Glenn MacNeill, P.Eng.Bow Valley EnergyBVX.TOPAST TOP PICKAug 23, 2006
(A Top Pick Jun 16/06. Up 14%.) A play in the North Sea where they have had a good discovery and will dramatically increase the production over the next several years.
Have properties in Alaska and North Sea. Has been a bit of a disappointment. Production forecast is supposed to increase pretty dramatically over the next little while but the market has not bought into this.
Had a few production misses. Properties are not as good as the other North Sea junior, Oilexco (OIL-T) but it has tremendous netbacks (higher prices per barrel). Sees strong upside in this one.
Has been a dull performer in terms of some of their explorations. At this level, a lot of the bad news has been discounted out of the stock. Not his favourite.
A focused North Sea player with some exposure in Alaska. Had a disappointing exploration run in the North Sea. Alaska is early stage. Well run and management is very strong. You can make better money somewhere else. Would prefer Oilexco (OIL-T).
(A Top Pick Apr 24/07. Down 10%.) Still likes the story. Ramping up production in the UK North Sea and drilling in Alaska. The market punished them because of delays in production. In a holding pattern until new production comes on, which he expects will be by the end of this year.
Had been a frustrating stock and recently sold his holdings. Drilling in the North Sea and had 2 dry holes. Looks like they are having some success in Alaska. Have a lack of good drilling plays.
Has been a little frustrating because it should be doing far better than it has. Has tremendous potential. It is focused in the North Sea with huge margins in the $55-$65 range. A very good name.
(A Top Pick Feb 21/07. Down 11.8%.) Has been a bit disappointing, but is a North Sea junior oil producer that has gone from prospect of producer to producer. It will eventually take off but for now, a wait and see. Hold.
Will be raising production volumes through 8000 BOE's in the latter part of 08 as they bring on Enoch and Chestnut. Target of $9, not including any exploration. Participating in drilling a well in the North Sea as well as Alaska.
Could be in the 8000 BOE's range at the end of 08, which will generate $1.36 in cash flow. Also drilling some high impact wells in the UK North Sea starting in the next little while. Will be drilling in Alaska this winter.
Has a couple of fields in the North Sea that have just started producing. Has not done all that well and is not incredibly cheap. Sold off a little bit because of negative coverage because of asset-backed commercial paper. Even if you roll that off, it will only be a $.50 hit. When 4th quarter numbers come out, it will look wonderful.