| TOP PICK | | Niko Resources | NKO-T | 99.390 | Have a few near-term catalysts. Focused in India. Coming up near term will be the new reserve report due next week. Also D6 block comes on production very shortly and when it hits full production in 6 or 8 months, it will double India's natural gas production. | 2008-06-19 | |
| TOP PICK | | Open Range Energy Corp. | ONR-T | 6.190 | Natural gas. Small company of only about 2000 BOEs a day. Have a great play at Ansell/Sundance. Great long life growth play. Also have a play in Russ (?) on the front edge of the foothills which is deep drilling and expensive. Have drilled the well but it has not been tested, which is the risk. | 2008-06-19 | |
| TOP PICK | | Breaker Energy Ltd. | WAV.A-T | 11.600 | Took their capital budget from $7 million up to $105 million. With that money, there will be tremendous growth both in oil and natural gas. Big reserves. Low-risk drilling. | 2008-06-19 | |
| BUY | | Petro-Can | PCA-T | 56.540 | Has lagged expectations. Great asset package. There are a number of key projects that are coming online in the short term. The Libya project should have some good growth. | 2008-06-19 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 39.750 | Great trust. Focused in the Bakken region, the very prolific oil reservoir in Saskatchewan. Just increased their distribution and their capital budget by about $200 million. | 2008-06-19 | |
| BUY | | Canadian Superior Energy Inc | SNG-T | 4.360 | World-class assets in Trinidad. Volatile because of the large wells they are drilling. | 2008-06-19 | |
| BUY | | Connacher Oil and Gas | CLL-T | 4.480 | A real success story with the development of their Pod 1. Management did a fantastic job bringing that oil sands development into production. Now talking about expanding it up to 12,500 BOE's a day. Looking to revising their reserves and that may give the stock a boost. | 2008-06-19 | |
| BUY | | Duvernay Oil Corp | DDV-T | 64.290 | Massive gas company. Acreage is among the absolute top deciles in gassy plays in the Montne region. An expensive multiple stock but the growth profile is an extremely impressive. | 2008-06-19 | |
| SELL | | Birchcliff Energy Ltd. | BIR-T | 14.880 | In the Montne region. A bit too much momentum behind it and too much air in the share price above the growth the company can deliver. Too expensive. It could still go up but she would suggest selling it and buying something else. | 2008-06-19 | |
| BUY | | Orleans Energy Ltd. | OEX-T | 5.420 | In the Montne area but have several other areas that they are using to grow their production. Management is well invested in the company. | 2008-06-19 | |
| BUY | | Ivanhoe Energy | IE-T | 3.780 | Have the Ivanhoe upgrading technology in the oil sands. Also have an impressive land base in the oil sands. She likes to play upgrading technologies as a portfolio in order to spread the risk. These would include Opti (OPC-T) and Petrobank (PBG-T) and Ivanhoe (IE-T). | 2008-06-19 | |
| BUY | | Petrobank Energy and Resources | PBG-T | 51.750 | Have the Thai upgrading technology in the oil sands. She likes to play upgrading technologies as a portfolio in order to spread the risk. These would include Opti (OPC-T) and Petrobank (PBG-T) and Ivanhoe (IE-T). | 2008-06-19 | |
| BUY | | Opti Canada Inc. | OPC-T | 23.610 | Have the Ormat upgrading technology in the oil sands. She likes to play upgrading technologies as a portfolio in order to spread the risk. These would include Opti (OPC-T) and Petrobank (PBG-T) and Ivanhoe (IE-T). | 2008-06-19 | |
| BUY | | Galleon Energy Inc. (A) | GO.A-T | 18.900 | In the Montne play. Impressive land spread. Generates a great deal of cash flow giving several years of impressive growth. Reasonably cheap on a multiple basis. | 2008-06-19 | |
| Comment | | Storm Exploration Inc. | SEO-T | 17.450 | Very well run company. Seasoned management team. In the Montne play in B.C. Has always been and will be an expensive stock from a multiple perspective, which you have to accept. Will be doing a plant expansion and will come online in November. Have at least another year of great growth before having to look at more infrastructure build out. | 2008-06-19 | |
