Iron Bridge Resources Inc. (IBR.TO)

Things have gone very well with the Ante Creek and the plant expansion they did there. Thinks the market is a little tired of the story, which really surprises him. Expects a little bit of “show me” has to happen. There are other places he would rather be.

(A Top Pick Jan 21/14. Down 31.8%.) The company has done everything they said they were going to do. They made their production numbers, ran their balance sheet in a good consistent way and have very profitable wells. Well respected management team. He completely underestimated the full extent of the tumble in oil prices.

An infrastructure story that is going to grow from 9000 to 15,000 by the end of 2015, because of a battery they just built. They have been gas plant constrained, which will get done for the 1st quarter next year, and will grow to 22,000 BOE's for next year and going into free cash flow multiple generation.

Have some very prolific wells and are some of the best that are drilled in Alberta in the last year. They spin off significant amounts of cash flow right away, so the paybacks are very rapid. In a choppy oil price market, they are still going to generate significant cash flow. Basically debt-free at the moment.

Great company. Their weakness we typically see when field activities decline when spring break-up occurs. There could be some surprises as to how the 2^nd quarter numbers look through the break-up. That could be a positive catalyst in the very near term. This offers one of the best growth curves in the sector. Wished he had owned this earlier. Feels there is a ton of upside left in this stock. On any kind of weakness, it is probably a good time to Buy.

Thinks that within the last hour they put up an operations update. Q2 production is higher, guidance is higher and cash flow is going to be higher. Stock should go up tomorrow. Production went up from 3,000 barrels to 12,000 barrels, an unbelievable growth. When you put on a bunch of new wells, you are going to have higher decline rates. This means the tread wheel moves faster, so you are going to have to replace it quicker.

This has had an excellent move. Continues to execute on its package of lands. This is really a call on the energy sector which he is favourable on. As a late cyclical exposure play, he likes it. He would Buy on any pullback.

Has been a fantastic stock. Still likes, and bought more this week. Momentum in their drilling is going very well. Wouldn’t be surprised if the company beats their numbers on earnings. As the market is starting to price them in, longer-term gas prices are going to be stronger.

This could have been a Top Pick for him today. They are building out infrastructure and building a real company in case they are around for another 5-10 years. Could be a $10-$12 stock.

(Market Call Minute) Regrets not buying it. Likes what they are doing. Significant cash flow growth going into next year. Cheap stock.

He has known the management team back into the 80s. A step change in operations. 6k barrels a day to 15k by middle of next year. Land base there to support much more growth.

Well run company with good management team. Gravitating to 2/3’s oil and liquids vs. gas. It’s easier to see the growth this year. It is about infrastructure build out. He likes the predictability of this vs. drilling. Tremendous growth potential and opens door to a better 2015.

Producing about 7500 barrels of oil a day. In a very interesting area. Have drilled some very, very big wells, about 1000 barrels per well. About to finish their pipeline to take it to their battery for processing. Production is going to go from about 7500 barrels a day to about 12,000 overnight. Very strong balance sheet. Trading at a discount to a lot of the other companies.

Had tremendous drilling results. They’ve been facility constrained because a lot of production in that area has been increasing, so they have had to build their own pipeline in the AntiCreek (?) area, which will be coming on stream sometime in February. This is one of 4 oily names that do not pay a dividend that he would consider buying in Canada or would want to own. Looks pretty good.

(Market Call Minute.) Long life oil assets and a great management team. Not too expensive yet.