Eric Nuttall Fairborne Energy Trust FEL.UN-T SHORT Jul 16, 2012

Haven’t been a very strong operator. Sold Belly River assets to DeeThree (DTX-T) who were able to make money off this play. Have sold the balance of their gas assets to Bonavista (BNP-T) so they are left with the Cardium play. This is more of a “show me” story and she needs to see them execute on whatever they have left.

Hasn’t owned this one for a while as she was concerned about high debt levels. Now sold off some assets to bring down their debt level. In the last couple of months she has seen a little bit of the energy sector start to perk up. A lot of people have been disappointed because of the weakness in the energy space since 2008 and she is now seen a little bit of excitement. If that happens, that will drive this company prices more so in the next few months. On the right track, but it could take a little bit of time. If you own and you think energy prices will be going up, consider Selling for tax loss purposes.

Has a huge respect for management. Sold off some of their assets, which was good, because they got rid of a bunch of debt. Feels they have some spectacular assets in west central Alberta.

Exceptional project and they are in the way of some big companies. They are good operators. In an area where they can show their brilliance. Players in the area want to own more.

Company was forced to do some rather draconian things because it needed to clean up its balance sheet, so it sold a big asset. Stock has been quite buoyant lately because of their liquids rich natural gas play. Their assets, in the heart of a play that is largely governed by bigger companies, are quite attractive. Thinks there is still more upside in the stock.