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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (9026)	2/13/2003 4:00:20 AM
From: Kerm Yerman	Read Replies (2) of 24921

Kerm's Tier III Portfolio Material Change I will be making changes to this portfolio over the near future. Right now, I am adding two new positions to my pip-squeak portfolio. Purchased 021203 Kick Energy (T-KEC) 2,000 shares @ $1.33/share Rio Alto Res. Int'l (T-RXI) 4,000 shares @ $0.68/share Kick Energy is a pure value play. I believe they will be reporting 2003 NAV of between $1.25-$1.30, based on proved plus 50% probable reserves discounted at 10%. 2003 cash flow will be in the neighborhood of $0.31. Production is forecasted to average a bit more than 2100 boe/d for the year with an exit rate of about 2500. CEO is past CEO of Post Energy which was sold. Rio Alto Resources International is an interesting situation. I simply like their game plan. They have solid production in South America and will be reinvesting with focus on the attractive areas in Western Canada. Management is experienced and proven to take advantage of Canadian opportunities.

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