Joanne A. Hruska, CFA Angle Energy Inc NGL-T TOP PICK Sep 11, 2012

Liquids rich gas play. Was challenged earlier this year because a lot of their liquids are not oil. Had some good results from their key Cardium play. Still pretty cheap at 4.2-4.3 times cash flow on a 2013 basis. Expects that $4 is fair value.

(Market Call Minute.) Would stay away. Looks like they are spending more to produce less. They’ll have to sell the company at some point.

Recently disposed of some non-core assets and paid down some debt. Attractive. Had a pretty good last quarter. Good little name.

Has been cheap on NAV for years and stock has been a bit of a disaster. Largely a result of them missing on several key plays. Lost traction with the street and there are no brokerage firms that are really supporting the stock. Also, a victim of a decrease in natural gas liquids pricing. They have lower valued NGLs, which has impacted their revenue stream.

(A Top Pick March 22/12. Down 53.77%.) Very capable management. NAV is well over $6. Too cheap down here.

(Down 18.38%) She is still holding. She believes it is a great resource and has bought more. Feels it will come back.

There is a record amount of product in the market. Unless a company has a really fantastic asset that is better than what the buyer is purchasing, the likelihood of a very high bid is very low. This company’s drilling has really struggled over the last couple of years and management has over promoted certain plays that have not come to fruition for several years.

During the 2^nd quarter, it was revealed that they were going to be dropping their guidance because volumes are going down. Decline rate is relatively high. Have fairly leveraged balance sheet with 2.5X debt to cash flow.

(A Top Pick Sept 11/12. Down 14.08%.) Angle Energy has decided to sell the company and have a takeover bid. She is disappointed that they decided to sell so early. Believes there would’ve been a much higher price in the future had the company been patient. Good management team.