Jennifer Stevenson

We came back from the long weekend and people realized the European situation was going to be dealt with. Doesn’t have a strong price run-up case for oil. Outside of some kind of shock, $70-$80 range. Bearish on Natural Gas for over a year. She looks for management experience and profit indicating a higher stock price or room for growth.

Small producer, primary assets in Columbia. Stock was on a tear and then settled back. It is richly valued. It could be a fun stock to play.

They are located in the best place for gas because they are at the pipeline into the US. Fair amount of risk on their play.

Highflying stock way back when. Really fell out of favour compared to pier group. There are doubts about management being able to meet their forecast. It won’t go up in multiple until you have had successive quarters meeting forecast. Great assets, but quiet money – unless they get taken out.

More oil and profits are much better on oil than gas. They took over a company called Buffalo with a great asset. Prospects are good. On her radar screen.

The trick is what will they do with their cash flow when they convert to a corporation. Will they replace income with growth. A recent acquisition shows they plan growth. With the assets they have it will work out really well.

Hates A/Bs (classes). She would not buy the ‘B’s. They are not liquid enough to get the participation from results as the ‘A’s. This is an expensive stock, but it doesn’t mean it wont go up.

(Top Pick Jan 20/09, Up 76%) There is not the same per-share upside as last year, but no concerns about the dividend. Profits are so strong the dividend is not an issue. She had trimmed back her position and put the money into smaller issues.

Reincarnation of what was the true energy trust. Stock is a little bit expensive, but it’s hard to find a pier that isn’t. Management has really bought in and had a good run and it’s going to continue.

Scares off retail investors because of price ($103). International play. Current big play is from India. Barely scratched the surface on drilling. Going forward she thinks they will have success.

It has had its challenges because it is gas focused and balance sheet was hefty. They have done well in paying down their debt and growing their production. Stock is not expensive. Biggest risk is that it is a gas focused player and as we are rolling into the shoulder season, you may get a chance to buy it cheaper over the next few months.

Great management team and asset base. Economics of the heavy oil is fantastic. But their strategy is to take profits and invest much into gas. If you like if for the gas, then it is a buy, but not if it is for the oil.

A lot of its upside is tied to Long Lake but it's taking a while to work. She would wait. Just had a delay in another project. This one has operational risks.

(Market Call Minute) Great assets, but company has not met operational targets, yet going forward things are turning around.

Just came out with year-end results. We’ve seen a dramatic improvement, but we needed to have a dramatic improvement in finding and development costs. Continues to be a wait and see game.