Energy sector has has 2 solid years of blow out end markets that it's been selling into, so balance sheet quality has improved dramatically. This could lead to mergers/acquisitions including CNQ. He is shorting this stock.

Moved up on income trust rumours, but pulled back on poor financial results. Has an interesting business that could potentially offer some value from a trust perspective, but fuel costs indirectly affect them. Feels that petroleum prices have moved to a new trading range which will raise their incremental costs which will squeeze their profits.

A roadside gas/covenience store. Recently acquired Circle K in the US which resulted in some one time costs which affected their quarterly results and the stock dropped a bit. Will take a couple of quarters to get integrated. Very attractive situation.

Being bought by Enterra Energy (ENT.UN-T). Feels the deal will be beneficial to shareholders, but not a big fan of Enterra as they had a very, very short reserve life. If you own, take the cash.

Exceptionally strong at finding their own production growth. Have upgraded their production estimates 6 times. Good management. Currently producing 11,500 BOE's a day and expects them to exit the year at 17,000. Tremendous growth rate. Tightly run operation.

(A Top Pick Nov 19/03. Down 83%.) Stock did very well for a whle, but the company was not able to make a viable business. Sold off a long time ago.

(A Top Pick Nov 19/03. Down 43%.) Sold 1 1/2 years ago at about $1.60.