ProEx Energy Ltd. (PXE.TO) Buy, Sell or Hold

ProEx Energy Ltd. (PXE.TO)

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WATCH

Natural Gas - this commodity could drop even further in the next month, so take your time getting into positions. 3 picks he would look at would be ProEx Energy (PXE-T), ProspEx Resources (PSX-T) and RSX Energy (RSX-X). They are all good western Canadian producers with good growth profiles and good properties.

BUY

Q3 production was down. Expecting new high levels of production in Q4. Good spread of properties. Well capitalized. Good land position. Good price.

BUY

For gas exposure, 2 stocks would be ProEx Energy (PXE-T) and Crew Energy (CR-T). Great position in northeast B.C. You can buy and put it away.

TOP PICK

A natural gas play. At the bottom of the cycle, he wanted to buy the highest quality company he could. A real grower. Top management team. Clean balance sheet. Will do well on a 3-5 year basis.

PAST TOP PICK

(A Top Pick Oct 5/05. Down 22%.) Liked that it was capital efficient and had lots of prospects. With the commodity drop, some of the prospects get curtailed. Would still hold.

TOP PICK

Tight gas play. Has a longer reserve life than some of the others. Will have a strong increase in production over the next year. Very clean balance sheet and extremely good management. Incremental production should be able to be added very cheaply. Takeout candidate?

BUY

Trading inexpensively relative to its peers. Has room to expand its multiples.

PAST TOP PICK

(A Top Pick June 21/05. Up 29%.) Still likes.

TOP PICK

In addition to the oil sands, portfolios should have some well chosen juniors and the focus on juniors should be on tight gas formations and the companies that exploit them. Experienced management team. Has increased production substantially every year. Clean balance sheet. Trades at a reasonably cheap multiple.

TOP PICK

On his WATCH list. Growing its reserves very effectively. Good seasoned management team. Trading inexpensively relative to its peers. A resource play in tight gas which is easy to get at low operating costs. Will be able to increase reserves and production year after year.

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ProEx Energy Ltd. (PXE.TO)