Thinks this will see $50 or more in 1 or 2 years. Very solid. You are essentially biting into annuity stream of barrels. While they have lots of planned increased production coming, they are curtailing it during low commodity prices.

Fairly gas weighted. He tends to be more bullish on the oil side of things. Feels there are better names such as Encana (ECA-T).

Cutting back at the Great Divide project from 9000 barrels to 5000. Low commodity prices make it difficult for some of these oil sands projects to work. Better names available.

One of the more interesting names in oil. Has Petrominerales (PMG-T), Bakken light oil in Saskatchewan and the Thai process. Thai has been a bit of a disappointment with sand issues, controlling velocity and technical issues. If it works, it's a homerun. 1% or 2% weighting in your portfolio would be preferable.

Regarded as a pretty good name. A lot of geographic production diversity. Very inexpensive. A little bit expensive in its production costs and have been a little bit behind the curve in their strategy. Could see $20 in 12 months with reasonable commodity prices. Prefers Canadian Natural Rsrcs (CNQ-T) or Encana (ECA-T).

A solid name but doesn't see a lot of catalysts given the commodity prices and the preferences given to senior producers. With $70 oil, which he expects in the latter half of 2009, this is a very strong holding.

Although a smaller trust, it is attractive. He would prefer a couple of others of the more senior producers such as Arc (AET.UN-T) or Crescent Point (CPG.UN-T).