| TOP PICK | | Baytex Energy Trust | BTE.UN-T | 27.690 | Good at keeping production flat with minimal capital spending. Production 40,000 barrels a day, predominantly oil, will cash flow about $1 billion and only need $150 million to keep production flat. Current distributions of about $225 million. More efficient for a trust to pay out more distribution than to spend on drilling. Potential distribution increase. Could do another acquisition. Also un-recognized value for their Seal property. | 2008-05-13 | |
| TOP PICK | | Breaker Energy Ltd. | WAV.A-T | 11.170 | 50/50 oil and gas. Great growth. Great netbacks at $40. Exposure through their Irricana play, horizontal drilling. Have 23 locations on 400 m well spacing, have government approval for 100 m well spacing giving them 80 locations. Trading at 4.25X cash flow. Low debt. | 2008-05-13 | |
| TOP PICK | | Tusk Energy | TSK-T | 2.380 | 60% gas. Did a great asset swap to get operatorship again. Trading at less than 3X cash flow. | 2008-05-13 | |
| PAST TOP PICK | | Petro-Can | PCA-T | 55.900 | (A Top Pick Aug 1/07. Up 1%.) Picked because she saw a compelling valuation. Debt has continued to grow. Talking about a turnaround in 2008 at a number of facilities for an impact on production and cash flow. Not buying any more at this time. | 2008-05-13 | |
| PAST TOP PICK | | Petro Andina Resources | PAR-T | 11.890 | (A Top Pick Aug 1/07. Down 11%.) 600 locations to drill in Argentina. Production up by 40% and will probably double again in 2 years. Export tax hit the stock but valuation is compelling and is still a Buy. | 2008-05-13 | |
| PAST TOP PICK | | Vero Energy Inc. | VRO-T | 9.380 | (A Top Pick Aug 1/07. Up 58%.) Production has gone up, costs are down and the upside she sees from their horizontal drilling in Edson is spectacular. Still a Buy. | 2008-05-13 | |
| BUY | | Petrobank Energy and Resources | PBG-T | 56.830 | Had a few pullbacks. Netbacks from their Saskatchewan production are spectacular. A lot of money from the market is being afforded for their technology that, if it proves out, will be quite revolutionary for extraction of oil from the oil sands. Good long-term hold. | 2008-05-13 | |
| Comment | | Pan Orient Energy | POE-X | 12.300 | Spectacular successes with their Thailand plays. Just made a purchase in Indonesia. Government tax of 50% on any profit over $60. Between Oilexco (OIL-T) and this, she would prefer Oilexco, which represents better valuation in the market. (Not as expensive and has the same kind of upside. Less political risk in the North Sea.) | 2008-05-13 | |
| Comment | | Oilexco Inc | OIL-T | 16.800 | Comparing this with Pan Orient Energy (POE-X) (see comments under POE-X) she prefers this as there is better valuation. It is not as expensive and has the same kind of upside. Also there is less political risk in the North Sea. | 2008-05-13 | |
| BUY | | Delphi Energy Corp. | DEE-T | 2.800 | Turnaround story. Management did a spectacular job in getting out of an over leveraged balance sheet, doing some swaps on assets and managing to grow the production base without spending all of their cash flow. 6000 BOE's a day of gas is less than 1.5 debt to forward cash flow. Great growth profile. Good Buy in even the $3 range for a long-term hold. | 2008-05-13 | |
| PARTIAL SELL | | Questerre Energy | QEC-T | 3.430 | In the Utica Shale in Quebec. Good management and technical team. Because they have farmed out, they don't have a lot of capital exposure. A lower risk way to play the Utica Shale. She would be a little concerned about it stalling out for a while until there is more news from Forest Oil (FST-N). If you own, consider taking profits to rebalance your portfolio. | 2008-05-13 | |
| BUY | | Profound Energy Inc. | PFX-T | 4.320 | Very conservative management. Valuation is compelling. Have a great suite of West 5 natural gas liquids rich assets. | 2008-05-13 | |
| BUY on WEAKNESS | | Encana Corp | ECA-T | 90.850 | Big pop up on the announcement of splitting into oil and gas companies. Getting close to being fully valued. When it splits, which isn’t for quite some time, the gas company will fly but the oil sands will depend on the markets view at that time. There will be a better entry point in the next month or two. | 2008-05-13 | |
