Yangarra Resources (YGR-T)

A past top pick. It's come off just like the energy sector. It's one of the few companies that's grown production per share. Continue to hit their targets. Cheap multiple. He expects the next few quarters to be strong. He may add to his position.

He likes their growth prospects in the Alberta Cardium area and sees them as having the highest netback per share of any energy company. Their production will jump up sharply in the next two months and they should exit the year at 12,500 boed. They are at 8000 boed today. He likes how management does not issue equity and that growth is through the drill bit. Debt is manageable. Yield 0%. (Analysts’ price target is $7.69)

It is probably the top performing energy stock over a two year period. We are now starting to see quite an upturn in the commodity prices. He would continue to hold it if he did.

(A Top Pick May 25/17 Up 48%). This is his second largest holding. They continue to grow their production per share. They have amassed some great highly productive wells. Their cash flow should continue to grow, perhaps over $1 per share. They have the second highest netbacks in the industry.

A home run as one of the few energy stocks up over the past few years. Phenomenal management. His only concern is that he doesn't have a feel for their inventory depth and would love to drill down more about it. Also, YGR could be more freely traded. Otherwise, let it run. Looks atractive.

It has been a stellar performer. It was the top performer in ’16 and ’17. He has always felt it was running ahead of itself. He is watching it this year.

If you look at the small, mid-cap energy space, this team has done an amazing job. They've had some very successful wells and some great resource increases. Management has been doing a great job, both with the drill bit and on the service side.