Hedged about 50% of their gas production and have a pretty good inventory ahead of them.

Good land position, depth of inventory and economics. Pretty excited about what they are doing in terms of getting water flood pilots up and running.

Forecasting 15,000 barrels per day by the end of 2010. Good management. Exclusive access to largest onshore oilfield in Europe (Albania) and have 3 rigs running and expected to add a 4th in Q1. Once they have proved up, he expects the company to be sold at a big premium.

Inventory of about 150 cold heavy oil production wells. Also an inventory of reactive locations of existing wells. Potential to grow significant production over the next couple of years. Low visibility beyond 2 or 3 years of production.

Looking at this one closely. Was a trust and converted to a non-dividend paying E&P company. Has been in the “show me” penalty box for while. If they can hit exit guidance and demonstrate success in the Wilrich (Alberta) play there’ll be a gradual re-rating.

When converting he expects they will right size distributions to give a combination of growth and income. Looking for 3% growth so the dividend would come down modestly.

Very cheap at about 1.9X Debt Adjusted Cash Flow basis. Did large equity financing at inopportune times over the last couple of years. Recently did a substantial equity raise. Fully financed until about 2013 for the 2 North Sea projects. Would like to own it when it reaches full development.