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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (8385)	7/31/2001 12:45:55 PM
From: LARRY LARSON	Respond to of 24922

TORONTO (CBS.MW) - Canadian stocks rose Tuesday, led by oil and gas issues as some investors wagered that share prices in the sector don't reflect the outlook for profit growth. Talisman Energy stoked demand for petroleum issues after topping second-quarter estimates yesterday. The stock was reiterated "strong buy" by analysts at Raymond James & Associates. Networks, Celestica and a handful of other technology issues contributed to the advance. Investors paid little attention to Canadian gross domestic product figures out Tuesday that showed the economy grew 0.3 percent in May. Though it was the biggest advance in seven months, the pace was helped by a slew of education and provincial workers that returned to their jobs after a strike in the previous month. See full story. A raft of U.S. economic data, which added to evidence that the U.S. economy continues to slow more than previously anticipated, bolstered expectations for lower U.S. interest rates ahead. The Toronto Stock Exchange 300 Composite Index (CA:TSE300: news, chart, profile) rose 49.60 points, or 0.6 percent, to 7,691, erasing its 40 point slide yesterday. Ten of the TSE 300's 14 sub-indices rose and four fell with the oil and gas group staging the sharpest advance. The S&P/TSE 60 gained 0.7 percent while the Nasdaq Canada Index, a collection of Canadian companies that trade on the U.S. based Nasdaq market, rose 1.4 percent. The CDNX Index of small technology and natural resource companies that trade on the Canadian Venture Exchange fell 0.1 percent. In the U.S., the Dow Jones Industrial Average ($DJ: news, chart, profile) jumped 1.6 percent and the Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 1.7 percent. See full story. Talisman Energy (CA:TLM: news, chart, profile) (TLM: news, chart, profile) jumped C$1.80, or 3 percent, to C$60.30. Canada's largest independent oil and gas company, said yesterday that second-quarter net income rose to C$237 million ($153 million), or C$1.71 a share, from C$214 million, or C$1.51 a share, for the same period a year earlier as rising natural gas prices offset a decline in crude prices and production. The result topped the analysts' average estimate of C$1.47 a share, according to First Call/Thomson Financial. The Calgary-based exploration and production company said cash flow, considered the best gauge of the health of petroleum companies, climbed to C$641 million, or C$4.73 a share, from C$573 million, or C$4.14 a share in the year ago quarter. Revenue rose to C$1 billion from C$962 million. "As one of the premier independent oil and gas producers in North America, we believe Talisman is undervalued at these levels," said Wayne Andrews, an analyst at Raymond James. Andrews raised his year-end earnings estimates to $6.61 a share from $6.35 a share previously and lifted his 2002 forecast to $6.61 from $6.56. Among other companies in the sector, Alberta Energy (CA:AEC: news, chart, profile) rose 30 cents to C$60.30, Anderson Exploration (CA:AXL: news, chart, profile) gained 85 cents to C$27.75 and Canadian Hunter (CA:HTR: news, chart, profile) advanced C$1 to C$34.50. TD Waterhouse (CA:TWE: news, chart, profile) rose 15 cents to C$14.60. The discount brokerage said late Monday that it's cutting 600 jobs and closing facilities in a restructuring effort to cope with a decrease in investor trading and borrowing activity. TD Waterhouse, which is owned by Toronto-Dominion Bank (CA:TD: news, chart, profile) (TD: news, chart, profile) and has been paring its workforce through attrition, is cutting jobs by another 9 percent and shuttering 17 U.S. branches and a call center in Chicago. As a result, the company said it expects to take a $35 million charge in the third quarter. TD Bank was unchanged at C$25.38. Martin Cej is global markets editor for CBS.MarketWatch.com in San Francisco.

To: Kerm Yerman who wrote (8385)	8/1/2001 1:49:12 AM
From: Darwyn Petras	Read Replies (1) \| Respond to of 24922

Welcome back ! It's nice to see you back as so much has happened since you last contributed here and to the "Korner". I must say that what I gleaned from your insight put me in good stead over the strong O & G run in the past 18 months. Having held Newport Pet, Renaisance Energy, Startech Energy and most recently Gulf Canada Resources which were all taken out at profit, it has been a nice profitable run. I am fully invested in mostly Canadian O & G ( not particularly bothered by the recent correction ) as I believe the pure fundamentals P/CF, P/E are too compelling. I am more than happy to open up and "share" our natural gas with our friends south of the 49th. While we have seen a loss of a large number of Canadian Intermediates disappear I have to wonder when the next shoe is going to drop given the relative difference in valuation multiples between Cdn and US O & G companies as well as the exchange difference. I think nat gas is taking an interim detour and given current decline rates will likely see higher price levels in the medium term. Any thoughts on the following ? Anderson Energy AXL -good P/CF & D/CF, relatively unhedged production, strong volume growth. Rio Alto -RAX - " " , low cost operater as it makes money above $ 1.10 US MCF Talisman Energy TLM - well run super independant, great international portfolio, tremendous growth for a company its size , successfully stick handling the Sudan hot potato. All companies generating huge cashflow and are vulnerable to takeover given their current undervalued state. Darwyn

