| TOP PICK | | Talisman Energy | TLM-T | 18.760 | Continues 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 PICK | | Addax Petroeum Corp. | AXC-T | 41.820 | Crude oil production in Gabon, Africa. Hasn't moved as much as it deserves to. Good growth rate in oil production. | 2008-07-18 | |
| TOP PICK | | Zargon Energy Trust | ZAR.UN-T | 24.990 | Low 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 PICK | | Encana Corp | ECA-T | 78.810 | (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 PICK | | Suncor Energy Inc | SU-T | 55.000 | (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 PICK | | Oilexco Inc | OIL-T | 15.980 | (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 WEAKNESS | | Iteration Energy | ITX-T | 7.000 | About 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 | |
| SELL | | Harvest Energy Trust | HTE.UN-T | 20.120 | 17% 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 | |
| Comment | | Penn West Energy Trust | PWT.UN-T | 30.010 | Really 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 BUY | | Exxon Mobil | XOM-N | 81.540 | A 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 | |
| HOLD | | NAL Oil & Gas Trust | NAE.UN-T | 15.000 | Well 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 | |
| Comment | | Canadian Oil Sands Trust | COS.UN-T | 46.400 | Good 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 BUY | | Imperial Oil | IMO-T | 48.840 | Predominantly a heavy oil producer. Not his favourite major. | 2008-07-18 | |
| BUY on WEAKNESS | | Bonavista Energy Trust | BNP.UN-T | 32.370 | Good 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 | |
| HOLD | | Galleon Energy Inc. (A) | GO.A-T | 17.450 | This will continue to grow. Likes its slate of properties. | 2008-07-18 | |
| BUY on WEAKNESS | | Nexen Inc | NXY-T | 34.050 | Oil 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 BUY | | True Energy Trust | TUI.UN-T | 4.090 | Because 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 | |
| BUY | | Questerre Energy | QEC-T | 3.190 | A 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 WEAKNESS | | Arc Energy Trust | AET.UN-T | 31.090 | Like 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 | |
| BUY | | Bankers Petroleum | BNK-T | 1.400 | Very interesting company representing higher risk because of foreign properties. Has room to run. Continuing to grow its production. | 2008-07-18 | |
| DON'T BUY | | Highpine Oil & Gas | HPX-T | 12.600 | Last 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 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 35.560 | 80% 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 | |
| Comment | | Arsenal Energy Inc. | AEI-T | 0.870 | Grown dramatically in the last little while. Recently got new management, so a “wait and see” situation. | 2008-07-18 | |
| BUY on WEAKNESS | | Breaker Energy Ltd. | WAV-T | 11.080 | Great 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 | |
| Comment | | Nuvista Energy Ltd | NVA-T | 15.600 | Great company. Had good growth. Good management team and a good slate of assets. Will continue to do very well. | 2008-07-18 | |
| Comment | | Peyto Energy Trust | PEY.UN-T | 17.250 | Mainly 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 | |
| HOLD | | Duvernay Oil Corp | DDV-T | 82.180 | Being acquired by Shell and doesn't think there will be any other bidders. | 2008-07-18 | |
| HOLD | | Opti Canada Inc. | OPC-T | 20.250 | (Market Call Minute.) Just getting production going right at the moment. His short-term outlook for crude is soft. | 2008-07-18 | |
| BUY on WEAKNESS | | Trans Canada Corp | TRP-T | 38.000 | (Market Call Minute.) Very steady company. Regulated cash flow so don't expect big changes. | 2008-07-18 | |
| BUY | | TriStar Oil & Gas | TOG-T | 18.200 | (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 | |
| BUY | | Pembina Pipeline Income Trust | PIF.UN-T | 16.710 | (Market Call Minute.) A pipeline and pays very steadily. In an area where production is growing. | 2008-07-18 | |
| BUY | | Connacher Oil and Gas | CLL-T | 4.050 | Heavy 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 BUY | | Petrobank Energy and Resources | PBG-T | 55.680 | A 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 WEAKNESS | | Oilexco Inc | OIL-T | 17.700 | Operates 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 WEAKNESS | | Duvernay Oil Corp | DDV-T | 65.070 | Have 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 WEAKNESS | | Trans Canada Corp | TRP-T | 39.710 | Diversifying 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 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural 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 SELL | | Suncor Energy Inc | SU-T | 70.000 | Fabulous 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 | |
| HOLD | | TriStar Oil & Gas | TOG-T | 20.160 | Great performer and a great consolidator of oil companies. Will continue to grow. | 2008-06-09 | |
| Comment | | Falcon Oil & Gas | FO-X | 1.190 | Natural gas in Hungary. New management team is much more driven to cash flow. Relatively high risk. | 2008-06-09 | |
| TOP PICK | | Baytex Energy Trust | BTE.UN-T | 31.950 | Primarily 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 PICK | | Fairborne Energy Ltd. | FEL-T | 10.700 | 80% natural gas. A beneficiary of the increase in sulphur prices. Good management. Undervalued relative to its peers. | 2008-06-09 | |
| TOP PICK | | Savanna Energy Services | SVY-T | 22.950 | Natural 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 BUY | | Petro-Can | PCA-T | 59.010 | Relatively flat production profile over the last year and the next couple of years going forward. Others have more growth. | 2008-06-09 | |
| Comment | | Canadian Superior Energy Inc | SNG-T | 4.310 | This 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 WEAKNESS | | Opti Canada Inc. | OPC-T | 22.860 | In 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 PICK | | Talisman Energy | TLM-T | 23.940 | Hasn’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 PICK | | Fairborne Energy Ltd. | FEL-T | 10.530 | Roughly 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 PICK | | Profound Energy Inc. | PFX-T | 4.250 | Produces roughly 3400 barrels a day, about 70% gas. Good management. | 2008-05-16 | |
