TriOil Resources (TOL.V)

Being acquired at $2.86, effective November. Doesn’t expect there will be a better offer so he would recommend Selling at this point.

Company was put into play back in January by an institution that bought 5% of the stock and forced them into a strategic review. A lot of other companies have looked at the assets and now seem to be in inclusive talks. Who knows how long this can really drag on? If you own, continue to hold.

Earlier this year a shareholder activist group acquired 5% of shares and forced them into a strategic alternatives process so he is watching it. It is a case of watching to see who puts in a bid for the company.

She owns it and is holding it. Some assets, thinks it will be worth more.

(A Top Pick March 19/12. Down 30.91%.) Under pressure to sell the compay. Sold his holdings.

Just announced a $25 million financing. Was in a pretty strong financial position before this. Had expected them to exit 2012 with a net debt of about $30 million on a credit facility of about $50 million. Raising equity at this point allows them to accelerate their program. He is particularly excited about their Cardium position at Lockend. They’ve exceeded their type curve wells (?) and there is some additional upside down the road from a new Dunvegan oil play. Good potential from here.