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

Excellent company. Had phenomenal success in the Pembina area. Well-managed with lots of projects.

Lots of upside. Company became so introspective that it forgot its strengths.

Good assets. Bullish on metals. Would prefer Falconbridge and Teck Cominco.

Sitting waiting for something to be accomplished. Doesn't expect much downside on it. Could be a merger or an income trust or someone from the outside steps in.

Has basically transformed itself into the next coalbed methane play. There are probably better companies that will offer you more leverage. Could be a trader.

Stock is worthless.

Stock appreciated after the spinoff into an income trust. Fully priced at this point.

Likes the metals group in general. This company seems to have problems delivering on expectations. Management may be distracted by what looks like a takeover possibility. Better places to be.

Present shares are worthless.

(Past top pick May 5/04. Up 60%.) Had picked as an undervalued gas story and it proved out. Will probably convert to a royalty trust. Have sold a lot of the stock. Could go up to $4 on a conversion.

Planning on buying more. Hopes the Company is not sold.

A good sector seeing the high prices coming through for oil. Could be a takeover by an income trust.

Q: Would you invest in new issues? A: Look on airline investments as a trade. You can hold it towards the end of the cycle but only for short period of time. Too many issues like large capital expenditures to maintain the fleet, energy costs, etc..

It to be interesting to see if the merger takes place. Expects the stock will rise in the future.

Very speculative. Strictly a gamble.