Bellatrix Exploration Ltd. (BXE.TO)

Likes this name and thinks it will do very well. Has been a rocky ride. It has to be part of a basket approach. It is a junior so you have to have a basket.

He has been disappointed. It is fairly cheap and they have some good growth longer term. Don’t sell; new people have to move into the story. He would like to see it trade sideways for a while.

Had been mildly critical of this when the stock was mid-$9’s and they came to market to try and raise about $250 million. Due to the share price dropping off, they clarified that they had wanted to buy out one of their partners on some other acreage. There has been a knock on people’s perception of the company, and it takes a very long time to regain the multiple. While it is cheap, he thinks it is going to stay cheap for a period of time. If you are a long-term investor and don’t want to realize capital gains, you can stick around.

It is not often that you see a bought deal that is re-priced and re-sized. Clearly someone made a mistake. This has been a pretty dynamic business, and has done a very attractive job of attracting joint venture money to their capital program. Their Cardium play is very robust. Suffered some short-term production curtailments because of plant turnarounds, of which they had no control, so he would not give up on the stock. Still thinks there is some upside.

Having a wonderful year. Good company and well-managed. If he owned this, he would be thinking of selling part of it, but also thinks there could be further upside.

Very interesting company, because the methods, strategy, corporate involvement of how they have grown, hasn’t changed. Still have a long runway of very solid projects in front of them. In the short-term, they got boxed in with a deal that didn’t work which gave pause to investors. Trading at a discount to a similar growth peers.

(Top Pick July 23/13, Up 33.82%) Announcement of a deal that got downsized and re-priced has caused a pullback.

Recently announced that they had a shut-in with one of their pipelines. Also, did an equity finance, which they cut from $250 million to $150 million. The bloom is off the rose until management gets its message straight.

This is a mixed oil/gas play. Tried to do an issue of $250 million at $9.75, when the stock was selling at $10.25. That was too much, and the market didn’t like it. Re-priced it at $9.50 down to $150 million, which is where he participated. It takes a while for this to calm down, and he expects that it will be back at $9.75 in 3-4 weeks. Balance sheet is above average, and growth is still high.

Thinks this has become un-investable after coming to market for $250 Million, then cut the size of the deal. The big question was concern over their execution with 3 JVs. They didn’t really have a use of proceeds. Something doesn’t add up.

Made a deal of almost $290 million, which probably surprised the market. This will remove a lot of their debt. They have a great joint venture, and the numbers continue to go higher and look fantastic. Based on the price action, he’ll have to revisit it because this is probably a great entry point. On his radar.

(Trading has been halted on some news.) Chart shows a good upward trend line so the stock over the past year looks okay. If the news is negative, it may break down through the trend line.

Has done very well in the last little while by developing their exploration opportunities with Cardium plays and a couple of other resource plays. The issue has been they were short of capital development, but have successfully been able to get some joint ventures using third-party money to accelerate growth. Probably due for a bit of a pull back here. They look pretty set for the next 2-3 years. Not a bad time to start picking away at this one.

One of the fastest growing oil and gas companies. Production is growing. Raise forecast every three months. Balance sheet is reasonable. It is pricey, but a good fast growing company is worth it.

Thinks there is upside from here. Hard to find a stock with this kind of valuation with 30% per share production growth. Execution of the company has been excellent.