STOCKCHASE

6.300

Haven't purchased any recently but also have not sold. Growing into their price with more success in the Bakken. Have also brought in a whole new core area in northeast BC, which will be focused on gas.

2010-01-13

HOLD

Advantage Oil & Gas Ltd

AAV-T

7.370

Gas focused. Not buying any right now but continuing to old. Have a fantastic Montney property at Glacier, which has good potential.

2010-01-13

BUY

Rock Energy Inc.

RE-T

3.850

Focused on heavy oil, which she likes. Showing a lot of growth. Also have gas properties that are showing some initial success. Cheap. Good management and debt levels.

2010-01-13

HOLD

12.130

Mid-cap gas weighted. Has come back but valuations are still inexpensive relative to its peers. No debt problems.

2010-01-13

HOLD

Vero Energy Inc.

VRO-T

5.430

Gas weighted. Had a little bit too much debt last year so the stock price came off quite a bit but is now starting to move up. Valuations are good but have to do something with their debt.

2010-01-13

BUY on WEAKNESS

Freehold Royalty Trust

FRU.UN-T

15.900

Very oil weighted so will trade on oil prices. If oil pulls back it could give you an opportunity.

2010-01-13

Comment

Cenovus Energy

CVE-T

26.650

Valuation after the spin-off is a little bit higher than its peer group. Needs an update from the company and then consider whether to Sell or Hold.

2010-01-13

HOLD

Connacher Oil and Gas

CLL-T

1.500

Have oil sands going for them. With the current higher oil prices they will be making a lot more money. On track with their expansion, which should be up and running on time. If you are bullish on crude this is a Hold. Debt is a little higher than what she likes.

2010-01-13

TOP PICK

Pengrowth Energy Trust

PGF.UN-T

10.870

Likes new management. Will have to change the culture from what the company was too more of an exploration/production. Expect they will continue a dividend after conversion to a corp but there will still be growth. Debt levels are in control.

2010-01-13

TOP PICK

Fairborne Energy Ltd.

FEL-T

5.410

Gas weighted. Thinks gas prices are going to be fine over the next year or two. Drilling some of the new horizontal multistage fraq wells in Harlech AB and are seeing some early success. The wells are a little more expensive so you need gas prices to stay up.

2010-01-13

TOP PICK

Twin Butte Energy

TBE-T

1.290

Heavy oil focused and has some good production growth. Had a little higher than average debt but have just raised some money and sold some properties. Very cheap.

2010-01-13

TOP PICK

Advantage Oil & Gas Ltd

AAV-T

6.900

Recently converted from a trust. Raised some money and sold off some assets. Will focus most of their attention and money on a Glacier play in the Montney's. Excellent land assets.

2009-09-14

TOP PICK

A Comment -- General Comments From an Expert

7.990

Oil/gas assets. Not getting enough credit for their acquisition of Gentry Resources. Gentry had a full package of oil assets in southeast Alberta. They have increased the oil production by over 60% in the last year.

2009-09-14

TOP PICK

Rock Energy Inc.

RE-T

2.200

Small-cap so be careful. 75% oil. Strong management team that is relatively conservative. Price/cash flow level is very cheap relative to its peers. NAV last December was well over $5.

2009-09-14

Comment

A Commentary

0.020

Oil. Seeing a lot of very positive global economic indicators that indicate things are turning around but there are still some points that are negative. Looking for $80-$85 crude this time next year. For traders there could be a lower point that you could get in on. For longer-term investors, the smaller and mid-cap are pretty interesting places to be right now.

2009-09-14

PARTIAL BUY

A Comment -- General Comments From an Expert

A Commentary

0.020

Natural gas. Fundamentally it does not look very good right now but, with any cycle, if you stop drilling for it eventually it will work its way back. Investors should start to slowly nibble their way back in over the next few weeks.

2009-09-14

PARTIAL BUY

Bankers Petroleum

BNK-T

3.950

Good team. Great asset in Albania. She doesn't own it right now but hopes to start picking at it in a little bit. Reasonable price.

2009-09-14

HOLD

TriStar Oil & Gas

TOG-T

14.990

Acquiring Petrobank Energy (PBG-T). She will be holding her shares as she is looking for something in the $16-$17 range. If oil prices continue to be strong, her target level could be surpassed, as Petrobakken will be a very pure play as an oil producer.

2009-09-14

PAST TOP PICK

Orleans Energy Ltd.

OEX-T

2.530

(A Top Pick Sept 12/08. Down 18%.) Gas in the Montney and are currently extending the trend to the southwest in the Cabob (?) area. Good team and excellent assets. Inexpensive and still a Buy.

