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Michael Smedley Petrobank Energy and Resources PBG-T COMMENT Jan 03, 2013

Has been rising rapidly from $1+ in the last few days. Management is attempting to create an interesting producer. Drag on it might be their THAI process, which really hasn’t gone commercial but other assets are quite interesting. Good management.

Michael Smedley

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$1.190

Stock price when the opinion was issued

oil gas

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SELL

Doesn’t seem to be happening. Done some changes recently. Maybe the Bakken is not working well enough for them. Get Petro Bakken and get the dividend.

DON'T BUY

Used to be an interesting basket of companies. Very high decline rates. Their capital structure is putting pressure on the share price. Some question if the THAI process will work.

DON'T BUY

Reasonable yield, but not sure if it is sustainable. Some of their operations in South America are not particularly predictable and have high decline rates.

DON'T BUY

Has not made a new low and is starting to base. Would look at pieces and not at the company as a whole.

DON'T BUY

Not a big fan of this group of companies. They are typically quite aggressive at issuing equity issues to the markets.

COMMENT

Owns PetroBakken (PBN-T) along with other holdings. Would prefer this to Petrobakken at this stage.

BUY

Period of seasonal strength is from the middle of February until the middle of June. It has had a nice little breakout and has kept on going higher. Technically looks very good. Above the 50 and 200 day moving averages.

DON'T BUY

(Market Call Minute.) Not interested. Looking at others.

COMMENT

options action It's hitting 52-week highs. Today sees a buyer of 13,000 of the May 16 call, trading at $15.60, at 29-33 cents. Inexpensive and unusual because they're going out to May while other stocks are shorter term.

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Michael Smedley Petrobank Energy and Resources PBG-T COMMENT Jan 03, 2013

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