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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (474)	10/22/1996 7:01:00 PM
From: Kerm Yerman	of 24935

Global Strategy Financial Inc. Buy and Sell October 22, 1996 Tony Massie, vice-president of investments at Global Strategy Financial Inc. is maintaining a moderately defensive approach to the market, with a preference for stocks that offer both a good dividend yield and growth potential. ÿ Vancouver-based Massie is modestly optimistic about the Canadian equity market. He predicts the Toronto Stock Exchange 300 composite index could add up to 8% by next summer, but some stocks will fare much better. Canada is in "excellent" shape in the context of the G7 countries, Massie said. There has been good progress in reducing the fiscal deficit and the recent current account surplus on the balance of payments is a positive sign. Massie particularly likes energy stocks. Even though they have performed well, there is still more upside as crude oil prices are firm and natural gas prices are rising, he said. His top energy picks include: Elan Energy Inc. (ELN/TSE) which recently closed at $13.35 and has a 52-week trading range of $14.13 to $9.88. The Calgary-based oil and gas exploration and development company "has good heavy oil assets in Saskatchewan," Massie said. Enhanced oil recovery techniques also should significantly increase production and reserves. Stellarton Energy Corp. (SRTa/ASE) $2 ($2.25-$1.35). Calgary-based Stellarton was an initial public offering in August at $1 a share. It is a niche player in the energy sector. It focuses on acquiring mature oil and gas properties and enhancing their production. The company also develops a line of tools for its own use and for sale to the industry. Massie said the stock is for more aggressive investors. "It is a high growth story but it is not without risk," he said. Petro-Canada (PCA/TSE) $16.90 ($18.70-$13.88). Massie said he still likes the stock, which he recommended in this column on June 29 when it was trading at $16.85. He also continues to like Berkley Petroleum Corp. (BKP/TSE) $28.10 ($30.50-$4.40), which he tipped in the June 29 column when it was trading at $17.75.

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