STOCKCHASE

34.960

(A Top Pick Jan 2/09. Up 8.29%.) This is a time to being a little more defensive. Basically hasn't moved in over a year. Has Keystone pipeline coming on so it's getting into the oil transportation business, which will start impacting it meaningfully this quarter. Can finance all its growth through internal cash generation.

2010-01-22

TOP PICK

Canadian Oil Sands Trust

COS.UN-T

28.330

Expecting oil to move higher. Had some operational hiccups at Syncrude in the 3rd quarter but that is behind them now. 4.8% yield.

2010-01-22

TOP PICK

Suncor Energy Inc

SU-T

35.200

This is a benchmark name. The rest of the world is growing, even if the US isn't and that is ultimately good for oil and oil sands.

2010-01-22

PAST TOP PICK

Transalta Corp

TA-T

22.640

(A Top Pick Jan 2/09. Down 4.17%.) Sold a lot of his holdings. A play on power prices. Correlated with gas prices so if you think gas is going up you could play this.

2010-01-22

PAST TOP PICK

HBP NYMEX Nat'l Gas Bull+

0.000

(A Top Pick Jan 2/09.) Only about 2%-3% in cash now.

2010-01-22

SELL

HNU-T

12.140

A lot of these products have daily rebalancing. While the concept is great, it is the price path that really impacts you.

2010-01-22

TOP PICK

Suncor Energy Inc

SU-T

36.290

World-class management team and assets with visible growth ahead. Doesn't expect any climate change results will affect it too much. Their average cost of production is only about $22 a barrel. The integration with PetroCanada is largely behind them.

2009-12-11

TOP PICK

Imperial Oil

IMO-T

39.150

One of the best operators in general. Incredible profitability with a pristine balance sheet. Doesn't think investors are seeing the possible growth from Kearl and Cold Lake, which should be as early as next year.

2009-12-11

TOP PICK

Canadian Natural Rsrcs

CNQ-T

68.770

Steam assisted gravity drainage potential could substantially increase their production. 40 to 50 year reserve life with no declines.

2009-12-11

PAST TOP PICK

34.970

(A Top Pick Dec 3/08. Up 10.58%.) Still a Buy.

2009-12-11

PAST TOP PICK

Transalta Corp

TA-T

22.100

(A Top Pick Dec 3/08. Up 8.9%.) Have lightened up on this one and buying more of TransCanada (TRP-T).

2009-12-11

PAST TOP PICK

Crescent Point Energy Corp

0.000

(A Top Pick Dec 3/08. N/A.)

2009-12-11

BUY

Vermilion Energy Trust

VET.UN-T

30.300

One of the better names in its space. Good geographic diversity including France, Netherlands, Australia and Libya. The latter has been its problem lately.

2009-12-11

WATCH

Teekay Shipping Corp.

TK-N

23.330

Interesting name. Fair amount of LNG shipping, which, as far as North America is concerned, won't accelerate very much other than exporting. Need to see economic growth pick up before you see oil/gas cargoes moving.

2009-12-11

HOLD

BlackPearl Resources Inc

PXX-T

2.410

Benchmark “junior” companies that he likes are Crew (CR-T), Celtic (CLT-T) and Storm (SEO-T). He would hold this with the caveat that it is a very small name.

2009-12-11

BUY

CPG-T

38.630

Have done everything right from the beginning. Good management. 89% oil weighted in the Bakkens, which is the right focus.

2009-12-11

BUY

Algonquin Power & Utilities Corp

AQN-T

3.750

7% debenture due 2017. This would be a very solid way to go as an investment. While the name has had some problems in the past, it has recently been upgraded by a number of brokerage houses.

2009-12-11

HOLD

Galleon Energy Inc.

GO-T

4.630

Disappointed in the last year or so by its inability to meet production forecasts. Becoming a “show me” story.

2009-12-11

HOLD

Superior Plus Corp

SPB-T

13.780

Dividend should be sustainable. This is a good time to hold it because propane tends to do well in the wintertime. Had some problems earlier on and didn't have a focused management team but looking pretty good right now.

2009-12-11

BUY

Penn West Energy Trust

PWT.UN-T

17.730

5th largest production in Canada. How do you get growth in a company this large but lately have been looking at Pembina Cardium using horizontal drilling as applied to oil. If projections are correct, they could move the needle significantly.

2009-12-11

SELL

Altagas Services

ALA.UN-T

17.630

Planning on converting to a corp at the beginning of the 2nd half of 2010 and looking at going from 90% payout to 40%-50%. If this happens, the dividend won't be safe. Not thrilled with the business model.

