Jason Donville Total Energy Services Inc TOT-T COMMENT Jun 24, 2013

Likes it and the team. Has been able to grow earnings. Done well in terms of pricing power. Started to gain some traction and is a larger holdings of his in the energy sector.

Convertibles? First of all, these are convertible into the equity of the company sold you want to have a good company. You also want a conversion premium that is not too expensive. In this case, these bonds have a conversion premium of over 80%. You advantage is about 3% per year which means it will be a long time before the premium is ever paid off and they mature in 2016.

Great performer. The earnings are good with oil in this range. It is a good long-term buy and hold.

Operate in 3 areas, contract drilling, rentals and transport in Canada, US and Australia. In some good areas. 1.4% dividend yield. $16 in one year.

Seems to be range bound in the $13-$15 range. Numbers look good. ROE remains strong so he is just going to be patient. Great long-term track record.

(A Top Pick March 5/12. Down 17.41%.) Oil/gas services have just kind of gone sideways over that period. ROE is still high. You just have to be patient. There is a bit is cyclicality.

Great company and well managed. Within the oil/gas services names though, it is not his favourite name. He would prefer Pulse Seismic (PSD-T) or Horizon North (HNL-T). Likes Pulse Seismic because they lever technology very effectively in the great cash flowing company.

(Market Call Minute) Not his top energy services name but this one has a great management team.

Well-run company. Always trades at a bit of a discount to the sector because of the nature of the business. Not a bad one to get into.