Opinions

John Clarke Canadian Superior Energy Inc SNG-T WAIT Apr 26, 2004

East Coast well had disappointing results. Has some exciting leases off Trinidad which will probably be focused on more.

John Clarke

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$1.570

Stock price when the opinion was issued

oil gas

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COMMENT

An exploration company with properties off the east coast, which are currently not that active. Also drilling a number of wells in the Trinidad area and have some Alberta-based properties. This is one that he Trades. Higher risk/higher reward.

BUY

Has operations in Western Canada of about 4300 BOE's a day and a drawing some wells that could take it to 5000 giving it $1 in value. Also had success offshore Trinidad. Drilling a new well called Bounty, which will take us through to June. Very cheap.

TOP PICK

Victory well offshore Trinidad at 600 BCF. Bounty could be complete by the end of June and then they have 1 more well to drill. If Bounty is successful, his $5.80 target could go up materially.

COMMENT

This is always being a stock that swings for the stars. Drilling an expensive well in Trinidad that looks interesting. Exploration drilling is a big roll of the dice. Not for the faint of heart.

BUY

World-class assets in Trinidad. Volatile because of the large wells they are drilling.

TOP PICK

Producing about 4500 BOEs a day in Western Canada. Have exciting discoveries in Trinidad. First play was Victory. Just announced they cased and logged Bounty well and are testing and should know in 2 or 3 weeks. They will then drill the 3rd play Endeavour. Could be a multi-TCF discovery.

HOLD

Have had 2 fabulous discoveries in Trinidad. British Gas is their partner and potentially could take them out. Drilling the 3rd well. Once they have the news of all 3 plays, he thinks there will be a shareholder maximization process.

SELL

Going into bankruptcy and is a very risky stock. In the midst of management changes.

PAST TOP PICK

(A Top Pick July 25/08. Down 79.53%.) Massive natural gas discovery in Trinidad. Management concerns and is expecting changes/go forward strategies on Sept 9 so wait for guidance. (Doesn't own but has other relations with the firm.)

DON'T BUY

(Market Call Minute.) Near bankruptcy.

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John Clarke Canadian Superior Energy Inc SNG-T WAIT Apr 26, 2004

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