2009-12-11

BUY

Cenovus Energy

CVE-T

25.890

1st class company. Fairly valued at around $29 so isn't expecting tremendous upside. Relatively small at 225,000 barrels a day. Oil weighted. Christina Lake and Foster Creek are superb assets and the gas assets are very inexpensive to operate. Good management. Wonders if US investors will continue to hold.

2009-12-11

TOP PICK

Canadian Natural Rsrcs

CNQ-T

72.090

One of the few that can increase oil production by about 10% in 2010 and 12%-13% in 2011 while US comparables are struggling to get 3%-4%. $6.9 billion cash flow, mainly because of Horizon.

2009-11-09

TOP PICK

Talisman Energy

TLM-T

19.110

Trading around 4 EBITDA while peers are 6.3. Has upside into the low to mid-$20’s. Have a strategy coalescing around North America, the North Sea and Southeast Asia and are starting to hit their numbers and their stride.

2009-11-09

TOP PICK

Occidental Petroleum Corp

OXY-N

83.050

One US oil that has a lot of growth globally. Large landholder in California. Proven track record of taking a mature basin and wringing every last drop out of it. The most torque name to oil available.

2009-11-09

PAST TOP PICK

Suncor Energy Inc

SU-T

37.350

(A Top Pick Oct 22/08. Up 41.2% not including dividends.) Lagged the group in performance. Intending to pay everything through cash flow and not lever up the balance sheet.

2009-11-09

PAST TOP PICK

32.240

(A Top Pick Oct 22/08. Down 2.5%.) Solid dividend play. Last 6-7 months investors have been piling into risks and you can make a very good argument that you might see a return to yield. Increasingly becoming a power weighted business. Cheap. 4.7% yield.

2009-11-09

PAST TOP PICK

Pacific Rubiales Energy Corp.

0.000

(A Top Pick Oct 22/08. N/A.) Dropped his holdings from about 50% to only about 3%. Thinks the economy is now recovering.

2009-11-09

BUY

Fairborne Energy Ltd.

FEL-T

4.830

Gas weighted. Good name and has decent opportunities to turn the register a little. A lot of little catalyst projects that’s doing some infill drilling. In terms of resource base it has one of the biggest opportunities in the juniors.

2009-11-09

DON'T BUY

Precision Drilling Corp.

PD.UN-T

7.570

Has cleaned up its balance sheets and done a lot of things right but think it's fairly valued here.

2009-11-09

BUY

Encana Corp

ECA-T

62.770

Will be splitting Dec between oil and gas. Crude will be under Cenovus (CVE-T), which he thinks is fully valued at around $26-$27 but likes their gas because they did an incredible job of hedging and have locked in profits.

2009-11-09

WEAK BUY

PRE-T

14.330

Predominantly gas play in Colombia. Good upside. Colombia is turning out to be one of the most attractive international areas to go for a junior company. If you own, consider taking some profits.

2009-11-09

Comment

HBP NYMEX Nat'l Gas Bull+

HNU-T

10.500

Natural Gas Bull+ ETF. If you want to hold for a day or less, it is perfect. Structured to rebalance every day, which doesn't mean you necessarily get a double. E.G. If you buy 100 units and it goes down 10%, you have 90 units. If it then goes up 10% you end up with 99 units. Prefers one that is not rebalance every day.

2009-11-09

HOLD

Penn West Energy Trust

PWT.UN-T

18.790

5th largest oil/gas producer in the country with about 170,000 daily barrels of oil. Has struggled lately but is now focusing on horizontal drilling on the oil side.

2009-11-09

SPECULATIVE BUY

Connacher Oil and Gas

CLL-T

0.990

Planning on doubling production in 2010. Attractive company and has done a lot of things right in order to get its financial house in order. In 2011 or so you will see some real impact on some of the stuff they are doing with more of their oil sands production coming on.

2009-11-09

PARTIAL BUY

Baytex Energy Trust

BTE.UN-T

27.870

Great oil sands property, a cyclic steam, which is very attractive from a cost standpoint. One of the more conservatively managed trusts. Has had a great run. Wouldn't buy aggressively.

2009-11-09

DON'T BUY

Husky Energy

HSE-T

28.600

Attractive from a valuation standpoint and looks reasonably cheap but has too much exposure to US downstream refining and refining is bad.

2009-11-09

BUY

Schlumberger Ltd.

SLB-N

65.130

Global oilfield service company. Do very complicated downhole techniques, moving the drill bit in three dimensions and guiding it. Very attractive business.

