to generate cash flow. Oil exploration has been somewhat disappointing. Other international plays have better risk/rewards.2008-03-07
DON'T BUYAntrim EnergyAEN-T4.220Reasonably positive. This is a junior oil company that has Argentinean production, which is relatively low. This is a country that has added higher royalties on to the producers. Also have some North Sea prospects that looks pretty interesting. A “wait and see” story.2008-03-07
CommentCanadian Superior Energy IncSNG-T3.260An exploration company with properties off the east coast, which are currently not that active. Also drilling a number of wells in the Trinidad area and have some Alberta-based properties. This is one that he Trades. Higher risk/higher reward.2008-03-07
CommentPetro-CanPCA-T46.760Has been a frustrating ride. Outlook is relatively flat for the next couple of years. The Hibernia did very well and was a great field, but has peaked out. Exploration in North Africa and other places looks interesting. He is not expecting new large production increases. Has always traded at a discount to its peers because of execution reasons more than anything else.2008-03-07
PAST TOP PICKHighpine Oil & GasHPX-T11.700(A Top Pick Apr 4/07. Down 14%.) Has a complexity of high-volume oil wells and the Alberta government changed the royalties by as much as 50%. Many of their locations became uncompetitive. Had some positive management changes. Treat as a Hold. It could get better. Wait for the government’s review.2008-03-07
PAST TOP PICKVero Energy Inc.VRO-T7.730(A Top Pick Apr 4/07. Up 25%.) Thinks it will continue to do very well. Has had significant production increases.2008-03-07
PAST TOP PICKTalisman EnergyTLM-T17.170(A Top Pick Apr 4/07. Down 17%.) Recently had a good discovery in the North Sea, but the market seems to have ignored it. The sum of the parts of this company is worth more than the whole. The market is in a “wait and see” mode to see how the new management performs. For maximum value, he thinks the company should be broken up and sold. Not a Buy. Continue to Hold.2008-03-07
CommentFording Canadian Coal Trust (Inc Trust)FDG.UN-T52.900For this one, you have to make a projection on metallurgical coal prices. Most of it is sold into the Pacific rim countries. Most of it comes from Australia and the balance from Canada through this company. It really depends on steel demand, which he thinks will continue for some time. He is somewhat bullish on it.2008-03-07
CommentConnacher Oil and GasCLL-T3.220Suffering like many juniors that are failing to be recognized. Oil/gas equity market has been tough and it is going to affect the seniors first and will gradually work its way down to some of the juniors. This one is heavy oil and their netbacks are going to be lower than some of the other producers. Increasing its production fairly dramatically. Market is just failing to give value to it.2008-03-07
DON'T BUYHarvest Energy TrustHTE.UN-T22.770Downstream operation is actually doing very well. Crack spreads have come off since last year as costs have gone up. Feels their coker project is on hold while they assess the market. Debt is relatively high. Distribution of 15.7% indicates a concern.2008-03-07
CommentDianor Resources Inc.DOR-X0.365A diamond company with interesting property by Wawa Ontario. Only 15km off the trans-Canada Highway so is easily accessible. Stock has been a big disappointment. Feels they are going through a long protracted process to evaluate the asset. Thinks it will take more time. Development costs have gone up.2008-03-07
CommentSynenco Energy Inc.SYN-T6.980Like many oil sands non-producers, it is basically just leases. There is a very fine funnel that all these projects must go through, both in terms of project development skills and financing. Doing a reasonably good job. Has had a management change. Have a very long shot of going into production.2008-03-07
CommentA Comment -- General Comments From an ExpertA Commentary0.020Saskatchewan Oil Sands Development: - going through a delineation process of defining the field, core samples and assessing the resource. Long process and fairly expensive. They are far from infrastructure, which is important in the oil sands market. These are in situ leases, which are less profitable than the mining leases.2008-03-07
WAITBronco EnergyBCF-T11.590(Q: Did they get approval to draw off the water from Stone Cree Nation reserve?) Doesn’t know. They need water in order to develop the in situ production they will be working on. They have about 87,000 acres in the Alberta Oil Sands, which translates to about 4 billion cubic feet of oil. Of course a small percentage of that is obtainable. Wait until there is some production, which is expected this year.2008-03-07
CommentCalvalley Petroleum Inc (A)CVI.A-T4.410Early stage exploration company. Assets in Yemen, which is a good area. Looks pretty interesting but there’s a lot of work, time and money to be spent in evaluating them. There are other international plays that he likes better. High risk/high reward.2008-03-07
HOLDNewalta Income FundNAL.UN-T16.670(Market Call Minute.) Good production, good assets. Relatively high dividend.2008-03-07

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