2009-09-14

PAST TOP PICK

11.100

(A Top Pick Sept 12/08. Down 16.5%.) Fantastic company. Great management. Very good at counter cyclical acquisitions. Just made another one. Expecting a lot of upside. Still an expensive and a Hold.

2009-09-14

PAST TOP PICK

4.820

(A Top Pick Sept 12/08. Down 46%.) Small-cap energy name. Surprised it has not recovered more. About 50/50 oil weighting. Well run and big suite of assets. Hold.

2009-09-14

Comment

Harvest Energy Trust

HTE.UN-T

6.400

As with many of the trusts, there is a risk that the 9.6% yield could be cut going into 2011. Their refinery business has been quite challenging.

2009-09-14

HOLD

4.350

A Saskatchewan Bakken play. Very well run. Valuation is getting a little higher so she would not be buying more herself. Have a tract of land right in the heart of the Montney area of BC.

2009-09-14

Comment

Birchcliff Energy Ltd.

BIR-T

7.690

A good name, particularly in this gas environment recovery. Valuation relative to its peers is a little bit higher for her but she likes the team and the assets. She would like it at the $5-$6 range but not a bad investment for the individual investor.

2009-09-14

WATCH

Compton Petroleum

CMT-T

1.220

Had far too much debt. New management issued some equity last week, which will help but doesn't think it's enough to keep the debt levels in a range that she would be comfortable with. Thinks new management will be able to turn it around.

2009-09-14

HOLD

Encana Corp

ECA-T

63.450

Announced they are going to split into 2 companies, one for gas and one for oil. Thinks it will be $20US for the oil company and $45 for the gas. If you own, keep both divisions as there is a chance that the oil division may end up becoming more of a takeover target.

2009-09-14

WATCH

Opti Canada Inc.

OPC-T

1.670

Had a lot of debt. Raised some money but the debt levels are still higher than what she would like. You have to keep watching to see that operationally they keep moving in the right direction.

2009-09-14

HOLD

Vero Energy Inc.

VRO-T

3.940

Junior Alberta gas producer. A little bit weaker than its peers. OK but not one of the stronger ones in the sector. Management is working on the debt problem. You have to keep your eye on it.

2009-09-14

Comment

Husky Energy

HSE-T

29.600

Relative to its peers, the chart is quite weak. It intrigues her and it may be getting to a point where this may be a buy again soon.

2009-09-14

BUY on WEAKNESS

Legacy Oil + Gas Inc.

LEG-T

1.700

New management team acquired a number of small private companies and assets so she ended up with some of their stock. Still thinks it's a little bit rich but likes where they are going with it.

2009-09-14

Comment

Paramount Resources

POU-T

10.200

Has ownership of a number of different energy companies. Just recently started to make a move and thinks this will continue.

2009-09-14

Comment

Paramount Energy Trust

PMT.UN-T

5.210

Very gas focused. Starting to work its way back. Has a lot of hedges, which may be why it has done better.

2009-09-14

BUY

Delphi Energy Corp.

DEE-T

1.430

Gas weighted. Well-respected management has been working its way through the debt. Some interesting plays but one in particular that she is excited about is northwest Alberta gas in the Montney fairway.

2009-09-14

Comment

Talisman Energy

TLM-T

19.420

New management has a new focus on resource plays, which will give them a multiple expansion. Much cheaper than its senior peers.

2009-09-14

BUY

Crescent Point Energy Corp

6.350

Couldn't believe how low it was priced but is now starting to move up. A lot of land. Good management. Good potential for many years.

2009-09-14

Comment

Highpine Oil & Gas

HPX-T

6.950

Being acquired by Daylight Energy (DAY.UN-T). If you own, take the shares rather than the cash. Daylight has put together a beautiful spread of land in Alberta and using the multistage fraqing technology they have successfully used elsewhere.

2009-09-14

HOLD

CPG-T

37.770

(Market Call Minute.) Valuations are just creeping up a little. If you have a longer-term timeframe, you hold it you make a lot of money.

2009-09-14

HOLD

Nexen Inc

NXY-T

24.560

(Market Call Minute.) Not one of her top picks but also not a bottom pick.

2009-09-14

HOLD

Penn West Energy Trust

PWT.UN-T

14.790

(Market Call Minute.) Has been a bit of a laggard but the sheer amount of resource play and potential they have to work with should be good in the long run.

2009-09-14

HOLD

Zargon Energy Trust

ZAR.UN-T

19.020

(Market Call Minute.) Just acquired one of her junior companies and she intends to take the shares and hold.

2009-09-14

DON'T BUY

Birchcliff Energy Ltd.

BIR-T

6.830

Has a premium price and high debt level compared to pier group. Likes the management and the plays.

