Solana Resources Ltd. (SOR.V) Buy, Sell or Hold

Solana Resources Ltd. (SOR.V)

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TOP PICK

In Colombia. Announced a success that tested 5900 BOE's a day with some of the zones able to produce 2000 a day. Going back in Nov-Dec with some big rigs.

BUY

The Costa Yaqua well could potentially open up a field that could be 20 to 30 million barrels. Wells that could do 2000 barrels a day. Drilling a new well that could be 5-8 million target. Should know in a few weeks. In October/November, will be back to Costa Yaqua doing-step out drilling.

TOP PICK

Recently announced a well (in Colombia) that came in at 5,900 BOE's. Sees this project being expanded as they go back to drill in October. Also drilling 2 other wells with one of them possibly being $1 of value. His target is $3, but if the drill bit co-operates, it could go a lot higher.

BUY

They are well enough financed to complete their ambitious program. They've taken a lot of the difficulties out of the way. His company bought at $1.75, it's now at $1.06, Likes the way the company is moving forward, thinks that they have a good future.

HOLD

Colombia is a tough area. A number of companies are there but nobody has had any material success. New management team. 5 exploration wells are being drilled. Higher risk play.

COMMENT

Property in Colombia. There is a shortage of service rigs in the country. Can't drill in the rainy season. Stock has been hit hard. In the next 6 months he expects to find out one way or another if it's going to be a win. They have the money to execute.

DON'T BUY

Not familiar with this particular company. Situated in Colombia, which represents a big opportunity for companies, but was significant risks. The area is prolific for crude oil. The big issue is the guerrillas.

PAST TOP PICK

(A Top Pick Nov 11/05. Down 39.3%.) The Columbian basin is very attractive. A lot of oil there. Did have some successes, but couldn’t get rigs to test. New management. Under review at present. If you own, Hold.

HOLD

The company has had some problems. (equipment has been breaking down) Stock is down. Recommends to buy if there is success in the field. Believes it will win. Stay with it.

BUY

Prizes they are going after are pretty significant. One of the negatives was lack of equipment. Still do not have access to service rigs which are needed when they have a successful drilling. More rigs are starting to come into the country.

TOP PICK

Involved in Colombia which is having an election on May 28, which should be watched. Drilling wells that have quite high impact. They have $.71 cash per share which gives nice downside protection.

PAST TOP PICK

(A Top Pick Sept 26/05. Down 6%.) It did get over his target of $3 but slipped back. Dropped because of a financing. Still likes.

HOLD

Sojana Resources wells has had success in 2 zones. The gas permeability was very low so they need to drill another well so that they can analyse it . A lot of information that needs to be determined. If you own it stay with it. They like the company because they have a very large portfolio of drilling over the next 18 months. Even if they have moderate success there is material upside on this stock.

BUY

Waiting for information on a high impact well. They are in the process of testing and the results may be available in a week. Very bullish on the story. If it is material, it will require a lot of development drilling.

TOP PICK

Waiting for news of an important well in the Yecaras (?) field. He has a target of 175 million barrels. They have a 37% intr=erest in this.

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Solana Resources Ltd. (SOR.V)