COMMENT

Remains bullish on oil prices.
Large volatility in oil prices due to instability in banking markets.
Believes dislocation between financial and physical demand for oil.
Indication from China is that demand for oil is still growing with re-opening of economy.
Inventory slowing rising, but not concerned for long term energy prices. 
Expecting higher energy prices going forward. 
People overly bearish on oil price with US shale production falling. 
Fundamentals in market is suggesting less supply than demand.

TOP PICK

Ranger acquisition (Ranger Oil) misunderstood by the market.
Believes deal is accretive on a per-share basis. 
CEO recently buying back stock himself.
$70 oil would equate to $700 million in free cash flow.
Bough 4mm shares last week.
Has ownership in Clearwater play - the most economic play in North America.

TOP PICK

US Bakken name with 10+ years of inventory.
Committed to return 75% of free cash flow to investors.
Will most likely see higher returns to shareholders in the form of dividends and share buybacks. 
Expecting a double in share price.
Excellent fundamentals going forward.
Only US holding.

TOP PICK

High exposure to rising oil prices.
Excellent prospects going forward.
Major tax loses will cover any tax expenses going forward.
~30 years of proved reserves.
Starting share buyback next month.
Expecting more than 100% upside potential for the share price.

PAST TOP PICK
(A Top Pick Jun 03/22, Down 16%)

Largest holding in fund and continues to own shares.
Highly leveraged to the price of oil.
Expecting a 100% gain in share price.
Premium quality asset and very long reserve life.
Returning 100% of cash flow to shareholders by the end of the year.
Will continue to own shares.

PAST TOP PICK
(A Top Pick Jun 03/22, Down 4%)

Has since sold shares. 
Bearish on natural gas prices. 
Wants to focus on light to medium oil names.
Better names out there to earn return on capital.



PAST TOP PICK
(A Top Pick Jun 03/22, Down 31%)

Active on M&A has been tough on shares.
Overhang on share count being reduced post Deltastream acquisition.
Paying down debt at high rate.
Exposure to Clearwater oil play (most economic oil play in North America).
Still 100% upside.

BUY

Recent CEO retirement not a concern.
Is a top pick and is buying more shares.
Recent selloff unclear as to the reason.
30+ years of reserves.
$70 oil equates to 3.4x cash flow per share.
Pledged to return 100% of free cash flow later this year.
Expecting a $38 share price this year.

DON'T BUY

Does not own shares in company.
Bearish on natural gas prices.
High windfall taxes in Ireland.
Better names in Canadian heavy oil producers.
Lots of debt being used to pay down debt.

BUY

Concern that company is inventory light.
Duvernay asset better than people believe. 
Tier 2 economics present a good investment case.
~13 years of inventory on Duvernay assets.
Pledging 50% of free cash flow returning to shareholders next year.
Good long term investment.

BUY

Very strong management team with Murray Edwards.
Trading at premium.
Excellent dividend yield that is very strong.
Great energy company for the long term shareholder.
Low risk investment. 

BUY

Well respected CEO with Jim Riddell.
Tightly held company within Riddell family.
Company roughly debt free.
Seeing meaningful upside. 
Potentially 100% upside in share price.


BUY

Owns some shares in holdings.
Health and safety improvements will help the company.
Highest payout in any Canadian company (dividends and share buybacks).
Strong balance sheet. 
Expecting a 100% return on share price.

HOLD

Strong management team with goal of buying new assets.
US Bakken hard to buy assets in.
Expectation is for company to sell if don't buy any assets.
Well results have been strong, but unable to raise money on shares.


BUY

Owns 9.9% of company.
Having success on new drilling technique.
Lots of land for future drilling.
Expecting return of capital to shareholders.