Has been trial by fire. Did a fairly poor job of getting the SAGD project up and running. Time will tell if upgrader will function at full rates. Layered in a lot of debt. Surface issues in terms of water treatment and ability to generate steam. Just received a covenant waiver, which will probably buy time into the 1st quarter of 2010. Very little wiggle room.

NXY Cheap stock as execution has been particularly disappointing. There have been reserved write-downs in the Gulf of Mexico and a host of other problems including an 80% cost overrun on the Long Lake asset. Would Buy on deep pullbacks and sell on the rumours of a takeout.

Fairly mixed production between gas and oil. Views Puskwa oil portion as a sort of sustaining kind of asset with a cash flow that will ultimately be devoted to developing the eastern Montney assets. Considerable drilling inventory ahead of them. Always cheap because of the perennially high leverage and history of missing production targets. He is considering buying.

19 quarters of consecutive production growth but Q3 might break this. Likes the flexibility they have because of their asset base. As commodity conditions and prices dictate, they can toggle between oil and gas.

50 day moving average is very compressed against the 200 and the momentum seems to be falling. Chart looks pretty flat and is not something that would excite him.

Finding some support on its 50 day moving average. Has been in a sideways trading range and has been trying to break out. 6.2% dividend is probably safe but stock has to break out of its containment and he doesn't see that happening.

Has a head and shoulders bottom with a neckline that it seems to be breaking. If the volume is spiking it could be a very good play. He likes to see a 25% increase in volume. 11.1% yield.