Calvalley Petroleum Inc (A)

CVI.A-T

Operates in Yemen. Stock is relatively cheap compared to its net asset value. Has been on a pretty big run over the last year but feels it's just getting discovered right now. Good for a 3/5-year time period.

A Yemen company. Have been given a very good concession. Not a high risk environment. They are now in the process of going into production. A little precis in its range, but the outlook is good and worth a buy.

An offshore company located in Yemen. Has a certain degree of risk to it on the political side. There have been a number of companies operating in this area for our number of years. Have a very interesting block, with good drilling results. Have even of production, that they have asked the Yemen government for licensing. Cash flow is beginning.

Not hot on offshore stocks, but likes the regime that is in Yemen. There have been oil companies working there for decades. Had great success. Have 6 wells that are capable of producing which they are going to. Will have to truck the oil, but they'll be cash flowing very soon. Have lots more wells to come. Could have 5000 barrels flowing in 6/9 months.

Has some very good properties in Yemen with some pretty good success. Currently only licensed only for exploration, but going for producing status. Once they do that, they should start to cash flow fairly quickly. The real problem is that the area is very badly faulted, but they have good tracking mechanisms and they are multiple fields.

A speculative play. Exploring in Yemen. Not a lot of production, but they have a lot of acreage to explore. Think they will be quite successful. Feels they will be producing around 10,000 barrels a day in 2006 and more than double that in 2007. Management owns about 27% of the company.

This is a Yemen stock. Have some absolutely super drilling opportunities. Close to pipeline tie-ins. The Yemen government is very appreciative of their effort. Have big, powerful partners. A great story.

This one is still very early on. Has had a pretty good ride. Buy under $6. There is an amenable government. The exploration programme is in its infancy. Have a lot of drilling to do and they are in a very good area.

With their assets in Yemen and fear on anti-Americanism, refinancing has to be put on hold.