Hugh Cleland, CFA Kodiak Oil & Gas KOG-N COMMENT Nov 23, 2007

2 small cap natural gas companies recommended are Grand Petroleum (GPP-X) and Kodiak Oil & Gas (KOG-X). 2nd largest landholder in the Vermilion Basin in Wyoming. This one is a much higher risk.

Natural Gas. 2nd largest landholder in the Vermilion Basin, a deep over-pressured basin. Initial test results from their 1st well indicates big wells and a lot of them.

2nd largest landholder in the Vermilion basin. Somewhat interesting at this price. Would be an excellent buy at $3. It's a tough one simply because of its exposure to gas.

(A Past Top Jan 245/07. Down 22 %.) Exposed to the gas market. 2nd largest landholders in the Vermillion basin. Probably needs another $1 on the gas price before the Rocky Mountain gas price becomes interesting to this company.

Early-stage oil/gas exploration. He has a very small position in this. Have 2 really, really exciting plays. One is a deep gas play in the Rockies, which at some point it's going to be worth a lot. The other is in the Dakotas with Bakken shale and has assembled a great acreage position. This could be a whole new leg of growth for the company. Speculative.