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

Existing shares will be worthless. Wait for the restructuring to be completed.

Complete crapshoot. No one knows what the restructuring is going to look like.

Restructuring which will leave present shares virtually worthless.

If the price of copper goes back to $1/1¼, you'll see cash flow and earnings go through the roof. Dividend is safe.

Hasn't really invested in new areas for development and growth. Prefer others e.g. Teck Cominco, Inco, Aur for pure metal plays.

(A top pick May 5/03. Up 18%.) Thinks it will still go higher. Good management team. Pretty cheap.

Has been a troubled company. Recently did an equity issue to shore up the balance sheet. Probably has seen bottom and with a good outlook on metals it should go higher.

The big bet on this stock is Brazil. Have replaced the entire Brazilian sales force and raised prices. Also gaining market share.

(A top pick Sept 24/03. Up .5%.) 80% gas oriented. Produces about 12,000 barrels equivalent a day. Not getting recognition in the marketplace. Represents good value. Has a number of interesting drilling prospects in front of it.

Still likes.

In bankruptcy and in that scenario, equity holders will be the losers.

The CEO has indicated that the stock will be worthless.

Never buy a resource stock for dividend support. Has done well recently because of the price of nickel. Prefers the pure plays like Inco.

Thinks it's on the verge of turning itself around. Has suffered from slow production growth. Expecting daily production to increase from 7200 barrels of oil to 9000 next year. 78% leveraged to gas. Has long reserve life.

On their watch list. Likes the outlook for commodities. Well-managed company. Would like to own, but preferably at $13.50. Prefers a stock with 50% upside and, in this case that may be difficult to achieve.