Opinions

David Cockfield Black Rock BVI-T WAIT May 12, 2005

Has been negative on this one for some time. Has some reasonable assets, but it became overpriced and overpromoted. Have had some production problems in bringing production on. It's a heavy oil company. If the stock got down to $6 it would represent a better value.

David Cockfield

Unlock Rating

$8.500

Stock price when the opinion was issued

oil gas

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HOLD

Sold his holdings at $6.50 because of price weakness in heavy oil. Also on a price to cash flow basis, the stock is expensive. However, if you sell on a nest asset value basis, that would be close to $20.

BUY

Have a heavy oil property. Has a hunch that with the people behind this project, because of their track record, they'll figure out a way to make it work. Speculative and too risky for his clients.

DON'T BUY

A controversial stock. The bears are saying it's far too expensive on a price to cash flow basis and the stock is worth about $7. On the other hand, people are saying it is incredibly cheap on a price to book value and their target would be $14. He has no intention of owning it.

WEAK BUY

Essentially heavy oil of the conventional type that he likes as well as other heavy oil. Asset value is around $8/9. Good management. Speculative.

DON'T BUY

Heavy oil producer with most propertys located in the north east area of Alberta. Doesn't get the full value of crude oil. From $5 to $25 less. Netbacks are significantly lower then others. Good management. Not a heavy oil fan.

WEAK BUY

Has not been a fan of this stock, but they are 100% oil and the higher the price of oil, the better their leverage. Relatively high production costs. Low quality oil so their price is $20 below the regular rate. Doesn't expect it will become an income trust for a long time as they have a very aggressive growth strategy which will require a lot of capital.

HOLD

This is an asset play, not a “price to cash flow” play. There are more interesting ways to play the heavy oil.

DON'T BUY

Had a long uptrend and is now spiking. If you own, hold and enjoy the ride.

SELL

Shell Canada is offering to purchase all outstanding common shares. If you home, he would take the offer and reinvest in UTS Energy (UTS-T).

BUY

Believes company is a good long term investment. Shares have been over-sold recently. Good time to invest in the company. Excellent management team with good long term prospects. Very well diversified business.

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David Cockfield Black Rock BVI-T WAIT May 12, 2005

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