To: Kerm Yerman who wrote (8385)	8/1/2001 10:00:11 AM
From: Gulo	Read Replies (2) \| Respond to of 24922

Hey Kerm, It is good to hear from you again! Yes, we would like to hear your comments. It has been an interesting couple of years since you shut the Korner down. I got out of oil about three months ago, and am looking at getting back in. -g

To: Kerm Yerman who wrote (8385)	8/1/2001 1:12:55 PM
From: kingfisher	Read Replies (1) \| Respond to of 24922

Welcome back Kerm! Look forward to your opinions and comments on this sector. I have done very well in past couple of years but currently mostly in cash waiting for a better defined trend. Still great opportunity in a select few special situation large and small cap. Kingfisher

To: Kerm Yerman who wrote (8385)	8/1/2001 9:00:10 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 24922

Good to hear from you, thought you had rode off into the sunset. It has been a pretty brutal year, having been in the market for many years I would say the worst I have seen including 1987. Kind of like the Chinese water torture. Oh welI didn't want to retire anyway. Take care and stay healthy

To: Kerm Yerman who wrote (8385)	8/1/2001 9:02:17 PM
From: Buckey	Read Replies (1) \| Respond to of 24922

HI KERM - you may or may not remember that I started reminding people aabout corridor CDH on the thread as it was EAST cost offshore. well the east coast Offshore is On fire. PanCanadian was shutting down 2 yearts ago as their Panuke oilfield was drying up and the NS govt had lost 600 MM on the gig. ( i have never owned more than 2,000 shares of CDH) well guess what was under the panuke field GAS and they headfaked the GOVT out of the 50/50 JV IMHO. they have it all now and 100s of engineers "gearing it up" CQV on the west coast of NFLD has gone up 2000 % on west coast NFLD sepc ONG has done well on PEI gas spec. and OEL is doing quite well ( up 30% today) on a whol;e slew of stuff but today secured more licenses. there has been some shit flying here on this thread on OEL where some have accused 3 of us of being paid Touts. I have 6500 OEL and I aactually sought counsel on the post becasue it pissed me off so much. he said to let it rest. Cheers old boy how did you drop your O&G bug.

To: Kerm Yerman who wrote (8385)	9/10/2001 7:00:17 PM
From: Richard Saunders	Read Replies (1) \| Respond to of 24922

Some names from the archives -- $151.1 mil. in 4 private placements -- New private startups in the wings. Duvernay Oil Corp. - $66.5mil. - Mike Rose pres. Profico Energy Mgmt. - $30mil. - Clayton Woitas pres. Sentra Resources - $22mil. - Uldis Upitis pres. Stylus Exploration - $11mil. + $21.6mil. - Dave Monachello pres. =-=-=-=-=-=- Monday September 10, 4:55 pm Eastern Time Canadian energy execs start over, in private firms By Ian McKinnon CALGARY, Alberta, Sept 10 (Reuters) - Top executives driven from their jobs by the frantic pace of mergers in Canada's energy sector are starting over, but this time around many are tapping private funds to avoid volatility in the equity markets. In the latest move, former executives of Berkley Petroleum, a firm taken over by Anadarko Petroleum Corp. (NYSE:APC - news) early this year, recently raised a Canadian record C$66.5 million ($42.5 million), including C$28 million from their own wallets, to launch Duvernay Oil Corp. Named after a geological formation known for generating oil and natural gas deposits, the firm will concentrate on drilling in northwestern Alberta and northeastern British Columbia. The five-person company has already inked an exploration deal with Anadarko, the white knight that paid C$1.14 billion for Berkley, beating Hunt Oil Co.'s hostile bid. ``The exploration cycle is quite long and I think the private vehicle is ideal for two or three years because it gives us the front end to very patiently build our exploration and development inventory,'' Berkley's former chief executive, Mike Rose, said. ``I think we'll be much more effective by being private for awhile.'' Small public companies have been a mainstay of the Canadian oil and gas industry for decades, particularly in the early 1990s, but in the past three years stock investors have eschewed them due their risky natures and a few high-profile failures. Rose said less pressure to meet quarterly targets was one welcome change of operating a private company. But he promised not to forget lessons learned in the public market, including a sharp focus on profitable growth. ``When we look back at Berkley and when it was the most fun for us to run, that was when it was about 20 to 25 people growing production from 7,500 BOE (barrels of oil equivalent) to 12,500 BOE per day,'' he said. ``That also, not surprisingly, was when it was also best for our shareholders.'' Other names in the Canadian oil patch have taken a similar path. Clayton Woitas, previously the head of Renaissance Energy, raised C$30 million for Profico Energy Management Ltd., while Uldis Upitis, the former boss of Newport Petroleum, gathered C$22 million for Sentra Resources Corp. Renaissance was bought last fall by Husky Energy Inc. (Toronto:HSE.TO - news) for C$4 billion and Newport was scooped up in early 2000 by Hunt for C$489 million. EXPERIENCE PAYS OFF Bruce Fiell, a principal with brokerage Peters & Co., which handled Duvernay's popular private placement, said proven management success is critical to tapping private funds. Low trading multiples afforded small public firms, a reflection of shareholder desire for larger and more liquid companies, is one reason driving the change, he said. ``We think that (Duvernay) is the largest private equity financing for an energy start-up in Canada,'' he said. ``There will be more start-ups and we think they may be larger in size. We see at least another half-dozen firms that are thinking about raising money or are in the process of raising money.'' Private companies are popular with institutions and affluent individuals because patient investors who get in early can see a big return on their money. Stylus Exploration Inc., founded in late 1999, more than doubled the value of investors' stakes in its first year. Stylus chief executive Dave Monachello said success let the company take in another C$21.6 million, mainly from existing shareholders, to add to the C$11 million raised initially. Many new private firms concentrate on exploration, where there is less competition from bigger players but more risk. ``The biggest lift in the dollar (for investors) is through the drill bit,'' Monachello said. ``If you're in exploration, you can actually change a dollar into two or three dollars upon success.'' Scott Inglis, analyst with Calgary brokerage FirstEnergy Capital Corp., said he had mixed feelings about the emergence of private producers. ``It's always good to have quality management operating assets and ultimately some of those firms may end up in the public market,'' he said. ``It's a loss, in my view, for a lot of (ordinary) investors who aren't able to play in private deals. Those deals get done by a few players.''