| BUY | | Suncor Energy Inc | SU-T | 63.770 | A bellwether oil levered stock in Canada. Had a 2 for 1 split and over the next few years it will go back to the p[re-split price. Can’t see any reason this won’t happen again. Good entry point. | 2008-05-13 | |
| BUY | | Endev Energy | ENE-T | 1.200 | Compelling valuation. NAV is easily $1.75 or even $2 if you want to plan on a bigger gas price. Have a huge land package. Could be a takeover target down the road. | 2008-05-13 | |
| STRONG BUY | | Iteration Energy | ITX-T | 7.750 | A great story that the market doesn't appreciate yet. Valuation is extremely compelling. Less than 4X cash flow multiple. Producing over 20,000 BOEs a day. | 2008-05-13 | |
| BUY | | Highpine Oil & Gas | HPX-T | 13.080 | Just came out with their Q1 and shot the lights out. Probably the cheapest 20,000 barrels of oil a day you are going to find. Part of the overhang has been that they went in for quite some time without a president. Also went through period where it was difficult for them to get licenses, as most of the oil they produce is sour. Trading at 2.5X cash flow. | 2008-05-13 | |
| STRONG BUY | | Nuvista Energy Ltd | NVA-T | 18.530 | Producing over 25,000 BOE's a day. 75% natural gas. Had a core low risk West4 development asset base and then they bought Rider Resources (RRZ-T) which gave them a fantastic West5 deeper gas asset portfolio to mix in with the West4. Conservatively managed. 1X debt to cash flow. Trading at about 4.5X cash flow multiple. | 2008-05-13 | |
| DON'T BUY | | Paramount Resources | POU-T | 16.750 | Gas production dropped from about 20,000 BOEs a day 1 year ago to about 14,000. Diverting money into many different companies that are not producing growth. There are better gas plays. | 2008-05-13 | |
| Comment | | Duvernay Oil Corp | DDV-T | 57.530 | Has had spectacular growth in production. Kept costs down. Tremendous exposure to the Montne play. Has always been expensive on a multiple basis compared to the peer group. You have to put this aside as it has maintained that premium. With the acreage they have and their success, the stock should continue to have momentum if gas prices continue to go up. | 2008-05-13 | |
| BUY | | Opti Canada Inc. | OPC-T | 22.410 | Have been putting steam in the ground for quite some time and are starting to turn some of their injectors into producers at Long Lake. Not exposed to natural gas prices as they have technology that allows them to burn their heavy and create a synthetic gas to produce steam. Early stage production. Great long-term hold. If you are bullish on oil, a good stock to own. | 2008-05-13 | |
| BUY | | Alberta Oil Sands | AOS-X | 0.850 | Like all the micro cap names it had a huge run and got smacked down when the oil sands euphoria left. Oil sands project don't need a lot of land if the right resource is under the land. In order to determine this, you need a lot of land to go hunting. They have a lot of land and have found some striking samples. If you want to own and small-cap oil sands play this is not a bad one to own. | 2008-05-13 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Carbon Capture (CCS): - Capturing carbon dioxide (CO2) from fossil fuel sources (power plants). Regulations around it are reasonably vague but it is such a new industry that the technology is not available. A market that you should be extremely leery of as there could be a lot of hype. | 2008-05-13 | |
| TOP PICK | | Nuvista Energy Ltd | NVA-T | 17.650 | Quality management team, conservatively run and very, very compelling valuations. Less than 1X debt to cash flow. 4X cash flow multiple, which is fantastic. This is a 26,000 BOE a day company. About 75% gas. Acquired Rider Resources (RRZ-T) and that gave them a wonderful West5 addition to their predominantly West4 assets. Great growth profile. | 2008-04-25 | |
| TOP PICK | | Vero Energy Inc. | VRO-T | 8.800 | Current production is at the end of April is going to be about 6700 BOE’s a day. About 80% gas. Have had a fantastic success with the horizontal drilling program in Edson. Great management and great execution. Cheap valuation. | 2008-04-25 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 31.340 | Stable company. Expects to see a near term great potential for distribution increase. | 2008-04-25 | |
| DON'T BUY | | Petro-Can | PCA-T | 49.320 | Trading around its net asset value. A little concerned about their debt. Prefers others. | 2008-04-25 | |
