Bill Harris, CFA Luke Energy Ltd. LKE-T BUY ON WEAKNESS Aug 25, 2005

Have $35 million in cash. Good management. Rather than acquiring, they are moving to exploration. Wait and see. Will be dead money for the next 3/6 months.

Has about a 33% upside. Brought on a lot of volume in Martin Creek which is their key area. Also made an acquisition in Three Hills area. Thinks they will exit the year at about 3,200 BOE's a day.

Did very well on their numbers and he is just updating his model on it. They did 2,756 BOE's in the 3rd quarter and he was expecting 2,700. Did $0.22 in cash flow. Expects that next year they will be doing 3,200/3,500 BOE's a day.