STOCKCHASE

Bellatrix Exploration Ltd.

0.020

We came back from the long weekend and people realized the European situation was going to be dealt with. Doesn’t have a strong price run-up case for oil. Outside of some kind of shock, $70-$80 range. Bearish on Natural Gas for over a year. She looks for management experience and profit indicating a higher stock price or room for growth.

2010-02-16

WAIT

Delphi Energy Corp.

DEE-T

2.400

It has had its challenges because it is gas focused and balance sheet was hefty. They have done well in paying down their debt and growing their production. Stock is not expensive. Biggest risk is that it is a gas focused player and as we are rolling into the shoulder season, you may get a chance to buy it cheaper over the next few months.

2010-02-16

BUY

Penn West Petroleum

PWT-T

19.540

(Market Call Minute) Great assets, but company has not met operational targets, yet going forward things are turning around.

2010-02-16

WAIT

Galleon Energy Inc.

GO-T

6.660

Highflying stock way back when. Really fell out of favour compared to pier group. There are doubts about management being able to meet their forecast. It won’t go up in multiple until you have had successive quarters meeting forecast. Great assets, but quiet money – unless they get taken out.

2010-02-16

WEAK BUY

Rock Energy Inc.

RE-T

4.230

Great management team and asset base. Economics of the heavy oil is fantastic. But their strategy is to take profits and invest much into gas. If you like if for the gas, then it is a buy, but not if it is for the oil.

2010-02-16

BUY

BXE-T

4.520

Reincarnation of what was the true energy trust. Stock is a little bit expensive, but it’s hard to find a pier that isn’t. Management has really bought in and had a good run and it’s going to continue.

2010-02-16

BUY

Cinch Energy Corp

CNH-T (Dead)

1.680

Had great success finally. Enviable asset base. They continue to grow. It’s a gas stock, but they are drilling some really exciting exploration wells this winter.

2010-02-16

SPECULATIVE BUY

Questerre Energy

QEC-T

3.730

They are located in the best place for gas because they are at the pipeline into the US. Fair amount of risk on their play.

2010-02-16

TOP PICK

Pacific Rubiales Energy Corp.

PRE-T

16.010

Still has those huge production increases from drilling on their existing assets. They are doing exploration as well, but you don’t need it for growth.

2010-02-16

WEAK BUY

Painted Pony Petroleum

PPY.A-X

7.650

Hates A/Bs (classes). She would not buy the ‘B’s. They are not liquid enough to get the participation from results as the ‘A’s. This is an expensive stock, but it doesn’t mean it wont go up.

2010-02-16

PAST TOP PICK

WesternZagros Resources Ltd.

5.840

(Top Pick Jan 20/09, Up 81%) The cash flow fully funds exploration for this year. This is going to be fun but bumpy. You have to be prepared for it to be a roller coaster. The management certainly has the skills.

2010-02-16

BUY

Twin Butte Energy

TBE-T

1.340

More oil and profits are much better on oil than gas. They took over a company called Buffalo with a great asset. Prospects are good. On her radar screen.

2010-02-16

DON'T BUY

WZR-X

0.920

Purely an expiration stock. Everyone was waiting for their latest drilling results but they did not have the equipment to hit their zone of interest. Trades on sentiment and noise.

2010-02-16

SPECULATIVE BUY

Ithaca Energy Inc.

IAE-T

1.770

Has had a lot of new executives come into management and it is a strong team. Solid asset base. The cost of the wells are so much for a company of this size that you have an incremental level of risk. The big discoveries have been made in the North Sea.

2010-02-16

SPECULATIVE BUY

Canacol Energy Ltd.

CNE-T

0.540

Small producer, primary assets in Columbia. Stock was on a tear and then settled back. It is richly valued. It could be a fun stock to play.

2010-02-16

TOP PICK

Wild Stream Exploration Inc.

WSX-X

5.050

This is low hanging fruit on the oil side. The growth is just on assets that they have. It’s very well valued in the market – it’s not expensive. Growth is just on assets and the management team has done it before.

2010-02-16

TOP PICK

Emerge Oil & Gas Inc.

