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Robert Floyd Vero Energy Inc. VRO-T PAST TOP PICK Jan 15, 2009

(A Top Pick Jan 15/08. Down 32.9%.) Just announced some production numbers which are quite strong. Exited 2008 at around 8800 BOE's a day. Growth rate of about 40%. A Buy.

Robert Floyd

Owned

Unlock Rating

$4.900

Stock price when the opinion was issued

oil gas

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HOLD

Has been very successful in the Cardium play recently. 12-month target of $9.25. Sees them doing 10,000 BOEs plus next year. Cash flowing $1.60 so a reasonably cheap number. Balance sheet is in good shape. 20% liquid in 2009 but should be 30% by the end of the year which should give 50% of revenues for oil and liquids.

BUY

Great company. Drilled 11 wells in the first quarter and production has moved up to 11,000 BOE’s a day from 9,000 a year ago. Moving into more liquids rich. 20% oil and liquids in 2009 and will move this to 30% by year-end. $9.25 target. Any time you see any weakness, you Buy and put away.

TOP PICK

Fabulous winter drilling season. Were doing 9,000 BOE's a day but are now doing 12,000. Expecting over 10,000 this year. His NAV is $8.23 and looking for a cash flow of about $2 run rate.

TOP PICK

One of the cheapest stocks in the country. 3.5 times enterprise cash flow. Market doesn’t like current management team. Hopes the company will put themselves up for sale and spin out an exportation company. Over 40% upside on that basis.

HOLD

70% gas weighted. Not very bullish on gas so hold.

SELL

Perception is that the company has always been over leveraged and management tends to spend more than what they borrow. Leverage is still too high at about 80%. He would hope that they sell to another company. Consider as a tax loss.

PAST TOP PICK

(Top Pick June 8/11, Down 44.43%) Was recommended on basis of selling off the Nat Gas business but not as soon as he had hoped.

PAST TOP PICK

(A Top Pick May 10/11. Down 54.37%.) Have sold their gas assets and paid off all their debts. Focused now on the Cardium oil. Doing about 67% liquids. His target is $4. Could get cheaper in the next two quarters. Table pounding buy under $2.

PAST TOP PICK

(A Top Pick June 8/11. Down 58.62%.) Sold his holdings in the high $4's so had a mild loss. Given management's past, he thinks they will have a tough time gaining traction with the street.

WATCH

Very clean focused Western Canadian oil producer. It looks close to putting in a technical bottom. Right now it is becoming interesting and he will be watching it closely. Any sort of bottom should be in the summer.

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Robert Floyd Vero Energy Inc. VRO-T PAST TOP PICK Jan 15, 2009

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