Opinions

Don Short GasFrac Energy Services GFS-T BUY Sep 22, 2010

New approach to fracing by using gelled propane as a fluid. Several advantages including being a native fluid, which is non-damaging and cleans up in hours with a 95% recovery rate. Looking for a great 3rd quarter.

Don Short

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$5.900

Stock price when the opinion was issued

oil gas

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BUY

Fracing company. Expect they will do fairly well. Bit of a problem in the 1st quarter where they had 3-4 weeks of downtime and missed analysts’ expectations. Good visibility.

BUY

Has been looking at this one. Probably a good entry point. Stock has come off quite a bit. Brought in a new management team. Outlook is very strong in terms of fracing. Have a lot of signed deals with Husky.

DON'T BUY

Entire space has been weak. He thinks the reasoning is wrong. The Canadian market is very tight. Very much a niche application and would prefer one of his top picks.

TOP PICK

GasFrac 7% Convertible Note maturing Feb 17/17. Has interesting technology for fracing. A whole lot of capital spending going on in this area, especially for companies who are looking to extract commodities from tight formations.

DON'T BUY

(Market Call Minute) Put out a pretty disappointing quarter this morning.

DON'T BUY

This is one that he is Shorting. Negative fundamental change. Have some interesting pressure pumping technology but he doesn’t like the pressure pumpers area.

BUY ON WEAKNESS

A couple of the companies they deal with have decided to pull back in terms of cap X. He likes the story now. He would wait for a pullback to enter at this point.

COMMENT

Just announced that there will be a change in management. She was never quite comfortable with their single type fracing technique which limits what type of plays it can be used in.

HOLD

(Market Call Minute.) Somewhat bearish at this time on the services companies.

DON'T BUY

It was popular 4 or 5 years ago. A large number of companies have deployed the water flood technology, but did not get the results they wanted so use other fracking techniques.

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Don Short GasFrac Energy Services GFS-T BUY Sep 22, 2010

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