Bill Harris, CFA C1 Energy Ltd CTT-T PAST TOP PICK Feb 16, 2004

(A top pick Jan 2/04. Down 29%.) Likes even better. Premium management team.

Bill Harris, CFA

Owned

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$1.800

Stock price when the opinion was issued

income trust

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They have a great group of management, and great group of properties. May trade at double value

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A spin out from Navigo when they converted to a trust. Had a troubled past. Not a lot of cash flow to get them up and going. Asset value is about $1.50. May need more capital. Probably a good time to get in.

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Bill Harris, CFA C1 Energy Ltd CTT-T PAST TOP PICK Feb 16, 2004

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C1 Energy Ltd(CTT-T)

C1 Energy Ltd(CTT-T)

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