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John Stephenson Corridor Resources Inc CDH-T RISKY May 28, 2010

Attractive. Frederick shale seems to be producing. Question is the macro growth story. What happens with the global growth story? If global growth is on the back burner, this story is not going anywhere. If global growth is back in the forefront, this one should go quite a bit higher.

John Stephenson

Unknown

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$4.700

Stock price when the opinion was issued

oil gas

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PAST TOP PICK

(A Top Pick April 26/10. Down 2.46%.)

PAST TOP PICK

(A Top Pick April 26/10. Down 7.7%.) In New Brunswick with a couple of large resource plays. Hit a dry hole but are trying to sort it out.

DON'T BUY

Has had a tough go. Drilled two wells and results were inconclusive. They are left 100% in the play, which is very capital intensive. It could go either way. They want to drill two horizontal wells into the play while looking for a new joint venture partner.

TOP PICK

$3 of value in their reserves, trading at 2/3rds. Drilled two well that were successful.

TOP PICK

(Top Pick Oct 27/11, Down 23.17%) Drifted off on indiscriminant selling. Zero bad news. In fact terrific news last week. New Brunswick. Believes it is crazily valued below $2. More than $10 of asset value. No debt and cash on the balance sheet and cash flow from small production base. $3 of proven reserves. Get price higher into New England.

DON'T BUY

In the small cap space it is so easy to be wrong. This is a company that has been experiencing negative change. Nat Gas has been a tough place to be for a long time. Stay away until the sector gets better.

PAST TOP PICK

(Top Pick Dec 8/11, Down 55.15%) Have an oil project that should attract a partner in next 60 days.

PAST TOP PICK

(A Top Pick Dec 8/11. Down 57.57%.) Still likes. Very cheap. Has been hurt because of the atrocious gas prices. Have 3 significant plays, one gas and 2 potential oils. Expect they will have a partner for some of these.

BUY

(Market Call Minute.) This is a long-term project in Quebec, and the government has put in $50 million.

COMMENT

He considered taking a run at it at $0.40. It has money in the bank, no debt, he likes what the management is doing. The absence of debt limits the downside risk, making this a reasonable spec, but he doesn’t see much momentum at this time, partially because of regulatory issues.

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John Stephenson Corridor Resources Inc CDH-T RISKY May 28, 2010

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