Ikkuma Resources (IKM.V)

Repurchased assets in the Foothills. Stock was a little rich because of the very good management premium. Have been trading at around 7.5X forward cash flow. The long term optimality of a team that is one of the few people left in the country that have experience in driving these types of wells in virgin territory in the foothills, has a strong likelihood of doing well next year. A little expensive. If you are a long-term investor, you can be comfortable in owning this.

They did an acquisition of assets in Alberta. Very good technical/management team. They know what they are doing and achieved significant success in the past. Conventional reservoirs with high recovery. Should be one of the highest gainers in his portfolio.