David Cockfield ExAlta Energy Inc. EXA-T DON'T BUY Dec 07, 2006

This company is led by the ex-Husky executive who is quite capable. Has a good team around him. Good balance of properties in the West. Reasonably cheap and has done reasonably well since its operation. There are other names where he sees a bigger potential.

Natural gas play, which is the problem. Good management team is getting good production. Very hard to make money in this business at this time. He thinks over 75% of companies producing under 5000 BOE today will show no net income this quarter.