2009-11-09

SELL

Iteration Energy

ITX-T

1.190

Insider buying, which is positive. Good management team. Was slow getting into resource plays and then got caught up in some debt related issues. Thinks those things have been resolved. However gas weighted and not in the shale or resource to a large degree. Junior gas has come way too far too fast.

2009-11-09

HOLD

NAL Oil & Gas Trust

NAE.UN-T

12.180

Very attractive yield at 9% and relatively undervalued. A smaller trust but have some good drilling and starting to show good results, particularly in the Cardium play.

2009-11-09

HOLD

Nuvista Energy Ltd

NVA-T

12.600

Decent management team. Track record of consolidation. About 30,000 barrels a day of production but its gas weighted and he expects a depressed gas market. If it breaks down on a technical support bases, he would Sell.

2009-11-09

HOLD

Bonavista Energy Trust

BNP.UN-T

22.400

One of the better names and he doesn't see a problem with the 8.6% distributions getting cut imminently. Very good operating metrics.

2009-11-09

BUY

Vero Energy Inc.

VRO-T

4.090

Small but has a pretty good balance sheet and is a low-cost producer. Pretty good drill results.

2009-11-09

HOLD

Daylight Energy Trust

DAY.UN-T

9.640

Acquisition of Highpine gave them a 30% weighting in oil. With their CapX plans they are going to be north of 100% payout ratio, which is a little concerning. Oil side is good.

2009-11-09

BUY

Provident Energy Trust

PVE.UN-T

7.300

Real transformative story that is looking more impressive all the time. Initially a collection of “not so great” gas assets in the US with a decent set of midstream businesses where they take the liquids etc. out of the gas and this has turned out to be an absolute home run for them.

2009-11-09

BUY on WEAKNESS

Crescent Point Energy Corp

CPG-T

37.800

One of the best names. Hard to find a good name in conventional light oil in Canada. Lands are in the best spot in the Bakkens. Very light oil which gets a premium.

2009-11-09

HOLD

Galleon Energy Inc.

GO-T

6.190

(Market Call Minute.) Has disappointed perennially.

2009-11-09

HOLD

Baker-Hughes

BHI-N

43.060

(Market Call Minute.) Predominantly land drilling.

2009-11-09

HOLD

Trilogy Energy Trust

TET.UN-T

8.250

(Market Call Minute.) Gas weighted and no clear path forward.

2009-11-09

BUY

Inter Pipeline Fund

IPL.UN-T

10.520

(Market Call Minute.) Large oil transporter.

2009-11-09

BUY

Delphi Energy Corp.

DEE-T

1.720

(Market Call Minute.) Small at 6800 BOE’s a day that has a lot of catalysts for growth.

2009-11-09

BUY

Ivanhoe Mines

IVN-T

13.420

(Market Call Minute.) Risky but attractive.

2009-11-09

TOP PICK

Canadian Natural Rsrcs

CNQ-T

73.440

(A Top Pick Sept 22/08. Down 13%.) Likes its torque to the Horizon oil sands project. Has completed phase 1 and has done really well. Coming in on time, on budget and with production upside. Will have a lot of growth.

2009-09-28

TOP PICK

Encana Corp

ECA-T

61.570

Will trade higher because it will give clarity between the 2 asset bases. Has done everything right. Have land holdings in all the hot plays. They had just smartly and are up over $1.6 billion in cash flow this year. After the split he would be inclined to keep the gas.

2009-09-28

TOP PICK

Hess Corp.

HES-N

54.690

Balance sheet is strong and you are basically getting the exploration potential for free. Has exploration upside in Brazil, Ghana, Libya, Australia etc.

2009-09-28

PAST TOP PICK

Crescent Point Energy Corp

0.000

(A Top Pick Sept 22/08. N/A.) Recovery is happening so you can now be fully invested so you should be rotating out of cash.

2009-09-28

PAST TOP PICK

Baytex Energy Trust

BTE.UN-T

23.910

(A Top Pick Sept 22/08. Down 4.75%.) One of the more solid names. Sold in March because of concerns about debt and refinancing. Held in fairly well because it is heavy oil and differentials have been narrowing considerably.

2009-09-28

HOLD

Questerre Energy

QEC-T

2.500

The issue on gas is how long can a company sustain operations at the low price. They need a price of around $6. With $57 million cash on the balance sheet it will be able to ride out the storm.

2009-09-28

HOLD

Petro Andina Resources

PAR-T

10.280

In the international space. Looks attractive. Could see it as a takeover target at some point.

