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TOP PICK
(A Top Pick Apr 24/07. Up 57%.) Doing about 23,000 BOE's a day and expects it to be 45,000 with $4/$5cash flow by year-end including their Shelley play. Huntington is showing very thick pay zones that could net 50,000 BOE’s a day by 2011. Cash flow could be $14/$15 a day by that time. Still doing new exploration work.
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TOP PICK
East/West coasts of India. Joint venture with Reliance Industries on the east coast will be bringing on a gross 40,000 BOE's a day (4,000 to them) of oil at the end of Q2. At the end of Q3, they will be bringing on 2.8 BCF a day of gas, of which 280 million a day is theirs. Continuing to drill.
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TOP PICK
Natural gas. Doing about 3500 BOE's a day. Just did an acquisition of Defiant Resources (DFR-T). With exploration and the acquisition, they should do 4500 BOE's a day by the end of the year. That should give about $1.50 in annualized cash flow making it about 2.5X cash flow and it deserves way more than that.
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PAST TOP PICK
BUY
Had 3 successes with the drill bit. Partnered with Oilexco (OIL-T) in the North Sea on the Sheryl play, which could add 3500 BOE's a day. Have also had 2 gas successes, Breagh and Doina where they will do more delineation drilling. In the 4th quarter it will be drilling another exploration well in the North Sea. Hold for 3 or 4 years. There should be quite a bit of upside.
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BUY
50% partnership with operator Gran Tierra (GTE-T) in a project in Colombia. Fabulous wells. Have drilled Costayaco2 and are now drilling Costayaco3. There could be 10 wells in this play. He doesn't know how big it is. In his models, he is using 30 million barrels of recoverable oil. Use a 2, 3 year time horizon.
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BUY
Operator in a 50% partnership with Solana (SOR-X) in a project in Colombia. Fabulous wells. Have drilled Costeyaco (?) 2 and are now drilling Costeyaco (?) 3. There could be 10 wells in this play. He doesn't know how big it is. In his models, he is using 30 million barrels of recoverable oil. Use a 2, 3 year time horizon.
oil
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HOLD
Bringing up a new heavy oil project and bring in it on in a modular system. Costs have been very high with labour and materials steel. They are now getting to the point of getting the modular system to work. As they ramp up production and if oil prices stay strong, it should go back through the old time highs.
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