| PAST TOP PICK | | Encana Corp | ECA-T | 94.200 | (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 PICK | | Suncor Energy Inc | SU-T | 67.530 | (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 PICK | | Oilexco Inc | OIL-T | 16.000 | (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 | |
| Comment | | Penn West Energy Trust | PWT.UN-T | 33.690 | Undervalued 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 WEAKNESS | | Iteration Energy | ITX-T | 7.520 | A 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 | |
| BUY | | Baytex Energy Trust | BTE.UN-T | 29.040 | Thinks it will benefit a lot from the very small differentials in heavy oil. Relatively low debt. | 2008-05-16 | |
| HOLD | | Interoil | IOL-T | 28.870 | Had 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 BUY | | Imperial Oil | IMO-T | 56.680 | Into 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 BUY | | Tesoro Petroleum Corp | TSO-N | 24.990 | The refining business has had a real tough time recently, mainly because of higher costs. | 2008-05-16 | |
| BUY | | Phoenix Technology Income Fund | PHX.UN-T | 15.300 | Because of higher gas prices, he is expecting an increase in the number of wells drilled, which will increase profitability. | 2008-05-16 | |
| BUY | | Pason Systems Inc. | PSI-T | 16.750 | Directional driller. With higher gas prices, there will be an increase in drilling. | 2008-05-16 | |
| BUY | | Calfrac Well Services Ltd | CFW-T | 26.820 | Numbers for the first quarter were not good but would hope the numbers over the remaining year would be good. | 2008-05-16 | |
| BUY | | Trican Well Service Ltd. | TCW-T | 22.050 | Numbers for the first quarter were not good but would hope the numbers over the remaining year would be good. | 2008-05-16 | |
| HOLD | | Paramount Resources | POU-T | 16.620 | 100% 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 WEAKNESS | | Duvernay Oil Corp | DDV-T | 56.800 | One of the stars of the oil patch. Has had a great run. Expensive. Well managed. | 2008-05-16 | |
| BUY on WEAKNESS | | Connacher Oil and Gas | CLL-T | 4.700 | Heavy 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 WEAKNESS | | Breaker Energy Ltd. | WAV-T | 11.280 | One 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 BUY | | Pengrowth Energy Trust | PGF.UN-T | 20.750 | This 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 | |
| Comment | | Enerplus Resources Fund | ERF.UN-T | 48.500 | Just 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 | |
| BUY | | Canadian Natural Rsrcs | CNQ-T | 101.860 | Had 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 | |
| Comment | | Husky Energy | HSE-T | 51.940 | Would 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 | |
| Comment | | Crescent Point Energy Trust | CPG.UN-T | 36.650 | Recently 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 WEAKNESS | | ProEx Energy Ltd. | PXE-T | 22.250 | Good management team. British Columbia driven so doesn’t have the Alberta tax problem as much. | 2008-05-16 | |
| HOLD | | Arc Energy Trust | AET.UN-T | 30.700 | (Market Call Minute.) Hold at this point in time. | 2008-05-16 | |
| BUY | | Niko Resources | NKO-T | 94.000 | (Market Call Minute.) Great gas production coming on in India and Bangladesh. | 2008-05-16 | |
| BUY | | Trans Canada Corp | TRP-T | 38.560 | (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 | |
| SELL | | Oilsands Quest Inc. | BQI-A | 4.750 | (Market Call Minute.) In the oil sands and doesn’t have as good leases as some of the others. | 2008-05-16 | |
| BUY on WEAKNESS | | Bronco Energy | BCF-T | 19.350 | (Market Call Minute.) Heavy oil and should be producing very shortly. Production should grow very rapidly. | 2008-05-16 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 73.370 | Likes 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 PICK | | Oilexco Inc | OIL-T | 14.820 | International 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 PICK | | Encana Corp | ECA-T | 76.260 | Mainly 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 BUY | | Petrobank Energy and Resources | PBG-T | 52.400 | Has 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 | |
| WAIT | | Duvernay Oil Corp | DDV-T | 38.650 | Gas 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 BUY | | Bow Valley Energy | BVX-T | 4.910 | Had 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 | |
| WAIT | | Paramount Energy Trust | PMT.UN-T | 7.800 | 100% 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 BUY | | First Calgary Petroleums | FCP-T | 2.870 | Oil/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 BUY | | Antrim Energy | AEN-T | 4.220 | Reasonably 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 | |
| Comment | | Canadian Superior Energy Inc | SNG-T | 3.260 | An 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 | |
| Comment | | Petro-Can | PCA-T | 46.760 | Has 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 PICK | | Highpine Oil & Gas | HPX-T | 11.700 | (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 PICK | | Vero Energy Inc. | VRO-T | 7.730 | (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 PICK | | Talisman Energy | TLM-T | 17.170 | (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 | |
| Comment | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 52.900 | For 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 | |
| Comment | | Connacher Oil and Gas | CLL-T | 3.220 | Suffering 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 BUY | | Harvest Energy Trust | HTE.UN-T | 22.770 | Downstream 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 | |
| Comment | | Dianor Resources Inc. | DOR-X | 0.365 | A 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 | |
| Comment | | Synenco Energy Inc. | SYN-T | 6.980 | Like 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 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Saskatchewan 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 | |
| WAIT | | Bronco Energy | BCF-T | 11.590 | (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 | |
| Comment | | Calvalley Petroleum Inc (A) | CVI.A-T | 4.410 | Early 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 | |
| HOLD | | Newalta Income Fund | NAL.UN-T | 16.670 | (Market Call Minute.) Good production, good assets. Relatively high dividend. | 2008-03-07 | |
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