Ithaca Energy Inc.

North sea oil producer. Have just gone through a big acquisition so it is in transition in terms of future growth profile. It is a higher risk. Reserves and developments they have cost a lot of money but it is a “future” story. The next 3-4 years should be pretty good. Likes the management team. In terms of North sea exposure, it is one of the better companies.

Why is this so discounted compared to some of the Western Canadian producers when it is getting world prices? He couldn’t understand this either but finally got so fed up he just sold his holdings. It has chronically disappointed over the last 3 years in terms of production.

Stock is cheap. Have lagged on their production guidance. Brought Athena on line a couple of years ago and the well behaviour disappointed the market. However, they are about to bring on Stella in 2014. There may be more ramp up issues that have to be faced. At a 1 to 2 times cash flow kind of valuation over the next year, 2014 earnings, she feels the stock justifies the downside risk. If Stella comes on, this could get back to the $2.25 range.

(Top Pick Jun 22/12, Down 2.19%) They made a major acquisition. It was sold only because they didn’t know the company. This is North Sea oil and they are now producing more of it. Ripe for take-over. Thinks the stock is cheap.

(Market Call Minute.) Thinks it is the cheapest oil company in the world, trading at about 1.5X cash flow.

North sea operator, so a lot of abandonment liability. In terms of overall, he thinks it looks fairly attractive. Wait until the summer weakness he is predicting subsides to get your position.

(A Top Pick June 11/12. Up 2.35 %.) Sold her holdings but just bought back in yesterday. Production has been fairly disappointing however, valuation has gotten to a point where it is trading at 1X cash flow. It now looks very attractive to her technically.

In the middle of a takeover of Valliant Petroleum in the UK and some of it is for stock so hedge funds are shorting it. At the current price, it is a good buy. Will be trading at 1.5X cash flow which is amazingly cheap. Once the deal closes (April 18?) he expects the stock will rebound.

North Sea production. Felt that the stock had an NAV of at least $3 and they’re sitting on a lot of cash, but just announced a proposed takeover today of Valliant Energy which changes things. If this goes through, the company will be a lot larger.

There has been quite a lid on it since mid 2012. You need to see it break out of the $2.50 range. Otherwise it could retrace back to the lower end of its trading range.

Concentrating on the Greater Stella Area and the growth of production looks quite strong. Doesn’t see any balance sheet issue. Not sure why it hasn’t performed better but that can be said for many of the juniors/intermediate players.

6000 barrel per day producer out of the UK North Sea. Brent prices are significantly higher than both WTI and Canadian. They will generate excellent cash flows. Put themselves up for sale earlier this year. With no buyers, the stock dropped to about $1.50 and is now inching its way back up. A good hold in the intermediate oil/gas space.

Fundamentally in good shape. Disappointed last quarter. No catalyst going forward but there is nothing wrong with the name.

(A Top Pick Dec 16/11. Up 9.04%.)

Have baggage because of being an object of a takeover that never took place. North sea gives you a premium to WTI. More and more production, excellent balance sheet. And he things it is still in play. Buy under $2