Josef Schachter Luke Energy Ltd. LKE-T BUY Nov 22, 2005

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.

Josef Schachter

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$3.950

Stock price when the opinion was issued

oil gas

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HOLD

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.

BUY ON WEAKNESS

A great little company. Had a recent run up, so he's a little bit nervous on it. Looks pretty much fair value. Buy on a hiccup.

BUY

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.

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Josef Schachter Luke Energy Ltd. LKE-T BUY Nov 22, 2005

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Luke Energy Ltd.(LKE-T)

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