One of the cheaper yield vehicles and balanced between oil and gas. Hitting some good oil in the Cardium. Spending more than cash flow because they are growing the company. Good balance between growth and yield.

Under performer over the past year. One of the lowest beta stocks in the energy universe. Well run and low debt. Expensive and doesn’t see any catalyst for the next year. Expecting Kearl to be higher but doesn’t know by how much.

New fracing system using propane, which can go in as liquid and come out as gas without damaging reservoirs. Very good with some of the older or more difficult reservoirs.

Very special case as there won’t be production until 2014. Management is working on some options such as another joint venture partner or selling the company. It’s either dead money or management will make something happen.

Oil sands Senlac project looks good but the McKay project is really their big one but the problem is how to fund it, which they are trying to do with a debt issue. Will be about 2 years before production.

Mainly Colombia but with some in Brazil. Own 10% of the Capella field in Colombia, which is one of the biggest oil field discoveries in the last 25 years. Good future.

Mining project. Market seems to prefer smaller SAGD projects because of mining environmental liabilities and heavier costs. Lot of torque with royalties and operating costs creating $60 a barrel. Dropped too much on announcement of distribution cuts.