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

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.

Not a favourite. Fully priced. Seems to have lost its way.

Not a favourite. Prefers a purer play.

Out look for the medals sector is quite positive. Prefers others.

On a price to cash flow basis, it is the cheapest of the large metals. Less than 4 X next year's cash flow.

Chart shows a series of higher lows indicating the trend is higher. The last correction was the most severe, so make sure it doesn't drop below the trend line. Try to buy at the trend line.

Probably bottomed out last year. Long-term chart indicates it's in its first advance; so could have a bit of a correction now, but one-year chart indicates a very relentless up-trend. The market is also favourable in this sector.