Mapan Energy Ltd

Highly dependent on Nat. gas prices. They have a great balance sheet with cash on it and plan some capital expenditures.

Management has a lot of experience in the world of natural gas and is a really good strategist. Have lots of running room in the assets they have acquired, but the rates of return they get on their projects aren’t of the 70%-80% higher ROE capabilities, but more like 30%-40%. They won’t hit grand slams, but will probably hit singles or doubles. He likes that. It is a more conservatively run business with a very well financed balance sheet. He would be pretty comfortable at today’s price.

Shell Canada sold natural gas assets to Maplin Energy. Done through PI-X. This stock will turn into Maplin. It is a natural gas story with no debt. Deep basin. Good management team. It is a start up, a new story. Smaller market cap, no dividend. It trades at half the valuation of comparables. Once the market understands it, it should do quite well.