Opinions Glenn MacNeill, P.Eng.
Atlas Energy LtdAED.TODON'T BUYAug 23, 2006
Has been a bit of a disappointment over the 2nd quarter and is why the stock has dropped. Didn't meet their production targets.
$4.16
Stock price when the opinion was issued
oilgas
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as been on this one for three years, and it's gone down. Converting themselves from a hardware company to a software company. Still with them, and like them, although they've been a disappointment
Peter BriegerOwned
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Merged with Pearl (PXX-X). Good management. What they are drilling is not that exciting. Probably good up through $5.
David CockfieldOwned
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HOLD
BUY
A fairly conservative junior. Shallow gas and heavy oil. Competent management. Have lots of property. Could be a takeover.
David CockfieldOwned
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TOP PICK
A very conservative junior. Have a lot of heavy oil in Alberta. Just extended their field significantly. A great candidate for a buyout at $6.
David CockfieldOwned
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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.
David CockfieldOwned
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BUY
Primarily involved in heavy oil development. Had a relatively weak 2005 and the market has somewhat punished them. They are in the midst of a huge development program that will result in production probably doubling over 12 months. Summertime is the prime time for heavy oil.
Wilf GobertOwned
oilgas
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.
Wilf GobertOwned
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TOP PICK
(A Top Pick Aug 30/05. Down 17%.) Their Moony project is finally coming to fruition and should take their production level from 6,500 to 10,000 next year. It should cash flow $1.50.
Brendan KyneOwned
oilgas
BUY
Stock has not done that well because they've had a bit of a shaky growth pattern in the last couple of years. They're on the cusp of a substantial amount of drilling in already discovered reserves. Sees the production growth being in the top quartile of the group over 2006/2007. Low multiple. Some heavy oil.
Wilf GobertOwned
oilgas
PAST TOP PICK
(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.
David CockfieldOwned
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TOP PICK
Had underperformed until about 2 months ago. 2 large production areas. Mooney is a massive heavy oil pool. Has the potential of 20/30 wells which would double its production. Druid could be equally successful. Likes their price to cash flow multiples.
Brendan KyneOwned
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