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Markets. You wouldn’t know the spread in oil prices had narrowed from the Energy Stocks. The TSX is flat and yet companies are enjoying the robust oil prices. He does not expect a widening of the spread. There are changes in the delivery of crude oil that will keep the spread wide. There could be seasonal variations. Finally Canadian prices are playing catch-up – light and heavy crude. Keystone is not the only solution but in the east Irving is building bigger export terminals.

A name he identified earlier in the year as a great investment. Now he likes it at these levels. It is heavy oil. Developed production technology that will serve shareholders well. Management is from much larger corporations. They know their way around heavy oil. Will be twice the size it is today in a year.

Bellwether company in its peer group. One of the largest intermediates. A growth profile 4 or 5 times its peer group. Risk is that it has some exposure to Nat Gas. He is pessimistic short term on Nat Gas.

The king among heavy oil companies. Assets have great depth to them. A great dividend player. A little better leverage in smaller names.

Moved sideways in anticipation of the equity issue they did that is now closed. Expensive wells that sometimes disappoint but they seem to have overcome that. Hold because you are in the way of some bigger players. When they prove more they could be a takeover target.

When the price of Nat Gas slipped it didn’t make sense to own the company. Perhaps now they deserve a second look. It is on his watch list. He is neutral because of the gas presence. Watch them and take a look at the liquids content of their big project.

Held it higher up and then gave up. Now with Rick George at the helm this has definitely changed. The market is saying ‘show me’. Capital inefficiencies and a messy balance sheet. Dividend probably okay bit maybe new management tightens up. Take comfort in the quality of the asset base.

7% dividend. An excellent operating company that grew at a phenomenal rate. The dividend is safe. A rally is probably not too far away around the corner.

Was a growth dividend that converted to a dividend model. They can sustain it for a long time. The asset they just purchased is exceptional. Really underpins the sustainability of the dividend and provides some growth. Dividend could be increased.

(Top Pick Apr 16/13, Down 5.15%) Production is going to double this year. They only have one play although they are having great success with it. Now they have found a second one. Market held its breath and first well did not do well. Do not dismiss it. Team came from Talisman. If there is a solution there they will find it. Have a third asset now that they worked with at Talisman. The drop has been a function of ‘show me another play’. Still recommends it.

(Top Pick Apr 16/13, Up 73.72%) He took a little off the table. Great management team, a change since last time. Will continue to hold. Dividend will bring support to stock price but they will grow also.

(Top Pick Apr 16/13, Down 24.34%) The thesis was always heavy oil. Sustainable dividend. $0.19/year. Primate play was under fire twice for water intrusion in the bore. They had to deal with water. A second source caused them to lose confidence. Company has conservative guidance. Thinks the market has it wrong.

(Best and Worse Call)

Worst Call: Theme was 2005-6 small energy companies were overvalued. Raised money for private investment. He got it wrong. The Halloween massacre announced the taxing of income trusts. Private companies were decimated. Then there was the meltdown in ’08.

Best Call: About 2002 he made a call on income trusts. ’03 returns were 10% average when the market lost. ’04 was spectacular at 20%.

Visited company earlier this year and thought that it was so undervalued that he had to own it. Then things changed when they made an acquisition. Spectacular assets and they didn’t pay too much. Excited about it.

Have a great thermal project in the oil sands. It is hung up on an issue with first nations. It is in front of the regulators and he expects a ruling any day. Wait for the resolution. In other parts of operation they have done a very good job. Down side will be very limited.