Not fond of this one. Focuses on companies operating in the top quartile of operating metrics and performance in oil sands. A fair amount of debt. Doesn't see the refinery in Montana as being strategic. He would prefer BlackPearl (PXX-T) or Magma (MXY-T).

Prefers oil to gas as gas is in for a difficult period. You have to be very selective on the type of companies for gas exposure. Look for ones that are operating in the top quartile. This one doesn't fit those criteria. Carry a lot of debt so he questions the real equity value.

Very good company. Well managed. Assembled a number of different assets that all have oil exposure. Well recognized as a good company so trades at a high price.

Heavy oil producer in Saskatchewan. Doing a good job of assembling an inventory. Heavy oil in juniors doesn't tend to get the valuation or appreciation in the share price but this one should do well.

Large land position in southern Alberta/Saskatchewan. Management has been aggressive in assembling positions. Had a pullback in the 2nd quarter, which was probably due to wet weather. Sold his holdings but starting to look at it again.

Great job of assembling oil assets. Main focus was Bakken. Did a terrific job of growing organically with an aggressive drilling program but aggressive drilling programs give you a very high decline rate. Some renewed interest in the company now. Moved into the Cardium via a number of relatively expensive acquisitions that are starting to show some good success.

Good company with decent management. Assembled a bunch of gas assets. He is more skewed to oil. Will need a change in natural gas prices.