| BUY | | Calfrac Well Services Ltd | CFW-T | 24.550 | One of the bellwether type energy service stocks in Canada. Service stocks where pummelled in the market until recently. Had a significant run-up recently but this is the first leg of a multiple leg up. They have taken advantage the focus in Western Canada on drilling multistage horizontal wells. | 2008-04-25 | |
| BUY | | Galleon Energy Inc. (A) | GO.A-T | 17.960 | A compelling buy. Debt is low. Trading at less than 5X cash flow. Land spread is unbelievable. Have a lot of Montne exposure, a great land package up in Dawson plus all their Pushkwa oil. Great value even valuing in the new royalties that are coming in 09, which will hit their oil production. | 2008-04-25 | |
| BUY | | Encana Corp | ECA-T | 83.470 | The quarter to some people was a bit of a miss. This company gives you heavy oil exposure and a joint venture with refining in the US but this is the largest gas producer in North America. Have some hedges that are reasonably out of the money for about 40% of their production, but even considering that this is a bellwether gas stock. | 2008-04-25 | |
| DON'T BUY | | Birchcliff Energy Ltd. | BIR-T | 11.220 | Focused in the Montne region. She could never get her head wrapped around the valuation, as it has been quite heady, especially since the company had a strategic investor come in on the equity side. There are other ways to play the Montne without as many headaches. | 2008-04-25 | |
| BUY | | Barrick Gold | ABX-T | 40.310 | A bellwether stock in gold. Thinks that gold prices in the $900+ range are here to stay. Has a great deal of growth coming on in both the gold side and their zinc production. Their costs are very low. | 2008-04-25 | |
| BUY on WEAKNESS | | Oilexco Inc | OIL-T | 15.050 | Expect production release in the next few months will disappoint the market and you may have a lower entry point. Have 2 rigs running now and will perhaps add a 3rd and that will give you continuous production growth over the long term. | 2008-04-25 | |
| DON'T BUY | | Oilsands Quest Inc. | BQI-A | 4.720 | Looking for oil sands in Saskatchewan. Super early stage. From a valuation perspective, all these small cap oil sands plays are not in favour in the market as there is enormous capital associated with them. It will be extremely long term. You are better to go with a near term producer such as Opti (OPC-T) or UTS (UTS-T). | 2008-04-25 | |
| BUY | | Opti Canada Inc. | OPC-T | 19.850 | For a play on a small cap name in oil sands, you are better to go with a near term producer such as Opti (OPC-T) or UTS (UTS-T). | 2008-04-25 | |
| BUY | | UTS Energy | UTS-T | 5.220 | For a play on a small cap name in oil sands, you are better to go with a near term producer such as Opti (OPC-T) or UTS (UTS-T). | 2008-04-25 | |
| Comment | | Canadian Oil Sands Trust | COS.UN-T | 45.410 | Longest standing oil sands productive region in Alberta. Fairly valued at this point based on $90 oil. Upside is the increasing value as oil prices stay above $100. Also a potential of another distribution increase because of the oil price. | 2008-04-25 | |
| BUY | | Phoenix Technology Income Fund | PHX.UN-T | 15.050 | For an oil driller with good growth potential, you want a company that will take advantage of the increase in activity for the tight gas in the Montne region, Horn River type shale. Companies that can drill directional wells and horizontal wells. | 2008-04-25 | |
| BUY | | Duvernay Oil Corp | DDV-T | 47.770 | The darling of the gas growth companies. Have tremendous exploration success. Their Montne play isn't a very good part of the basin. If gas prices continue to increase, the stock could go to $60. | 2008-04-25 | |
| SELL | | Bow Valley Energy | BVX-T | 5.500 | A focused North Sea player with some exposure in Alaska. Had a disappointing exploration run in the North Sea. Alaska is early stage. Well run and management is very strong. You can make better money somewhere else. Would prefer Oilexco (OIL-T). | 2008-04-25 | |
| BUY | | Talisman Energy | TLM-T | 19.000 | Stock price is reflective of the malaise in energy prices. This is a good opportunity to pick this up at an attractive valuation. Has a very robust fleet of Canadian assets plus their North Sea exposure and their enormous wells in Southeast Asia. | 2007-08-01 | |