EME-T (Dead)

2.970

Likes it because she likes heavy oil. Large contiguous asset base. Very repeatable. No exploration risk. Just drilling really boring 50 barrel per day oil wells. Makes tones of money and they can double their production this year. New public company and has not done marketing so it is undervalued. NOTE: EME-T used to be the symbol for Emergis, which was acquired by Telus in 2008 and the symbol is now assigned to Emerge Oil and Gas.

2010-02-16

BUY

Arc Resources Ltd

ARX-T

19.000

(Market Call Minute) Valuation is reasonable. Could buy for the long term.

2009-09-22

BUY

Bonavista Energy Corp

BNP-T

20.620

Very impressed with the acquisition they just did. Distribution is safe at this point. In 2011 they have the asset base to turn into a corporation that still pays a dividend.

2009-09-22

WAIT

Canadian Natural Rsrcs

CNQ-T

76.640

Just went up 26%. They can decide to stop drilling for Gas and start drilling for oil. Buy 20% of what you want and wait 6 weeks on the rest. It will come off 10% in a month.

2009-09-22

BUY

Canadian Oil Sands

COS-T

29.870

Likes it. You don’t have capital expenditures for next 2 years. Nice distribution stream.

2009-09-22

TOP PICK

62.400

Still likes it. Likes it as a single entity that will split. $80 oil this time next year; $5-6 for Gas.

2009-09-22

PAST TOP PICK

Petrobank Energy and Resources

62.400

(Top Pick Sept 5/08, Down 9.6%) Happy about the split. No one pays any attention to their properties. You have more upside than you see in their stock price.

2009-09-22

BUY

Nexen Inc

NXY-T

25.540

Diverse portfolio. Now is not a bad time to accumulate. You have the benefit of a lower multiple.

2009-09-22

WAIT

PBG-T

42.500

It depends why you are buying it. It’s pretty expensive. Let the market settle out if you are going to buy it.

2009-09-22

DON'T BUY

Precision Drilling

PD-T

7.440

Should be one she loves, but when second quarter results came out they showed no penetration into the market.

2009-09-22

BUY

Talisman Energy

TLM-T

19.280

Has been frustrating and trading in a very narrow band. The upside potential is the unconventional resource play. A long-term hold. Next 12 months depends on what they can gear up for results on Marcelus.

2009-09-22

DON'T BUY

UTS Energy

UTS-T (Dead)

1.880

We don’t know what Suncor wants to do with the Fort Hills play.

2009-09-22

BUY

Vermilion Energy Inc

VET-T

30.580

(Market Call Minute) It’s inexpensive because it was weighed down by a sale.

2009-09-22

PAST TOP PICK

Baytex Energy Corp

BTE-T

24.850

(Top Pick Sept 5/08, Down 8%) Loves it because it is oil. Heavy oil differentials are low and they get all the benefit of that. Really safe distribution.

2009-09-22

HOLD

Opti Canada Inc.

OPC-T (Dead)

2.150

Frustrating stock. Balance sheet problem and getting enough steam into the ground to get enough oil out. Project is solid, technology works. Wait and see if we can get the steam issue resolved. Their upgrader is built and has value.

2009-09-22

BUY

Crew Energy Inc.

CR-T

8.580

This company runs first and hard when the gas cycle starts. You need to trade this one or hold for 2 or 3 years. Phenomenal asset base. Likes it.

2009-09-22

Comment

0.020

The rally in Natural Gas we have seen this month does not need to continue. The market was looking for the commodity that had not had a run yet. We are seeing some of the stocks price in what we see the futures curve looking like over the next 12 months. She thinks it is a bit aggressive. The rally could continue for another week or two. The fundamentals have not really changed in the last couple of weeks. Gas will not stay at the $2-3 level. It should hover around the $5-6 level.

2009-09-22

PARTIAL SELL

Delphi Energy Corp.

DEE-T

1.540

Great conventional assets. Decent hedge position, but balance sheet is rather hefty. It is a stock that you should trade because it is at risk of following the price of gas. If you own, consider taking some profits and then get back in later.

2009-09-22

HOLD

Penn West Petroleum

PWT-T

15.780

This is a company that was a large successful company before they turned into a trust. They have a little more debt that we like to see. Distribution not at risk before 2011 but they could turn into a growth company,

2009-09-22

DON'T BUY

Chinook Energy Inc

CKE-T

1.340

The operational performance just has not been there and the balance sheet has been a tremendous overhang. There are a lot of better places to safely sit.

