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Josef Schachter Purcell Energy PEL-T PAST TOP PICK Sep 26, 2005

(A Top Pick June 20/05. Up 6%.) There will be 2 companies coming out of this, one an asset play and the other will be the Fort Liard play. Still likes. Feels it is worth 10/15% more than what it is trading at.

Josef Schachter

Owned

Unlock Rating

$3.300

Stock price when the opinion was issued

oil gas

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WAIT

Has a very good suite of assets but Chevron Texaco are now selling those assets. Have to know who the new owner is and what their game plan is.

BUY

Stock has been languishing. Have started bringing on the Fort Liard 2M-25. Having Paramount as the operator was a very good move. Expects 5,000 BuE's a day in 2004, exiting at 6,200.

DON'T BUY

Not one of his favourites. A large part of its assets are tied up in the Fort Liard area of NW Territories. Centred on one play. Had water in some of the gas wells.

HOLD

Has been a disappointment. Will be meeting with them next week and will update his model. Have a big debt problem.

TOP PICK

Stumbled about 2 years ago, and stock's been in the dog house. Doing 4900 to 5000 BOE's a day. Two problems: 1) haven't grown, but that's now starting to change and 2) balance sheet problem which they are working on by selling $30 million of non-core assets to take their debt down below $30 million. Also had very good success with Anadarko (APC-N) which has brought on significant production.

TOP PICK

Did 4,086 BOE's a day in the first quarter and $0.12 cash flow. In the process of selling $20/30 million of non-core assets which will reduce the debt load to below $30 million which would be 1 to 1 debt to cash flow. Also doing work in Fort Liaird with possible production this summer.

TOP PICK

This company has been in the dog house. Looking for them to sell $20/30 million in non-core assets to clean up the balance sheet. Have some key areas.

HOLD

Doing a takeover. Selling the core of their assets and going to spin off 2 of their explorecos. The deal will probably close sometime in October and each of the explorecos could see some upside.

DON'T BUY

Has some interesting assets. Had a number of acquisitions recently which gave them some diversification. The assets they acquired are not his favourites. Wait and see.

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Josef Schachter Purcell Energy PEL-T PAST TOP PICK Sep 26, 2005

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