2009-09-28

BUY

Altagas Services

ALA.UN-T

17.360

Managed fairly conservatively. 60% of the business is gathering and midstream and midstream has been very profitable. Relatively safe. Management has indicated they will be paying a dividend of about the same level after they convert to a corp.

2009-09-28

HOLD

Advantage Oil & Gas Ltd

AAV-T

7.350

Historically has issued a lot of convertible debt but is paying it down and cleaning up its balance sheet. Direction is positive.

2009-09-28

HOLD

Enerplus Resources Fund

ERF.UN-T

24.400

One of the largest companies of its kind. Production of just under 100,000 BOE a day, which is at the upper end. An improving visibility story.

2009-09-28

PARTIAL SELL

Paramount Resources

POU-T

14.260

Hard to understand because it has a relatively high cost and convoluted ownership structure. Fairly gassy weighted. Doesn't seem to have any obvious catalyst to move it higher. Big upswing recently and he would be tempted to sell half your holdings.

2009-09-28

SPECULATIVE BUY

Rock Energy Inc.

RE-T

2.650

Equally weighted between gas and oil. A trader. If they can turn this name around quickly it would be good but wouldn't be a Hold. Not enough production to make it work.

2009-09-28

BUY

Petrominerales Ltd.

PMG-T

14.820

Of all the Colombian oil/gas plays, this has probably the most potential upside in terms of its drilling inventory. This would be a Buy and Hold.

2009-09-28

SPECULATIVE BUY

Connacher Oil and Gas

CLL-T

1.030

Speculative buy because it is a smaller cap name and smaller producer. Does have conventional production as well as oil sands in which 1st phase has been completed. Working on a 2nd phase with cash to see it through. Could benefit from a land grab in the oil sands as things start to recover globally.

2009-09-28

BUY

Nexen Inc

NXY-T

24.750

Classic value play. Inexpensive on cash flow metrics, etc because they typically disappoint on production and earnings guidance 3 times out of 4. They are cheap enough that you can buy but they have had some issues. Could be some weakness in the short term.

2009-09-28

HOLD

Gran Tierra Energy Inc.

GTE-T

4.570

3 months ago it had a very promising future but it has had a really good run.

2009-09-28

BUY

Daylight Energy Trust

DAY.UN-T

8.450

Acquiring Highpine (HPX-T), which is generally perceived as a good move as it gives them light oil. Solid management, which has hedged when it should and is defensive. 11.3% distribution.

2009-09-28

HOLD

Bankers Petroleum

BNK-T

4.310

Good name. Gets 50%-60% of Brent (?) so it gets world prices for its heavy oil in Albania. Has had a good run so over the next 6 months his outlook would be sideways. Some upside but not tremendous. Good long-term hold.

2009-09-28

Comment

Compton Petroleum

CMT-T

1.380

One of his least favourite names. Will probably be okay because they recently went to the market and raised some money. Would be cautious on this name. If there is a little bit of lift, he would be inclined to sell.

2009-09-28

BUY on WEAKNESS

Transocean Inc.

RIG-N

84.350

This is the leader in terms of the complex semi-submersibles for deep shore applications. If you're comfortable with the currency risk, it looks like a good name to hold. Pretty much of a monopoly on the rigs and are booked years in advance. If it drops after the earnings, pick up more.

2009-09-28

BUY

Crew Energy Inc.

CR-T

8.420

Good balance sheet and management team. It will be a consolidator.

2009-09-28

BUY

Husky Energy

HSE-T

30.370

Have some opportunities with their Southeast Asian fields to further delineate them and show some good production in the future. East Coast also seems to be a positive. Refining is a slight negative but not a huge one. Low downside risk and reasonable upside.

2009-09-28

BUY

CPG-T

36.850

In terms of income oriented oil/gas companies, this is probably one of the best if not the best. Consolidated at play in Saskatchewan in the Bakken light oil area. Recently added another play nearby as well. Considers it a core holding. 7.5% yield.

2009-09-28

DON'T BUY

Trinidad Drilling

TDG-T

6.750

Drillers have done reasonably well lately, which is surprising because all the fundamentals of natural gas are pretty poor for drillers. This one has a complex suite in that it can go deeper as well as to directional drilling. Has a reasonably high level of debt.

2009-09-28

HOLD

Paramount Energy Trust

PMT.UN-T

5.220

(Market Call Minute.) Has done a few things well with the Profound acquisition but is gas weighted with a short reserve life.

2009-09-28

HOLD

Imperial Oil

IMO-T

41.210

(Market Call Minute.) Solid, solid company.

2009-09-28

BUY