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John O'Connell, CFA Bronco Energy BCF-T STRONG BUY Oct 04, 2007

Have a very large resource in the oil sands area in Alberta. Have drilled about 40 wells and expecting to have 50 by the end of the year. Looking for 10,000 barrels a day. Completely immune from the Alberta royalty review process, because it is on Indian land. They will be coming out with some reserve numbers in the next 2 weeks.

John O'Connell, CFA

Owned

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$10.000

Stock price when the opinion was issued

oil gas

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BUY ON WEAKNESS

(Market Call Minute.) Heavy oil and should be producing very shortly. Production should grow very rapidly.

BUY

(Market Call Minute.) Very well positioned. Has a lot of runway with regards to drilling prospects going forward.

BUY

Had experienced some delays and facilitate constraints in production. The play itself makes a lot of sense. Could get to $15-$16 on success of execution. If you believe in heavy oil and the differential, which is very narrow right now, management is one of the better ones.

PAST TOP PICK

(A Top Pick July 31/07. Up 4%.) Have about 4 billion barrels of oil in the ground. Takeover candidate. Still a Buy.

BUY

Large group of assets all cordoned off. Getting it on production. Production increases expected to be fairly dramatic.

SELL

Heavy oil in Alberta. Looked quite promising in 2008. Have always had problems with water. Debt is an issue.

DON'T BUY

New management team raised a convertible debenture. An issue would be their asset base. It will be a struggle as other companies have tried to drill it up but have abandoned it because of too much water.

SELL

(Market Call Minute.) Thinks their asset base is very challenged.

COMMENT

Have a lot of barrels but they are difficult and uncooperative barrels because they get a lot of water in their production. It will be a challenge.

DON'T BUY

Painful to look at the chart. Shows why it is important to invest not just in an asset but in the people. He rode it up and rode it down and sold it.

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John O'Connell, CFA Bronco Energy BCF-T STRONG BUY Oct 04, 2007

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