Josef Schachter Geocan Energy Inc. GCA-T BUY Nov 15, 2006

They wear a heavy oil operator but are now transiting to natural gas and light oil. About 35% natural gas. Have some very high impact exploration potential in northeast British Columbia and Central Alberta. Doing about 3500 BOE's a day with about 500 behind pipe.

(A Top Pick Jan 11/06. Down 30%.) 68% natural gas weighted which killed them. Still likes the story. There won't be much volume growth, but once natural gas prices firm up, there’ll be more cash flow to start growing again. A Hold.

Got into some severe troubles. Have a big debt problem. Heavy oil and natural gas. Not sure how they're going to move forward.