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Markets. Fundamentals have been exceptional for a while now, but it is about the US investors who are now interested. Due to rail, we have ample take away capacity. The valuation between oil and gas stocks between Canada and US is narrowing. The first quarter of this year is the best quarter in 11 years for his fund. The gas picture is all due to weather. We ate away a ton of storage. The storage situation in Alberta is at a critical level. Demand for Canadian gas is very, very high, but the availability is very low. Thinks Gateway will not get approved. We have the first Canadian company shipping out of the Gulf of Mexico.

It is cheap in terms of market price vs net asset value. $12 vs $8.08. There is a general concern however about over promising and under delivering. They just sold an asset to China and will put capital into Duvernay property. Prefers others.

A top holding. He was lightening up yesterday because they were up 10% recently on news. Loves the team and asset base. Remains a large weighting. It is fairly valued now. It is a question of new plays they will expand into. He is monitoring the weighting and selling a little to keep it down to 6%, which is massively overweight.

Successfully divested assets in order to lower debt. Efficiencies are improving. He struggles with the fact that other names are working very, very well and what PWT are doing will take a long time. 5.5% dividend yield.

Strong concerns. Reservoir has high declines. They hoped to do water flood, but it did not meet management expectations or those of the street. Production is falling. He is not interested.

Had a good move off the lows. Is a great example of how strong the current market is. A big seller put up a large volume of stock and it was gone in 4 seconds at market price. A lot of the easy money is probably made, but the yield is pretty safe. They hold back on Cap X if payout ratio gets over 100%. A good long term name for heavy oil exposure. 7.7% yield.

Bought some recently a week or two ago as a laggard. Australian operations will not benefit from rising Canadian Nat Gas prices. But he sees a pretty good catch up trade of 3%. Not a long term hold for him.

When stocks are cheap in this sector, they are cheap for a reason. This one he has been very cautious on. The leverage is far too high. You might get a bit of a bounce.

Consider selling it and putting money into another name. He is concerned about the overall asset quality in general. If they showed him they could meet capital efficiency numbers, he would buy the stock. 4.9% distribution.

(Top Pick Apr 17/13, Up 35.19%) A frustrating name but two weeks ago announced success with an asset. Finally people are caring about the company. Re-ratings are taking place in the market place and soon will be done by analysts.

(Top Pick Apr 17/13, Up 88.86%) Did a consolidation, but fundamentals did so well that it really didn’t matter. Loves this name. Hard working and intelligent management. Pays a dividend and generates excess cash flow so dividend could go up.

The stock has more running room. The management team are conservative guys. There is some political risk. Their wells come out very well, but only for 2 or 3 years. Decline rates worry him.

Had a huge run off the lows. They might sell an asset to fund a build out. Sees strength continuing for Nat Gas price.

New oil field coming in 2015, but for the remainder of this year there is no production growth and they are paying a dividend as well as having increasing debt. Prefers other names that pay a sustainable yield or have production growth.

Short and mid-term outlook for gas has improved, but now you are questioning if some of the gas names have gone up too much. This one is 90% gas, fairly unhedged and was a name people did not like because little liquids. He could see it rising a bit more, but not more than 10-15%.