Has done well because of the general view on metallurgical coal, the outlook from a commodity point of view and its operations. Could use it as a trading stock. Currently not in it but looking for an opportunity.

One reason for lack of movement on share price above $18 is the transformation they are going through. Trying to move to longer term more predictable assets. Expecting good results in 2011. He is bullish on natural gas. He looks at it from a 5-year horizon.

Fantastic long-term asset in oil that will be produced for 40, 50, 60 years. Revised guidance down by about 9%. Distribution looks intact. Looking for strength over the next year and maybe a little weakness going into 2012 because of risks to the dividend due to expansion plans.

Emerging, intermediate South American player, primarily in Colombia. Good stock but prefers Gran Tierra (GTE-T) because of its larger base and exploration projects in Peru, Colombia and recently Brazil.

Very strong asset base. Unconventional gas. Under performed relative to some of its peers but he likes.

Driven by the expectation that they have a very nice resource in Nevada. Expect that in 2-4 years it will be taken out because of its nice asset.

Joint partner, Rio Tinto (RIO-N) owns 38%. Massive, undeveloped copper/gold deposit in Mongolia. Some political risk and uncertainty. Expect they would like a suitor to buy them before Rio Tinto gets into control position. Expect 3-4 years before it is in service.