Brian Prokop

Great little company. Hard working company. Has a sector outperform on it. Well run. Not flashy, so you'll have to be patient with it.

A very well run company with a lot of opportunity for further growth. Still the cheapest on the large caps. At current levels, you're getting their Canadian oil sands project for free. Horizon has a lot of investment that has to come forward with 1st production in 2008.

Has an underperform on it. Have a lot of resource plays and a lot of good assets and look to be a takeover candidate. Their outlook is based on a 12 month outlook and from that perspective, they've had a very good run and feels comfortable where they are at. Very large land base and very focused on resource plays. May be a little ahead of themselves.

Financing the development portion of the oil sands project for UTS Energy (UTS-T) which will earn them interest in the oil sands portion. Expects production from Petro Canad to be relatively flat.

(Was a Top Pick Apr 3/03 at under $20.) One of the cheapest in the world in terms of production along with Canadian Natural Resources (CNQ-T) and Encana (ECA-T). Good set of North American Assets. Pretty large position in North Sea assets. Also has assets in south east Asia with a very high margin product.

Initially were a little shy of a production level, but brought out about 1,000 BOE's a dayof production that was behind pipe. That made them very solid for the rest of the year. Payout ratio is probably in the range of 60/65% which is excellent.

Reserve life is about 9/10 years. Management has a lot of ownership. Do a really good job of focusing on costs. In the order of 50,000 BOE now.

Not a very exciting company, but it just continues to grow and add value and stock continues to go up. Keep costs in control.

There is political risk there, but you have to remember, Kazakstan is not Russia. Management has a very good relationship with the country. Cheap.

All the drillers are going flat out. Have had record number of rigs working in the last few weeks. When there is more demand than there is supply, rates go up.

Financed them and are big believers in this company. Consistantly able to find reserves with the drill bit. Consitant growth. Still have a good run to go.

Over the last 15 years has been a top decile performer, i.e. always in the top 10% of its peer group with respect to operating costs, growth, finding development costs. A very well run company. One of the cheapest ones out there trading at a multiple of about 4 X cash flow. Their oil sands project with Horizon isn't factored into the stock.

Moved them to an outperform on Oct 22. A very good place to be in a long term wide holding. Execution of strategy is very key in the ability for investors to believe in management's credibility. Becoming a North American gas equity.

White Rose is going to be a very good project. Once you have the sunk costs behind you, you get a very long and consitant source of production. As an integrated, it's very solid. Reasonably good set of assets. Have an underperform on this stock because it has done so well.

Just made an acquisition in the Norwegian part of the North Sea. Getting back to the Talisman of old. Wouldn't be surprised to see a couple of more in that area. 2nd cheapest in their peer group.