Opinions
David Cockfield
Atlas Energy Ltd
AED-T
PAST TOP PICK
Oct 12, 2005
(A Top Pick July 28/05. Up 8%.) It's now back into a buy zone. Has relative conservative drilling programs. A good solid company. Expects it will get taken out or become an income trust. Good value.
$4.770
Stock price when the opinion was issued
oil
gas
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BUY
They are involved in a conventional heavy oil play called Moony and they are using horizontal drilling to exploit it. Original estimates of a field at 14 mi.² is now 18 mi.². Should see 20/30% production growth next year. Trades at a low multiple. Because it is heavy oil, it is vulnerable to oil fluctuations.
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BUY
Been a little erratic. Doing okay, it has been a little disappointing. Taken a long time to get things sorted out. Expected production to come on a little faster. Although production has not increased much, their reserves have increased extremely nicely. Expect they will now start getting production increases.
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