Martin Hubbes, CFA Niko Resources NKO-T BUY Feb 15, 2011

(Market Call Minute.) A darling at one time, but he would prefer other international plays.

Not that appealing. This company doesn’t tend to benefit from the 2^nd period of seasonal strength for energy. Probably not something you want to pursue.

This has lower highs and lower lows. Not too much positive he can say about the stock. Stay away from this. The cyclical oriented stocks not do well specifically over the next 3 weeks.

They are getting further delays from the Indian government. It is pure speculation at this point.

It looks like they are starting to play with pricing in India. He would stay clear from this kind of situation.

Always thought the risk was way too great. Huge gamble that it won’t go under.

If you want to be on one side or the other, then you should Short it and hope to buy it back for less. Doesn’t see any catalyst for growth. This company has had a lot of problems.

This has been a pack of cards falling through. There is kind of an option value building into this company because of its whole macroeconomic play with its geographic location close to some of the basins in India. Fundamentally the balance sheet looks really stretched. They would need a lot of help on the capital markets side in terms of financing alternatives. Trades at a Price to Book of about 6 times.

Has always been very skeptical about this one through the years. Right now they are in default and trying to do a deal with their creditors. Expects that shareholders will get next to nothing.

It is quite a small company. It is hugely volatile. There a lot of problems over the years with the pricing of data coming from India regarding a 10% stake in another company. They have too much debt. The price of the gas they sell has been negotiated. A tough name to predict.