It has come off over the last couple of weeks.  A lot of people were playing it as a materials stock.  The last couple of quarters were not that strong.  There have been some increases in costs.  The next couple of quarters should not be that strong.  He is going to take a closer look at it if it comes down a little further. 

The CEO runs it like a private company.  It is hard for him if he is not aligned with the CEO.  The stock has done alright on a longer term chart.  But he will not invest in it.

It is a small position for him.  It is heavier oil and has not kept up with other names.  It is under the radar.  He is quite impressed with their production ramp up and netbacks.  People are hesitant to move down to these microcap names.  It looks cheap.  The oil price has moved up but this stock has not.  He would buy.

He likes this one.  It is not in his top 5 but the management team has done a good job.  They have good production growth.  He would buy at these prices.

This is a micro cap stock and the company has slim margins.  It has done well.  You get a lot of leverage if margins do move up.  It is a bit small for him.  He wants to wait for a few quarters and see if they get their margins up.

The last few days it has moved.  This is not one he is invested in because of the debt load.  They are trying to rectify this.  He prefers other companies with higher netbacks.  There are better opportunities for a highly levered oil company. 

He just started to realize that quarter after quarter they were starting to miss and debt levels were quite high.  Fairfax lent them quite a bit of money.  It is like Warren Buffet taking part of the company on the cheap.  He exited about 9 months ago.  He is watching for revenues to come up.