2009-04-15

STRONG BUY

Bonavista Energy Trust

BNP.UN-T

17.090

Market Call Minute. Always had a premium multiple but now they have a discount.

2009-04-15

DON'T BUY

Baytex Energy Trust

BTE.UN-T

15.100

Will move with oil prices. Valuation and debt a little higher than piers.

2009-04-15

PAST TOP PICK

Kereco

KCO-T

4.720

(Top Pick Apr 14/08 Up 55.17%) Was taken over.

2009-04-15

WAIT

Cinch Energy Corp

CNH-T

0.670

Resource base could be very valuable. Wells are expensive. Watching debt. Wants to see the future become a little brighter for the juniors.

2009-04-15

DON'T BUY

5.210

Takeover speculation drove price recently.

2009-04-15

BUY

Daylight Energy Trust

DAY.UN-T

7.250

Purchased this morning because they announced an issue to raise some money.

2009-04-15

BUY

Delphi Energy Corp.

DEE-T

1.120

Debt levels are higher, but they are working through it. Thinks it is going to be fine. Watch the debt level.

2009-04-15

PAST TOP PICK

Fairborne Energy Ltd.

FEL-T

4.040

(Top Pick Apr 14/08 Down 48.87%) Had some early success. They are expensive wells. Likes the future play potential.

2009-04-15

VAGUE

4.520

The Debt is about 2.4 debt to cash ratio, but an above average chance of being taken over (guessing at $7). Watch the debt month after month.

2009-04-15

BUY

Highpine Oil & Gas

HPX-T

5.680

Very little debt. Diversified into another area. Valuations are cheap, almost a top pick. They recently drilled two dry holes.

2009-04-15

SELL

Imperial Oil

IMO-T

44.700

Sold this week because valuation compared to piers became higher. May get back in.

2009-04-15

HOLD

Iteration Energy

ITX-T

1.250

People thought their debt level was unmanageable. Just did a bought financing deal that will help. Higher risk.

2009-04-15

TOP PICK

7.150

Spin off of Bona Vista. Same corporate culture. Slow and steady, build growth for the long term. Very cheap, no debt problems, having success on the gas side.

2009-04-15

BUY

Open Range Energy Corp.

ONR-T

1.520

Was hoping to create a new core area for themselves but it didn’t work out. They have many years of inventory, is cheap, and could be a takeover target.

2009-04-15

SELL ON STRENGTH

Opti Canada Inc.

OPC-T

2.280

Takeover speculation driving price. She does not buy stocks strictly for a takeover. If credit crisis continues they may have trouble.

2009-04-15

HOLD

Petro-Canada

PCA-T

37.310

Merging with Suncor. Price is as if it was a take-over. She kept Suncor, taking profits in Petro Canada.

2009-04-15

HOLD

Progress Energy Resources

2.600

Will keep growing. If valuation keeps continues to grow, lighten your holding.

2009-04-15

HOLD

PRQ-T

9.440

Will keep growing. If valuation keeps continues to grow, lighten your holding.

2009-04-15

HOLD

Regal Energy Ltd.

REG-X

0.075

Thinks there will be a share consolidation and typically share prices go down. She is waiting for consolidation and then buy.

2009-04-15

PAST TOP PICK

Twin Butte Energy

TBE-T

0.680

(Top Pick Apr 14/08 Down 76%) Is down by the average of the Juniors. A new management team has come in. She is impressed with new team. Debt is creeping up.

2009-04-15

TOP PICK

Talisman Energy

TLM-T

14.900

They sold a lot less production to get a lot more money. No debt issue. It’s time for this to turn around. The risk is that it has already come off its lows and the market pulls back.

2009-04-15

WAIT

TriStar Oil & Gas

TOG-T

9.700

Market Call Minute. Wait if oil prices come off a bit.

2009-04-15

TOP PICK

WesternZagros Resources Ltd.

4.190

Cheap, good management, mutli-year inventory. Smaller market cap.

2009-04-15

SELL

WZR-X

0.720

Market Call Minute. Drilling expensive wells.

2009-04-15

BUY

3.900

Debt to cash flow levels are creeping up on all of these companies. Have over 1 million acres of undeveloped land in the Montney region. Tremendous upside. Have had some really good wells recently. Continue to monitor their debt.

2009-01-16

BUY

4.200

Have a lot of Alberta production but also have quite a bit of land in BC and have been trying to prove up a play in the Montney. Good value.

2009-01-16

WAIT

Daylight Energy Trust

DAY.UN-T

7.930

Good company and feels the yield is good. Would wait until the new budget comes out to see if there is a change on trusts.

