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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (376)10/12/1996 3:57:00 PM
From: Kerm Yerman   of 24921
 
Howson Tattersall Investment Counsel Ltd.
Buy and Sell
October 12, 1996

There is still a good supply of relatively cheap stocks on the Toronto Stock Exchange, with small-capitalization companies offering good hunting, said Richard Howson, VP @ Howson Tattersall.

On average, Howson holds a stock for three years. He looks for stocks trading at a low price relative to earnings, cash flow and book value, concentrating on the company itself rather than the sector it's in. He continues to find good opportunities in economically sensitive ares like natural resources. He expects economic growth in Canada and Europe to accellerate in 1997, while growth in US could slow marginally. Howson's picks include;

CS Resources Ltd. (CRZ-TSE) $11.15 ($8.375 - $11.75) Based in Calgary, this oil and gas producer uses innovative technology to find and extract oil and gas. It has strong emphasis on heavy oil.
"The stock has weakened recently owing to short term production problems at two important properties," he said. But Howson predicts a strong recovery in production and cash flow in 1997. The stock trades at less than net asset value per share. "It is cheap for an oil and gas company with a strong production profile."

Inter-Tech Drilling Solutions Ltd. (IDL-TSE) $2.00 ($1.20 - $2.40)
The company completed its initial public offering at $1.00/share in mid-July. Based in Calgary, Inter-Tech makes safety equipment and provides related UNDERBALANCED drilling services for domestic and international drilling companies. UNDERBALANCED DRILLING is a rapidly expanding technology used in the energy industry. Howson expects the company to earn $0.10 in 1996 and from $0.15 to $0.20 in 1997.
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