Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	8/21/2001 3:56:30 PM
From: Frank Pembleton	of 36161

Yorkton Securities Energy Abstract Summary Crude Oil - trading range of $25-30 for WTI - OPEC solidarity - Oil demand hasn’t decreased, but increased with above average growth - Heavy oil economics have improved on falling differentials - 2001 forecast remains at $27/Bbl Natural Gas - Storage well ahead of last year at 298 Bcf - Injection season will finish at or near full capacity - Alberta and U.S. production up 5% year over year - Despite prices, Canadian producers are still realizing prices that should generate excellent returns - 2001 forecast $4.50/mmbtu NYMEX gas Markets - YTD in 2001TOG index has had the best return +7.2% excluding dividends - YTD in 2001TOGP index +2.6% - YTD in 2001TOGS index –13.3% - Yorkton recommends a market weight in this sector, focusing more on oil weighted names - PanCanadian Petroleum is their top pick with a $60.00 target. Regards Frank P.

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