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Stock Opinions by Don Short

SELL
Not fond of this one. Focuses on companies operating in the top quartile of operating metrics and performance in oil sands. A fair amount of debt. Doesn't see the refinery in Montana as being strategic. He would prefer BlackPearl (PXX-T) or Magma (MXY-T).
oil / gas
SELL
Prefers oil to gas as gas is in for a difficult period. You have to be very selective on the type of companies for gas exposure. Look for ones that are operating in the top quartile. This one doesn't fit those criteria. Carry a lot of debt so he questions the real equity value.
oil / gas
COMMENT
Very good company. Well managed. Assembled a number of different assets that all have oil exposure. Well recognized as a good company so trades at a high price.
oil / gas
BUY
Heavy oil producer in Saskatchewan. Doing a good job of assembling an inventory. Heavy oil in juniors doesn't tend to get the valuation or appreciation in the share price but this one should do well.
Oil and Gas (Integrated Oils)
COMMENT
Large land position in southern Alberta/Saskatchewan. Management has been aggressive in assembling positions. Had a pullback in the 2nd quarter, which was probably due to wet weather. Sold his holdings but starting to look at it again.
oil / gas
COMMENT
Great job of assembling oil assets. Main focus was Bakken. Did a terrific job of growing organically with an aggressive drilling program but aggressive drilling programs give you a very high decline rate. Some renewed interest in the company now. Moved into the Cardium via a number of relatively expensive acquisitions that are starting to show some good success.
oil / gas
DON'T BUY
Good company with decent management. Assembled a bunch of gas assets. He is more skewed to oil. Will need a change in natural gas prices.
oil / gas
BUY
New approach to fracing by using gelled propane as a fluid. Several advantages including being a native fluid, which is non-damaging and cleans up in hours with a 95% recovery rate. Looking for a great 3rd quarter.
oil / gas
TOP PICK
Formerly True Energy Income Trust. Had a management change, paid down debt and refocused the assets. Main reason to own this one is their enviable land position in the Pembina/Cardium. Production has grown from 5600 barrels a day (2009) to 10,000 currently in still showing great momentum on the operational side.
oil / gas
TOP PICK
Assembled 3 interesting oil plays in the Bakken and Cardium. Haven't done much drilling but this is about to pick up. Sitting at 1600 barrels a day but valued at 70,000 BOE's. A lot of growth potential.
oil / gas
TOP PICK
Asset base from previous company was spread out and current management is trying to focus on some particular areas. History of making acquisitions that can be expanded and grown. Have a core area in Manitoba that is showing good results.
oil / gas
Showing 1 to 11 of 11 entries
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