Opinions

John Clarke Gentry Resources Ltd GNY-T BUY Aug 05, 2004

Does not cover the stock. They have been growing production. Stock has been flat for the first half of the year but is beginning to pick up. Has expanded into a full cycle exploration company and have several successful areas.

John Clarke

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$2.200

Stock price when the opinion was issued

oil gas

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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.

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.

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.

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.

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.

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.

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.

STRONG BUY

(Market Call Minute.) They have so much land to work with and trading at very cheap multiples relative to their peers.

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.

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John Clarke Gentry Resources Ltd GNY-T BUY Aug 05, 2004

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