International Petroleum Company (IPCO.TO)

Its value and ability to generate cash returns to shareholders is understated by the market. It is the most financially sustainable in its field in North America. Heavy capital expenditures are behind them and the reserve base is extraordinary. It can distribute returns to shareholders and still have capital to fund expenditures and growth,     Buy 11 Hold 4  Sell 0

It has done a good job with the oil sands process. It has always been expensive but its project is now online. Liquidity is a bit of a challenge. He might take a look one day but doesn't own.

Generates all kinds of money. Really clear pathway to growth -- fully funded, and will increase FCF. Very long-life production. Adult supervision from the Lundin family, which controls it. 

Sees 45% production growth in next 2 years. Expects you’ll do well in share price appreciation and dividends for 2-3 years. In the 3-5 year timeframe, suspects it’ll be sold to a premium bidder. No dividend.

Also a Lundin Group company. Consistent in buying back shares. Stock's substantially undervalued. Heavy oil producer. Potential beneficiary of de-bottlenecking Keystone. No dividend.