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

To: Kerm Yerman who wrote (9026)	2/13/2003 4:00:20 AM
From: Kerm Yerman	Read Replies (2) \| Respond to 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.

To: Kerm Yerman who wrote (9026)	2/15/2003 8:31:18 PM
From: Kerm Yerman	Read Replies (3) \| Respond to of 24921

Kerm’s Korner / Tier III Portfolio Report Kerm's Current Tier III Portfolio Progress Report \!/ ~(@ @)~ -------------------------------------o00O(_)O00o-------------------------------- Current Holdings For Week Ending 02/14/03 .oooO ( ) Oooo. -------------------------------------\ (-----( )------------------------------- \_) ) / (_/ -------------------------------------------------------------------------------- TIER III PORTFOLIO ( Purchases ) ( Current Values ) Company Stock On #Of Share Total Share Total Port Names Symbols Date Share Price Value Price Value Weight CANSCOT RES. C-CAG 04/19/02 1800 $ 1.08 $ 1,944.00 $ 1.46 $ 2,628.00 CANSCOT Res. C-CAG 02/14/03 700 $ 1.46 $ 1,022.00 $ 1.46 $ 1,022.00 Summary Of CAG Holdings 2500 $ 1.19 $ 2,966.00 $ 1.46 $ 3,650.00 8.1% CASE RES. T-CAZ 02/14/03 4000 $ 0.70 $ 2,800.00 $ 0.70 $ 2,800.00 6.2% CLEAR ENERGY C-CEN See Note 400 $ 0.00 $ 000.00 $ 3.00 $ 1,200.00 2.7% HIGH POINT RES C-HPR 04/15/02 1334 $ 1.47 $ 1.960.98 $ 1.60 $ 2,134.40 HIGH POINT RES C-HPR 04/22/02 333 $ 1.53 $ 509.49 $ 1.60 $ 532.80 HIGH POINT RES C-HPR 02/14/02 833 $ 1.60 $ 1,332.80 $ 1.60 $ 1,332.80 Summary Of HPR Holdings 2500 $ 1.52 $ 3,803.27 $ 1.60 $ 4,000.00 8.9% KICK ENERGY T-KEC 02/12/03 2000 $ 1.33 $ 2,660.00 $ 1.42 $ 2,840.00 6.4% LEXXOR ENERGY C-LXX 04/18/02 700 $ 2.10 $ 1,470.00 $ 1.86 $ 1,302.00 2.9% RIO ALTO RES LD T-RXI 02/12/03 4000 $ 0.68 $ 2,720.00 $ 0.65 $ 2,600.00 5.8% ROCKY MOUNT. EN C-RME 04/18/02 600 $ 3.40 $ 2,040.00 $ 4.30 $ 2,580.00 ROCKY MOUNT. EN C-RME 02/14/03 400 $ 4.30 $ 1,720.00 $ 4.30 $ 1,720.00 Summary Of RME Holdings 1000 $ 3.76 $ 3,760.00 $ 4.30 $ 4,300.00 9.6% TERRAQUEST EN. T-TRQ 04/19/02 5000 $ 0.52 $ 2,600.00 $ 0.36 $ 1,800.00 TERRAQUEST EN. T-TRQ 02/14/03 2500 $ 0.35 $ 875.00 $ 0.36 $ 900.00 Summary Of TRQ Holdings 7500 $ 0.46 $ 3,475.00 $ 0.36 $ 2,700.00 6.0% Value of Current Holdings $ 25,392.00 Cash On Hand $ 19,443.70 43.4% Total Portfolio Value $ 44,835.70 Original Invested Capital $ 19,550.00 Portfolio Appreciation To Date $25,285.70 Appreciation Percentage +129.3% Notes: Clear Energy: Is a spin-off resulting from the reformation of Vermilion Resources into a Energy Trust. High Point Resources: Was previously named High Point Energy (HPE). The company reversed split (1-3) and shares and cost reported above reflect the changes. Previous Report: Message 17368875 Material Change Notices: Message 18586409 Message 18574045 Message 18584390 Message 18579069