Stock price when the opinion was issued
Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.
(A Top Pick July 27/16. Up 9.79%.) A natural gas producer, but they produce into the European market at a much higher gas price. They hedge, and are in 4 different basins. It has a high valuation, but it consistently meets and pays its dividend, plus you get a little bit of growth. 50% of the Cap X is coming back to Canada from Europe. They've had incredible rates of return, and are now saying they are going to get the same rates in Canada. So far, it’s been true.