To: Kerm Yerman who wrote (8385)	12/17/2003 1:27:32 AM
From: Richard Saunders	Respond to of 24922

Glancing through some recent filings I see Duvernay Oil Corp. (Mike Rose, Berkley Petroleum before Anadarko take-out) is lining up to become public. Prelim. prospectus complete with bullet holes was filed at SEDAR last week. makeashorterlink.com Probably a situation to watch for........ Also notice that Peters has just picked up formal coverage of CLT Celtic with a sector perform & $7.40 target.

To: Kerm Yerman who wrote (8385)	2/3/2004 1:00:57 AM
From: Richard Saunders	Respond to of 24922

DDV Duvernay set to go public. The ipo was done at $10.50 and raised $52.5mil. Here's a paste from when deal was first announced last month. Will be interesting to see how first couple of days of trading go as quite a few funds and institutional accts. were early into the thing at $3.50 in 2001 (17.2MM shares) and $6.25 in 2003 (3.2MM shares). Suspect some decent sized blocks will probably be changing hands and locking in some respectable profits. ============================= Duvernay Oil Plans C$40 Mln Offering That Is Over-Subscribed Jan. 13 (Bloomberg) -- Duvernay Oil Corp., a closely held Canadian oil company, is over-subscribed for a C$40 ($31.4 million) initial public offering, a sign of strong investor interest in small producers, the chief adviser to the sale said. Increased interest in small oil companies over the past 18 months makes it a good time to sell a 10 percent stake in Calgary- based Duvernay for C$9 to C$10 a share, said Chris Potter, managing director of corporate finance at Peters & Co., which is leading the sale. After the sale closes in early February, Duvernay would be worth about C$390 million, he said. ``We're in a circumstance where we're over-subscribed already,'' Potter said in a telephone interview. ``You're finding situations where you're raising C$40 million to C$50 million, and you end up with C$150 million worth of demand just out of the institutional market, let alone the retail side.'' High oil and gas prices boosted the shares of most oil companies last year. Shares of producers with a market value of less than C$600 million rose 65 percent in 2003, according to data from Calgary-based Peters. That compared with a 24 percent rise in the Standard & Poor's Toronto Stock Exchange Composite Index and its energy component. It will be the first public offering exceeding C$25 million in the Canadian oil industry in at least five years, said Andrew Boland, a specialist in small producers at Peters. Duvernay privately raised about C$66 million in 2001 at C$3.50 a share and C$20 million last year at C$6.25 a share, Potter said. There were 56 IPOs in Canada last year, including 10 for oil companies, compared with 69 offerings and nine for oil companies in 2002, according to a study this month by PricewaterhouseCoopers LLP. Income Trusts The increased popularity of income trusts and spinoffs of exploration-focused units when energy companies reorganized into trusts have slowed the creation of publicly traded oil companies in Canada in recent years, said Garey Aitken, a portfolio manager in Calgary at Bissett Investment Management. Income trusts, which hold such assets as oilfields and pipelines, make payouts to unit holders based on cash flows and offer tax advantages to Canadian investors. Duvernay was formed in 2001 by Mike Rose, its chief executive. Rose had headed an expansion of Calgary-based Berkley Petroleum Corp., whose shares soared from about C$1.10 in early 1994 to C$11.40 in February 2001, when it was acquired by Anadarko Petroleum Corp. for $777 million in cash and $250 million in assumed debt. Rose was meeting with investors this week in several North American cities and couldn't be reached for comment through his office. Named after a petroleum formation, Duvernay produces the equivalent of about 4,200 barrels of oil a day, Potter said. Proceeds from the share sale will help fund planned 2004 capital spending of C$80 million, he said. FirstEnergy Capital Corp., Scotia Capital, UBS Canada Securities and Sprott Securities are also underwriting the offering, which will be priced later this month, Potter said. Last Updated: January 13, 2004 12:36 EST