Oil Stocks: Glenn MacNeill, Sentry Select (III)
Glenn MacNeill, vice president of investments, Sentry Select Capital Corp
FIRST CALGARY PETROELUM (TSE:FCP): did very well initially, properties in Tunisia, Algeria, gas properties..harder to sell gas than oil in that area..we do not own it..our approach is very cautious when it comes to companies with foreign assets
FALCON OIL & GAS (CVE:FO): we do not own FALCON, quite expensive $1.8 billion with no production..biggest well in Hungary, highly speculative play..deep gas, production issues, high-risk, high-reward..high reliability that there is gas there but hard to get out of ground
PAST PICK TALISMAN ENERGY (NYSE:TLM TSE:TLM): we still like TALISMAN, announced share repurchase program, selling off non-core assets, represents good value..
PAST PICK NEXEN ENERGY (NYSE:NXY TSE:NXY): some production coming on in North Sea..growing reserves, offset decline in Yemen, like it and continue to hold
VAULT ENERGY TRUST (TSE:VNG.UN): we would expect VAULT to trade roughly at where it is, market perform..quality of assets not as good as others..smaller trust, we feel there are other places to put money..BONAVISTA (TSE:BNP.UN), PROGRESS ENERGY (TSE:PGX.UN), ARC ENERGY (TSE:AET.UN) we feel have superior performance..20% yield a flag that they may have to cut distributions..
MISSION OIL & GAS (TSE:MSO): discoveries in Balkan, scheduled to merge with CRESCENT POINT..good management with both companies, I would support the merger, give economies of scale..CRESCENT POINT developer, not explorer..MISSION made number of discoveries
PENGROWTH ENERGY (TSE:PGF.UN): we like some of the assets, reasonably well managed..expecting cuts in distributions reflecting soft oil and gas prices..might be a good time to buy when they cut
PETROBANK ENERGY (TSE:PBG): announced today that they were expanding Whitesands project..applicable to heavy oil production, looking very promising, more promising than many of us in the industry thought..probably sold in royalty basis if it works
CINCH ENERGY (TSE:CNH): recently announced they did reach production target..reasonably positive..small junior, associated risk..we had high hopes for it, we did get caught
PETRO-CANADA (NYSE:PCZ TSE:PCZ): we do own it, lot of good things going on including North Sea production..we would expect this to trade very much in line with oil and gas prices, see $70 target with recoveries
ALBERTA CLIPPER ENERGY (TSE:ACN): trading close to NAV, market perform at this point in time..good assets that could grow pretty dramatically..has not been disappointment, reflects assets..we own small piece of
PARAMOUNT RESOURCES (TSE:POU): 100% gas production, must be very comfortable with gas to hold that..spinning off Northern assets, look very interesting..would expect to benefit shareholders..we like it, continue to own today
CANETIC RESOURCE (TSE:CNE.UN): one that we are expecting potential decline in distributions over next six months..we own a little bit of it..be cautious at this point in time..you want to diversify, there are other high quality trusts we like better
IVANHOE ENERGY (TSE:IE): US oriented company, has process where it refines heavy oil, inexpensive process to do..it is long way down the road..I wish them the best of luck
TOP PICK CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): represents good value..Horizons oil sands project well along..on negative side expect company to announce increased costs..we have had it for a long time, trade in and out of it
TOP PICK PROGRESS ENERGY TRUST (TSE:PGX.UN) well managed, operations Northeastern BC..could be vulnerable to distribution cut, we are aware of it..good growth, great assets, solid
FIRST CALGARY PETROELUM (TSE:FCP): did very well initially, properties in Tunisia, Algeria, gas properties..harder to sell gas than oil in that area..we do not own it..our approach is very cautious when it comes to companies with foreign assets
FALCON OIL & GAS (CVE:FO): we do not own FALCON, quite expensive $1.8 billion with no production..biggest well in Hungary, highly speculative play..deep gas, production issues, high-risk, high-reward..high reliability that there is gas there but hard to get out of ground
PAST PICK TALISMAN ENERGY (NYSE:TLM TSE:TLM): we still like TALISMAN, announced share repurchase program, selling off non-core assets, represents good value..
PAST PICK NEXEN ENERGY (NYSE:NXY TSE:NXY): some production coming on in North Sea..growing reserves, offset decline in Yemen, like it and continue to hold
VAULT ENERGY TRUST (TSE:VNG.UN): we would expect VAULT to trade roughly at where it is, market perform..quality of assets not as good as others..smaller trust, we feel there are other places to put money..BONAVISTA (TSE:BNP.UN), PROGRESS ENERGY (TSE:PGX.UN), ARC ENERGY (TSE:AET.UN) we feel have superior performance..20% yield a flag that they may have to cut distributions..
MISSION OIL & GAS (TSE:MSO): discoveries in Balkan, scheduled to merge with CRESCENT POINT..good management with both companies, I would support the merger, give economies of scale..CRESCENT POINT developer, not explorer..MISSION made number of discoveries
PENGROWTH ENERGY (TSE:PGF.UN): we like some of the assets, reasonably well managed..expecting cuts in distributions reflecting soft oil and gas prices..might be a good time to buy when they cut
PETROBANK ENERGY (TSE:PBG): announced today that they were expanding Whitesands project..applicable to heavy oil production, looking very promising, more promising than many of us in the industry thought..probably sold in royalty basis if it works
CINCH ENERGY (TSE:CNH): recently announced they did reach production target..reasonably positive..small junior, associated risk..we had high hopes for it, we did get caught
PETRO-CANADA (NYSE:PCZ TSE:PCZ): we do own it, lot of good things going on including North Sea production..we would expect this to trade very much in line with oil and gas prices, see $70 target with recoveries
ALBERTA CLIPPER ENERGY (TSE:ACN): trading close to NAV, market perform at this point in time..good assets that could grow pretty dramatically..has not been disappointment, reflects assets..we own small piece of
PARAMOUNT RESOURCES (TSE:POU): 100% gas production, must be very comfortable with gas to hold that..spinning off Northern assets, look very interesting..would expect to benefit shareholders..we like it, continue to own today
CANETIC RESOURCE (TSE:CNE.UN): one that we are expecting potential decline in distributions over next six months..we own a little bit of it..be cautious at this point in time..you want to diversify, there are other high quality trusts we like better
IVANHOE ENERGY (TSE:IE): US oriented company, has process where it refines heavy oil, inexpensive process to do..it is long way down the road..I wish them the best of luck
TOP PICK CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): represents good value..Horizons oil sands project well along..on negative side expect company to announce increased costs..we have had it for a long time, trade in and out of it
TOP PICK PROGRESS ENERGY TRUST (TSE:PGX.UN) well managed, operations Northeastern BC..could be vulnerable to distribution cut, we are aware of it..good growth, great assets, solid
posted by Spelunca at 11:26 AM
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