Oil sands producer. Been in the penalty box because of disappointing pilot results. Now have 30 well pairs steaming away. 35% discount to net asset value. Will probably get acquired. Cheap.
(A Top Pick Aug 8/07. Up 36%.) Had been really cheap. Brought on Buzzard in the North Sea, which has been a real cash cow. 50% of the oil sands play, Long Lake looks like it is finally coming of age.
Had a few production misses. Properties are not as good as the other North Sea junior, Oilexco (OIL-T) but it has tremendous netbacks (higher prices per barrel). Sees strong upside in this one.
Attractively valued and should go higher. One of the largest holders of Legacy Oil reservoirs. With enhanced recovery from CO2 flooding they are able to increase recovery. Should go higher.
Reserve bookings have basically doubled. Production is coming on very strong and looking to double the Shelby field. Good diversity of projects. Very high netbacks.
Their new technology Thai appears to be proving out. Until there is some clarity around the new process he would treat it as a Hold. Colombia holdings are doing really well. Along with their Saskatchewan Bakken play.
Good, but not great. A Hold, maybe even a Sell. Where the world is going, you need to offer a technological solution to get a premium valuation in a service area. Fairly highly indebted.