2009-09-22

PAST TOP PICK

TriStar Oil & Gas

TOG-T

14.670

(Top Pick Sept 5/08, Down 20%) Now you are going to be part of a larger entity. There is a lack of pure play large cap oil stocks in this country that don’t pay a distribution. They will have an enhanced market being larger.

2009-09-22

BUY

Cinch Energy Corp

CNH-T (Dead)

1.040

(Market Call Minute) We are going to get some well results soon. Buy half now.

2009-09-22

HOLD

Bankers Petroleum

BNK-T

4.380

This is a stock you cannot judge by cash flow multiple. You buy by what the management team can do with the asset as they have done before. They have a lot of old equipment that is being overhauled. The cash flow will come in eventually. Take half if the quadruple has made it overweight in your portfolio.

2009-09-22

HOLD

Questerre Energy

QEC-T

2.600

(Market Call Minute) If you are in it you are speculating on the Utica shell gas play and TLM is going to drill another couple of holes.

2009-09-22

BUY

Pan Orient Energy

POE-X

4.950

Very volatile because it has fresh production in their numbers. Likes their exploration focus. They have the expertise. Good one to own but it is lumpy. It’s a move on news stock. Actively drilling now so there should be news every 6 weeks. Last on the 16’th.

2009-09-22

BUY on WEAKNESS

Breaker Energy Ltd.

WAV-T

5.180

Nice comfortable holding for 6 to 12 months. They have an asset base that is very high quality, long life. Has been through an issue where the balance sheet was a bit stretched which is not an issue going forward.

2009-09-22

BUY

4.530

(Market Call Minute) You have 140 Million in cash, 16,000 bpd of production and 14-well drilling program coming up.

2009-09-22

DON'T BUY

Vast Exploration Inc.

VST-X

0.720

This is not the high-risk way to play Kurdistan. She has not seen anyone get paid. Doesn’t like to own stocks where you could wake up in the morning and own nothing.

2009-09-22

SELL

Open Range Energy Corp.

ONR-T

1.870

These are great long-term gas assets. At this point in this gas price environment they don’t have the cash flow to drill a lot of wells.

2009-09-22

TOP PICK

Legacy Oil + Gas Inc.

LEG-T

1.760

You are paying for the management team on this stock. These guys are experts in oil. Brought production from 525 bpd up to 4000 through acquisitions.

2009-09-22

TOP PICK

Cequence Energy Ltd.

CQE-T

3.800

You are getting the benefit of a management team who has proven their expertise in adding production and growth through acquisitions. It did not participate in the run. Name is not that well known yet. It got hit yesterday even though it was a non-event. $8 target factors in acquisitions we don’t yet know about.

2009-09-22

BUY

Arcan Resources Ltd.

ARN-X

1.500

Two long life unionized production. It’s all oil and low risk. Good holding potential and increased production.

2009-09-22

HOLD

Altagas Ltd

ALA-T

16.300

(Market Call Minute.) Power and natural gas liquids are weak and the frac spreads are thin. Long-term it is a very well run company.

2009-06-01

HOLD

Advantage Oil & Gas Ltd

AAV-T

4.950

Has been completely restructured. Has a very attractive land spread in the Montney's. As the gas market focuses on resource plays they could capitalize on this or be taken over. The next 3 months could be a problem for the gas market.

2009-06-01

BUY

Bonavista Energy Corp

BNP-T

19.300

Very conservatively run with good cost control. 10.5% distribution is solid. Attractive growth profile.

2009-06-01

BUY

Canadian Oil Sands

COS-T

29.600

(Market Call Minute.) Likes it because it is oily. Has been lagging the index.

2009-06-01

Comment

62.850

Supposed to be some clarity on the splitting of oil and gas assets after they meet in June. Have a very meaningful position in 2 shale plays in the US.

2009-06-01

PAST TOP PICK

Niko Resources

NKO-T

77.950

(A Top Pick June 19/08. Down 22.66%.) The catalyst for this was to get D6 into production, which has now happened.

