Michael Smedley West Energy Ltd. WTL-T TOP PICK Oct 11, 2005

Impressive operators in the Nisku trend in the Pembina. Sweet light oil. Has about a 77% success rate. Had hoped to have 10 holes, but will probably get to 8. Great drilling program ahead of them.

Michael Smedley

Owned

Unlock Rating

$7.310

Stock price when the opinion was issued

oil gas

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BUY

Have done a phenominal job in Alberta. Drilling a couple of real high potential wells from here. If it comes through the next couple of wells, it will be an $8/9 stock.

BUY

Has a relatively good position in the West Pembina Nisku play. A bit vulnerable for a take over by Highpine (HPX-T) which would make a lot of sense.

DON'T BUY

One of the hotter stocks in western Canada. It is now closer to the end than it is to the beginning. Hopefully they'll be able to capture a bit more value.

DON'T BUY

A great company. It's in the sweet spot of a play in Alberta. It's been one of the key drivers in the discovery of this new pool. It's close to what he feels is an exit number, so it's a less exciting story at this time.

BUY

An interesting and one of the few ways to play the Nisku layer in the Pembina area for oil. Thinks it has considerable strength beyond this point.

TOP PICK

Has property in the Pembina area. Have done a very good job of expanding the extent of the play. Recent discovery in the North end. Done a good job of managing the complexity of the sour oil. Undervalued.

PAST TOP PICK

(A Top Pick Oct 27/06. Down 17.5%.) Has done a good job growing its production, but with crude selling off like it has, share price has suffered. Has a play in the Pembina Nisku area and have been very successful in expanding their reserves and production.

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Michael Smedley West Energy Ltd. WTL-T TOP PICK Oct 11, 2005

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