Stockchase Opinions

John ClarkeGentry Resources LtdGNY.TOBUYJan 28, 2004

HAs begun to reflect its potential. Some upside. Good bet
$2.14

Stock price when the opinion was issued

oilgas
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COMMENT
Being acquired by Crew Energy (CR-T). Fantastic asset. The problem is that Crew is priced for perfection and there are other companies he likes better so he sold it.
STRONG BUY
(Market Call Minute.) They have so much land to work with and trading at very cheap multiples relative to their peers.
COMMENT
(Market Call Minute.) Grossly undervalued. Developing the Kiska oil play. Looks very interesting. Concentrating on oil.
DON'T BUY
Badly missed production numbers recently. Natural gas prices are recovering. Bought out Bow Valley’s western Canadian assets. They have to execute better.
DON'T BUY
Natural gas. This one has been troublesome. Missed their numbers even after the acquisition of the Bow Valley’s (BVX-T) assets. Change that the Alberta government has put through is a negative.
HOLD
Western sedimentary basin got way out of whack. They have a phenomenal land base. The Alberta tax issue did not affect them at all. Have a fantastic team. This year they will go from 40% oil to 60%. Cheap valuation. Well-run business and conservatively managed.
BUY
Very solid asset base in SE Alberta. They have almost 300,000 net acres of undeveloped land. Valuation is probably about 2X cash flow. Can't foresee any debt problems. Could be a takeover target.
TOP PICK
Have a fantastic management team. This is the cheapest company he could find excluding the gas assets. Consistently growth of business. Little effected by the royalty issues.
HOLD
It is leveraged and needs high gas prices. His approach is to take a 18 month horizon. If we have a cold winter the win will come faster. Gentry has an acquisition that they paid a lot of money for and needs higher commodity prices to grow. Does not see it as the most attractive of the gas stories.
BUY
Did something unique by drilling after the spring break-up when normally companies don't drill. Have had some good success. Drilled 10 wells in the Princess area of Alberta and each one tested over 500 barrels a day. She is now optimistic on this company. Cheap.
BUY
Everything went wrong at the end of last year for this company. Has grown organically at about 20% a year. A value company.
WAIT
Has a heavy gas weighting saw the stock has been hit hard. Recently bought Bow Valley’s (BVX-T) Canadian domestic assets to give them low risk stuff in Alberta. It needs a nice recovery in natural gas.
BUY
A core holding. Have lots of work to do. They reinvented the company in the last month. This won't go anywhere until the 4th and Q1 quarters. Very cheap.
BUY
Have good holdings and good prospects.
PAST TOP PICK
(Then 4.85) It's inexpensive. Thinks it will do well in the long run.