2009-01-16

HOLD

Progress Energy Resources

4.200

Has come down with all the junior oil/gas stocks in the last little bit. Great management team and great suite of assets. Doesn't see any debt issues.

2009-01-16

Comment

PRQ-T

8.750

Merging with ProEx Energy (PXE-T). If you are in it for high yield, you might want to switch out of it and move into a higher yield. If the yield is not a big factor, continue to hold. Huge land spread in northern BC.

2009-01-16

BUY

1.400

Crescent Point (CPG.UN-T) owns 20%. $10 million in cash and no debt. Very cheap.

2009-01-16

STRONG BUY

NAL Oil & Gas Trust

NAE.UN-T

8.120

Yield of 16%-17%. Have hedges of $132 for 2009. In the trust sector this would be her Top Pick.

2009-01-16

TOP PICK

Encana Corp

ECA-T

56.730

Leader in the large cap Canadian space. The hedging position they have, which killed them in Q2 of 08, is going to make them look like superstars. About 66% of gas is hedged. Cautiously optimistic that it has turned.

2009-01-16

TOP PICK

Celtic Exploration Ltd.

CLT-T

12.270

Intermediate in the Montney region in Alberta. Even at present prices, they are still making money. Big resource potential. Cheap.

2009-01-16

TOP PICK

Angle Energy Inc

NGL-T

3.600

At over 7000 barrels a day, all through the drill bit. Very smart technical team. Just went public last summer and are just starting to get research analysts to cover them.

2009-01-16

TOP PICK

8.890

Had quite a premium multiple for a long time but well deserved but now trading at nice multiples relative to their peers. Good growth potential. Just about to drill a well at Monias BC which could be a catalyst for the stock.

2008-09-12

TOP PICK

Orleans Energy Ltd.

OEX-T

3.150

The Montney formation in BC is similar to what this company has in Kabob Alberta. Drilling here has shown quarter after quarter production increases. Good enough track record that they will be able to get financing. Very cheap relative to their peers.

2008-09-12

TOP PICK

Great Plains Explorations Inc.

13.180

Typically trades at a premium multiple to their peers but have come off and now trade at or below market multiples. Recently acquired Rider Resources at the bottom of the gas market and have already been able to grow the assets. Ontario Teachers own 20% of the company so they have financing for the future.

2008-09-12

PAST TOP PICK

Vero Energy Inc.

VRO-T

7.460

(A Top Pick Aug 24/07. Up 34%.) Still likes, but have traded in and out. Looking to get back in again. Trading at much less than the peer group multiples on a cash flow basis and net asset value. Good growth still to come. Buy.

2008-09-12

PAST TOP PICK

Redstar Oil & Gas Inc.

RED-T

0.970

(A Top Pick Aug 24/07. Up 39 %.) Acquired by Great Plains Explorations (GPX-T).

2008-09-12

PAST TOP PICK

Fairmount Energy Inc.

FMT-X

1.060

(A Top Pick Aug 24/07. Down 29%.) Drilling in Gold Creek Alberta with bigger and more expensive wells. Had a tough time raising money but think they have solved it now. Sold her holdings.

2008-09-12

BUY

GPX-T

0.570

Completely different company than what it was when it did the Redstar takeover. Just added more land in northeast BC.

2008-09-12

BUY

Bankers Petroleum

BNK-T

3.500

There has been share consolidation that has created some weakness. She is very close to buying this. Good management. Feels they will be able to raise financing.

2008-09-12

BUY

Arc Energy Trust

AET.UN-T

24.930

Big fan of this trust. Montney region has such great growth potential. Great management. Doesn't currently own but is looking at getting back into it. Excellent cash flow. About a 12% yield.

2008-09-12

BUY

Encana Corp

ECA-T

71.690

Will be split into an oil company and gas company. Gas side has great potential. This split will be a catalyst for the shares and could possibly reach $100 in 2 to 5 years. Post-split you should hold both companies.

2008-09-12

STRONG BUY

11.280

Was gas weighted but is moving more to oil. Have over 1 million undeveloped acres in the sweet spot near the Montney and near all the action. A screaming buy. Trading at quite a discount to their peers. (Some of the management left to start another company.)

2008-09-12

BUY

3.650

Oil in the Bakken region of Saskatchewan. Crescent Point Energy (CPG.UN-T) recently set up a company called Shelter Bay. This company is a part of that. Still likes this company.

2008-09-12

BUY

Canext Energy Ltd

CXZ-X

0.770

Gas in the Montney region of BC.

2008-09-12

BUY

Connacher Oil and Gas

CLL-T

3.460

Recently bought this for the first time in her career. Oil sands focused but also have some conventional production as well as natural gas production. Have been on schedule and within budget.

2008-09-12

BUY