| TOP PICK | | Petro-Can | PCA-T | 56.660 | Has lagged its peer group, especially in Western Canada. Has been 3 quarters of good demonstrable results. Dramatic up tick in production since the last quarter. Has a real suite of projects in the hopper that can give expanded activity and profitability. | 2007-08-01 | |
| BUY | | Oilexco Inc | OIL-T | 12.480 | Geologic team thought outside the box and came up with a spectacular discovery. Also tied in a North Sea well that is now producing. Have 2 semi-submersible rigs contracted. Activity level will be high going forward. | 2007-08-01 | |
| BUY on WEAKNESS | | Cyries Energy Inc | CYS-T | 8.830 | Drop in stock price is not a specific company problem that she can see. It was a market darling, which tends to overshoot on the way down. Will also overshoot on the way up in a stronger market. Suffers from low gas prices. | 2007-08-01 | |
| BUY on WEAKNESS | | Storm Exploration Inc. | SEO-T | 7.600 | Solid management team. Will exit this year at about 7.5 thousand BOE's a day. 80%-90% gas. Strong balance sheet. | 2007-08-01 | |
| TOP PICK | | Petro Andina Resources | PAR-T | 13.250 | Oil company with their assets in Argentina. Have a massive land spread. Current production is over 5000 BOE's. Currently trucking but will have a pipeline built by February 2008. Development profile is huge. Low risk. | 2007-08-01 | |
| WAIT | | Paramount Resources | POU-T | 17.590 | Have spun out some assets and are now a debt free natural gas company. She is not particularly bullish on natural gas prices in the next month or two. If it tests its low, she would view this as a fantastic entry point. | 2007-08-01 | |
| BUY | | Rally Energy Corp | RAL-T | 6.360 | Have a brand new gas project in Pakistan and a heavy oil project in Egypt. In the latter, they have 2 projects, one is a thermal to extract oil by heat and the other is an expansion of their west Issaran project. Still has room to grow. | 2007-08-01 | |
| TOP PICK | | Vero Energy Inc. | VRO-T | 5.950 | A little controversial, because it is a small cap gas company, a sector that is really out of favour. Well managed. Low operating costs. Healthy balance sheet. Nice inventory of drilling projects. Reporting on the 8th and this quarter has not been kind to them. Wait until you see the results. | 2007-08-01 | |
| BUY on WEAKNESS | | Highpine Oil & Gas | HPX-T | 13.030 | Currently does not have a CEO. Have a very good oil play in the Leduc. | 2007-08-01 | |
| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 32.300 | Has suffered from its inability to meet its forecasts. Good diversification between gas and oil. There are better trusts available. | 2007-08-01 | |
| TOP PICK | | Celtic exploration Ltd. | CLT-T | 13.300 | Seasoned management team. Very solid operational performer. 50-50 natural gas and oil. Outperformed dramatically last year because they layered on some extremely impressive hedges. Have the financial flexibility to do acquisitions. Trading at just over 4.5 X cash flow. | 2007-05-15 | |
| TOP PICK | | Vero Energy Inc. | VRO-T | 7.290 | Impressive drill bit growth. Finding and operating costs are excellent. Strong visibility for future growth. | 2007-05-15 | |
| TOP PICK | | Paramount Resources | POU-T | 26.270 | Varied asset portfolio. No debt. Have shares in MGM and Trilogy, which they can distribute and become a pure play, debt-free 20,000 BOE's a day gas company. Could end up going private. | 2007-05-15 | |
| DON'T BUY | | Rockyview Energy Inc. | RVE-T | 3.260 | Shallow gas in Alberta, predominantly coal bed methane. Coal bed methane is very capital intensive and it needs a strong gas price. Good management team. Well-run company. Prefers others. | 2007-05-15 | |
| WEAK BUY | | Petrobank Energy and Resources | PBG-T | 23.470 | With this one, you're getting a fully priced oil sands play currently, but on top of that you have their Thai technology. This is really a bet on if you want to place a bet on their technology. | 2007-05-15 | |
| BUY | | Galleon Energy Inc. (A) | GO.A-T | 17.040 | Outlook continues to be very good. Have a real core area of focus in the Pasqua area. Extended the pool northwards by about 6 miles. Have good GPP in 2 sections, which they can now apply to their wells moving forward. Have great upside on the lower risk development and exploration going forward. | 2007-05-15 | |