2009-06-01

TOP PICK

Nuvista Energy Ltd

NVA-T

11.200

A gas name that is safer and a strong balance sheet. Growth is there at a low gas price. If gas prices trough in the summer, she doesn't care. Have demonstrated an ability to do acquisitions. There is a lot of un-booked, not in the stock, unconventional gas resources, which will give them internal growth.

2009-06-01

SELL

Nexen Inc

NXY-T

28.130

Buzzard is doing really well and the Gulf of Mexico is moving up but still trying to get back to where it was before hurricane Gustav. Now has 65% of Long Lake. If looking at it for an oil-focused play, it is starting to look more expensive than its peers so consider switching to something like Canadian Natural Resources (CNQ-T). Would look for $23 before buying.

2009-06-01

DON'T BUY

Petro-Canada

PCA-T

49.880

(Market Call Minute.) Would buy Suncor (SU-T) instead because of the merger does not go through you would be stuck with this company.

2009-06-01

Comment

Suncor Energy Inc

SU-T

40.000

Presumes that the merger with PetroCan (PCA-T) will go through. If that happens, they will probably pare down some of the merged assets, which will give it additional cash and allow it to make acquisitions or ramp up some of their existing projects, especially in the oil sands.

2009-06-01

TOP PICK

Talisman Energy

TLM-T

18.100

A way to play unconventional gas. Inexpensive relative to its peers. A turnaround story with new management. Good numbers coming out of their gas plays, especially in the US. Raised $700 million so expect they will make acquisitions or joint venture.

2009-06-01

HOLD

Opti Canada Inc.

OPC-T (Dead)

3.370

New president is solid and will move the company forward. Completely revamped as they no longer operate Long Lake. Big issue is operational performance, i.e., getting the steam and getting it into the ground. 100% linked to the price of oil.

2009-06-01

Comment

0.020

Natural Gas: A lot of supply and very weak demand. Expect it will weaken in the summer and will strengthen into Q4-Q1 but not into the lofty levels that they where in the past.

2009-06-01

Comment

0.020

Crude Oil: Expects it to be higher than at present but not dramatically. You might see another $10. Market is anticipating up ticks in demand but we still have to chew through the floating inventory.

2009-06-01

DON'T BUY

Delphi Energy Corp.

DEE-T

1.160

Despite putting in hedges, the balance sheet has plagued this company for years. Predominantly natural gas. Cheap with some good hedges in place but it has been discounted because of the balance sheet.

2009-06-01

BUY

Sterling Resources

SLG-X

1.420

(Market Call Minute.) If you have a longer-term view on exploration upside because they have some exciting prospects.

2009-06-01

SELL

Highpine Oil & Gas

HPX-T

4.880

(Market Call Minute.) Oily but hasn't done anything. Balance sheet is clean and they have lots of cash and has everything going for it but the market has not rewarded it and you can get more traction elsewhere.

2009-06-01

DON'T BUY

Penn West Petroleum

PWT-T

15.890

Have continued to show disappointing operational performance. Overvalued.

2009-06-01

DON'T BUY

Chinook Energy Inc

CKE-T

1.450

Producing about 18,000 BOE's a day and just did a massive financing. She is disturbed by the lack of operational performance. Tough to see a growth story here.

2009-06-01

DON'T BUY

Galleon Energy Inc.

GO-T

5.040

Just did a financing because their balance sheet was stretched but are still looking reasonably stretched. Also not seen operational growth quarter over quarter.

2009-06-01

DON'T BUY

Anderson Energy Ltd.

AXL-T

0.920

Just did a very large financing to repair the balance sheet and give them cash to go forward. Doesn't like the economics of this and the gas environment. Vertical drilling.

2009-06-01

DON'T BUY

Vero Energy Inc.

VRO-T

3.850

She has moved away from gas names that are highly levered or have their capital programs restrained in a low gas price environment. Had to do a financing because they were drawn above their available bank line. Stopped spending in the 3rd quarter so will probably end the year with less production than when they started. Would prefer Fairborne (FEL-T) instead.

2009-06-01

TOP PICK

TriStar Oil & Gas

TOG-T

12.000

Low risk and high growth, Saskatchewan oil focused volumes. Made a good acquisition of some Bakken properties.

