Opinions

Joanne A. Hruska, CFA Regal Energy Ltd. REG-X HOLD Apr 15, 2009

Thinks there will be a share consolidation and typically share prices go down. She is waiting for consolidation and then buy.

Joanne A. Hruska, CFA

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$0.075

Stock price when the opinion was issued

oil gas

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HOLD

Very small company and very illiquid. Increased their asset base in the last year and are increasing their production. Doesn't think they will have any trouble with debt.

DON'T BUY

Have a porphyry copper system in Argentina. Good guys running it. One side of it has pretty good mineralization but we haven’t seen this thing actually expand large enough that it is going to make large enough tons and grade to make an economic deposit.

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Joanne A. Hruska, CFA Regal Energy Ltd. REG-X HOLD Apr 15, 2009

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Regal Energy Ltd.(REG-X)

Regal Energy Ltd.(REG-X)

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