Opinions

Don Short Emerge Oil & Gas Inc. EME-T BUY Sep 22, 2010

Heavy oil producer in Saskatchewan. Doing a good job of assembling an inventory. Heavy oil in juniors doesn't tend to get the valuation or appreciation in the share price but this one should do well.

Don Short

Owned

Unlock Rating

$3.430

Stock price when the opinion was issued

Oil and Gas (Integrated Oils)

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TRADE

Pretty good inventory of old oil wells. Get them production again. Rates of return in the 100s of percent. The opportunities are a little less than they want to see. Not the top of their list.

BUY

Been buying over the last couple of days. $3-3.15 is a good entry point. Management is very competent. They have enough running room given their market cap.

COMMENT

Inventory of about 150 cold heavy oil production wells. Also an inventory of reactive locations of existing wells. Potential to grow significant production over the next couple of years. Low visibility beyond 2 or 3 years of production.

WEAK BUY

Has some appeal. Very cheap company. Heavily oil weighted. They probably have 2 decent years of drilling ahead of them and then how are they going to back the inventory

HOLD

Missed production in the last couple of quarters but nothing fundamentally wrong with it.

TOP PICK

A Value and Growth stock. Disappointed investors by being a little too aggressive on their go forward numbers. Cheap Mostly heavy oil but just did a farm in of 30,000 acres dirt cheap in Alberta which will get them into light oil. Well run.

WEAK BUY

It will move up. Not a screaming buy, as he would prefer other names. It has potential to move higher. Its valuation is too high.

DON'T BUY

They reactivate old wells and bring them up. Have 300 or more cold heavy oil locations they can drill. Stubbed their toe a couple of times. Recently branched out to some light oil acquisitions. Had some management turnover.

PAST TOP PICK

(A Top Pick Feb 18/11. Down 63.23%. (See commentary at beginning.)) Merging with Twin Butte (TBE-T). See today's comments under TBE-T.

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Don Short Emerge Oil & Gas Inc. EME-T BUY Sep 22, 2010

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