2009-06-01

BUY

Bankers Petroleum

BNK-T

2.310

Oil in Albania. Have some good low-risk reserve additions. Not a bad entry point if you are bullish on oil, which she is.

2009-06-01

PAST TOP PICK

Breaker Energy Ltd.

WAV-T

4.900

(A Top Pick June 19/08. Down 58.28%.) 50% oil and 50% gas. Just did a financing. Their plays are very long life reserves so they are not fighting declines like their peers. Market got hung up on the balance sheets. Wouldn't buy until there is more clarity on their bank line but if you own, Hold.

2009-06-01

BUY

Southern Pacific Resource

3.430

A Colombian Costayaco oil project growth story. Want to keep production at 15,000 barrels a day. Sitting on cash flow from that and have over $140 million in cash. With that money they will be able to continue exploration programs. Also have a play in Peru, which could be a farm out to possibly somebody big.

2009-06-01

PAST TOP PICK

Open Range Energy Corp.

ONR-T

1.860

(A Top Pick June 19/08. Down 70.11%.) Felt in July that Nat Gas had peaked and Sold her holdings. Bottomed but isn't going anywhere. It's small with a couple of thousand BOE's a day. Doesn't have the cash flow for exploration. If you own, consider for tax loss selling.

2009-06-01

HOLD

Ithaca Energy Inc.

IAE-T

0.760

North Sea. Longer-term play. Have access to large reserves and are tying in production. Has been a very slow process but if you own, you are about to be rewarded.

2009-06-01

HOLD

STP-T

0.530

Oil sands. Putting together their permit application and when that gets approved, about 1 year, there should be a revaluation of the stock. That's when these things are acquired.

2009-06-01

TOP PICK

Celtic Exploration Ltd.

CLT-T

12.370

Both oil and gas. Low operating costs. Hedge position through 09 and into 2010 that has the cash flow available to them to grow their production base. Balance sheet is in excellent shape. Good price.

2009-01-20

BUY

Crescent Point Energy Corp

52.670

One of her favourite names. Extremely well hedged in 09 and well into 2010. Thinks the dividend is okay.

2009-01-20

BUY

Imperial Oil

IMO-T

38.000

Super high-quality company and assets. Very clean balance sheet. Very defensive holding.

2009-01-20

TOP PICK

CPG-T

22.030

Light oil producer in Saskatchewan. 40,000 barrels a day. Very concentrated asset package with low operating costs. Extremely attractive hedge position. There is a risk if commodity prices stay down they might want to reduce distributions. Even with that it is very attractive.

2009-01-20

BUY

TriStar Oil & Gas

TOG-T

10.020

Likes it very much. One of her core holdings. A great way to play light oil in Western Canada and Saskatchewan.

2009-01-20

HOLD

Bankers Petroleum

BNK-T

0.670

Albanian oil. Produce about 7000 BOE's a day. About $18 million in cash. Have about $20 million in debt with a $35 million line of credit. Drilling is going very well. Good inventory of projects. Good hold for the next couple of years. Inexpensive.

2009-01-20

SELL

Alberta Clipper Energy

ACN-T (Dead)

0.380

Very attractive asset base but the balance sheet is really heavy. Did a small financing in the 4th quarter but when she looks at their ability to keep their production flat with cash flow it doesn't work.

2009-01-20

Comment

Profound Energy Inc.

PFX-T

0.740

Sold her holdings in the last 2 months. Looking for stocks were she could see some growth and potential upside in the next year. Balance sheet is a bit heavy. Assets are great and management team is first class.

2009-01-20

TOP PICK

3.220

Oil in Colombia. $140 million in cash. Unbelievable land position in South America. Columbia has a fiscal regime that is enviable. Have a $200 million capital project that they can fund with cash flow. Excellent management.

2009-01-20

Comment

Open Range Energy Corp.

ONR-T

1.100

Likes the assets. Their core area is Ansell/Sundance in Alberta. Have a large land position with great drilling results, which allows them to keep their operating costs down. Healthy balance sheet. As commodity prices turned they can very quickly bring new production on.

2009-01-20

BUY

Angle Energy Inc

NGL-T

3.500

Natural gas. Essentially no debt. Good production and lower risk and more upside.

2009-01-20

TOP PICK