A Comment -- General Comments From an Expert (A Commentary)

Becoming a bit of an area play. Month after month they come out with a well. Starting to do exceptionally well. Growth potential is quite big. He would like to see a couple of more wells before he got too excited.

(Was a Top Pick in Jan26/05. Up 12%.) Its principal business's are Expedia (online travel), Home Shopping Network, Lending Tree, etc. Expedia has now been spun off. They will be reporting earnings on August 2nd at which time they will be split and will be trading on its own. Combined value will be about $32.

Believes that gold is a positive pattern and has had a pause. It is still within a rising 200 day moving average. Looks like it has a good chance of breaking out. Gold is the kind of commodity that does well at the tail end of a bull market. If there is a breakout it will go to new all time highs.

Proposing to merge with Mustang Resources (MUS.A & MUS.B-T) and Forte Resources (FRZ-T) and then changing into a trust. A speculation here, because if you're a pessimist on the yield side, you could see it all the way back to $6.50. Will be split into 3 with one being a coal bed methane. Once the deal is completed, will buy the coal bed part.

Good ROE levels. Growth is coming from both volume and margins. Internal growth, for the 1st time in 20 years, higher than the banks. However, as the economics slows, he can see weakening in profit growths. (See Inco (N-T) comments.).

Trusting and they are offering .5 of a trust unit, .333 of an option to acquire of Alberta Clipper and .333 option to acquire Ember or recieve an exchangable share of Thunder Energy. A very complex deal. Feels the combination is worth somewhere between $9./10 a share. He will probably sell it and convert all to the trust or maybe sell it before the closing of thedeal/

Trades on the Amsterdam stock exchange. (Your broker can handle this for you.) World's largest harbour dredging and construction firm. Big global demand for their services. Have a lot of cash which may be used to pay out a bigger dividend.

Being taken over by Highpine Oil & Gas.

(A Top Pick Mar 23/05. Down 12%.) Missed their numbers in Q1 and it is being taken over by Cyries Energy (CYS-T) and shareholders will have a quarter of Cyries shares plus a piece of the new exploratory company. Cotinue to Hold.

Now producing 7,090 BOE's a day. Had a deep oil discovery, on a 2 week test basis, producing 1,500 BOE's a day and will come on at 500. Feels they will exit the year north of 7,500 BOE's a day.

Converting into a trust. They're into a great market and have had a great run for the last few years. Should still have a bit of a run. Be wary of any pullback in housing.

From an earnings growth standpoint and from a multiples standpoint it has some attractions. One of his favourites in the metals, but would rather buy it around $20

The combined entity Noranda (NRD-T) and Falconbridge (FL-T) will give a lot of exposure to copper and nickel which are at their cyclical peaks right now. Management didn't do that well in the last up cycle.

Was doing about 70% gas and 30% oil, but have made a number of acquisitions and had an oil discovery that tested 800 barrels and producing it at 500 barrels a day. Will probably be 50/50 on oil & gas by the end of the year. Expects cash flow by the end of the year of $2.75.

Doesn't have the combined balance sheet of Noranda/Falconbridge (FL-T), but does own Noranda. Has a model price is $28.39 on Noranda, so it's a 35% differential.