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

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.

Has just announced that it is going into a trust/exploration split. The combination of the two is a decent asset on the trust side but will probably have distribution problems over time. There are better opportunities elsewhere.

Expects that earnings for all these companies will be good. Currently, the talk on a takeout is driving the stock and it may be close to being fully valued.

Not a favorite. Overpriced. Heavy in gas, but their production levels have not kept up. An underperformer.

Cost structure of the Company has been changed dramatically and they now have their costs in line. Great operating leverage. Throws off tons of money.

If oil/gas prices are going to stay at current levels, then distributions should continue at their current rate for the next two years. Does not favor this trust.

(Past top pick Sept 24/03. Up 27%.) Rumored to be for sale or some catalytic event is going to take place. Pretty fully valued at this price.

Recently merged with Impact, a high risk/high reward Company. Probably has another year of drilling in it. One of the exciting things is its coalbed methane. Reasonably priced.