Eric Nuttall Cequence Energy Ltd. CQE-T COMMENT Nov 20, 2015

A good tax loss candidate unless you are a raging bull on oil. There is no compelling reason. He doesn’t see it gaining traction. They can’t grow at a depressed natural gas price, like some others.

(A Top Pick June 27/14. Down 71.67%.) Still owns a little. Thinks it is a solid asset base. They just did a deal to sell 50% of a gas plant along with the joint venture on a pipeline. This is a good step to free up more cash flow and to move the needle.

(Top May 21/14, Down 77.12%) Turned into a small cap company. He got out into a higher liquidity name. He would need oil in the $70 range to get back into this story.

They ran a strategic review, which resulted in no buyers, and the CEO decided to leave the company. If you own, he would just sell the stock.

(Market Call Minute.) A small emerging Montney play. The Board recently fired management, and he is not sure where the company goes from here. He can think of better Montney players.

BNP-T is a much bigger company. CQE-T is a smaller company and has a different risk profile. He prefers BNP-T.

This company has a bond maturing next year and the performance of the stock has been poor. It has production of 6713 boed in Q4 down from 8609 boed the year before. The balance sheet has been the problem and people are worried whether they will be able to extend the bond. It is very high risk.