| Comment | | Prime West Energy Trust | PWI.UN-T | 22.700 | Merging with Shiningbank (SHN.UN-T). This will be an extremely large, gas focused trust. This will give them better economies of scale. Management team is very strong. | 2007-05-15 | |
| BUY | | Petro-Can | PCA-T | 52.730 | Has been a difficult stock to own until this last quarter. This should be their year. Have had 2 quarters of solid growth. Current production is over 400,000 BOE's a day. Seemed to have Terra Nova operating predictably. Buzzard is on stream. | 2007-05-15 | |
| BUY | | Rally Energy Corp | RAL-T | 5.780 | Heavy oil assets in Egypt and a gas play in Pakistan. Pakistan gas is not being priced in. | 2007-05-15 | |
| BUY | | Oilexco Inc | OIL-T | 9.450 | Has had an aggressive run. Have demonstrated they can get a project to the point of production. Should have significant oil production out of the North Sea. You'll probably see the stock run when they can announce 30,000 BOE's a day. | 2007-05-15 | |
| BUY on WEAKNESS | | Canadian Natural Rsrcs | CNQ-T | 69.150 | Getting to all-time highs. Conventional production kicks off about $6.5 billion of cash flow. Only need a half of this to continue funding conventional production. The other half is for Horizon, which will have production up in the 3rd quarter of 2008. | 2007-05-15 | |
| DON'T BUY | | Corridor Resources Inc | CDH-T | 11.000 | Have a nice gas field in Eastern Canada. Has been a real success, but is now quite fully priced. Better plays out there. | 2007-05-15 | |
| BUY | | Encana Corp | ECA-T | 65.550 | Almost a pure gas play. Could be some spin out of some of their assets, which makes it an interesting play. | 2007-05-15 | |
| BUY | | ProEx Energy Ltd. | PXE-T | 15.660 | Very strong management team. Concentrated in northeast B.C. 90% gas focused. 1st-quarter was weak, but the stock has recovered. Strong company. Has some good upside in the current gas price environment. | 2007-05-15 | |
| BUY | | MGM Energy Corp. | MGX-T | 3.230 | If you are a gas bull, this is a nice play. These are the Mackenzie Delta assets that were spun out of Paramount (POU-T). No cash flow, but they are in an area where the Mackenzie pipeline will come to. | 2007-05-15 | |
| BUY | | TriStar Oil & Gas | TOG-T | 5.390 | 75% oil. Core area is in southern Saskatchewan. Grade A management. Inexpensive at 4-4.5 X cash flow. | 2007-05-15 | |
| BUY | | Rider Resources Ltd. | RRZ-T | 9.010 | Excellent value at this level. Strong management team and great assets. Excellent growth profile. | 2007-05-15 | |
| Comment | | Fairquest Energy | FQE-T | 3.490 | The first of what may be a few “ getting back together” scenario. With this, you will end up owning a part of Fairborne Energy Trust (FEL.UN-T). Better places to put your trust$. | 2007-05-15 | |
| BUY | | Cyries Energy Inc | CYS-T | 12.370 | Seasoned management team. Over 12,000 BOE's a day. Had a really successful Q1 drilling program. | 2007-05-15 | |
| DON'T BUY | | Alberta Clipper Energy | ACN-T | 4.100 | A tough stock to own. Likes their Sylvan Lake play. Fabulous results with their Leduc oil wells. Production growth has been lumpy. Hoping that their recent acquisition will give them more targets and will smooth out the production growth profile. On a valuation basis, it is reasonably expensive and balance sheet is a little bit heavier than the peer group. Better valuations elsewhere. | 2007-05-15 | |
| SELL | | Sterling Resources | SLG-X | 1.580 | Have a nice asset suite in the North Sea. Execution timing has been a big disappointment. If you have a really long-term outlook you can park it and forget it. If you want shorter term performance, Sell. | 2007-05-15 | |
| BUY | | Kereco | KCO-T | 6.830 | Have a very core oil asset at Sturgeon Lake, which has done really well for them. On a valuation basis, she likes it. Reasonably priced. | 2007-05-15 | |
| DON'T BUY | | Cork Exploration Inc. | CRK-T | 2.760 | Fairly priced. Not been able to deliver on their production expectations. Capital expenditures have run ahead of where they were expected. Balance sheet weighs on them at about 2 X debt to cash flow. | 2007-05-15 | |
