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

To: Kerm Yerman who wrote (9895)	11/27/2003 12:56:25 PM
From: Tommaso	Respond to of 24925

OK, you already posted, I just had not got to the message

To: Kerm Yerman who wrote (9895)	12/27/2003 4:36:33 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24925

Material Change Report / Tier I Portfolio Beginning Cash Component = $15,213.60 12/24 Sold Burlington Resources (BR) 300 shares @ $56.10 = US$16,830.00 Converted to CDN Dollars (1 USD = 1.30800 CAD)= $22,013.64 The 300 shares originally cost $25.88/Share or, $7,762.25 I continue to like Burlington Resources. However, the holding in the Tier I Portfolio was an over weighted position (18%) and I wanted to bring the overall investment down to about the same weight as the other two U.S. holdings. Sub-Total Cash Component = $37,227.24 Purchased Canadian Natural Resources (CNQ) 200 shares @ $65.10 = $13,020.00 Canadian Natural Resources Limited is a senior oil and natural gas exploration, development and production company. For the 9 months ended 9/30/03, net revenues rose 57% to C$3.71B. Net income applicable to Common totaled C$1.16B, up from C$361.5M. Revenues reflect higher North Sea revenues due to increased working interests acquired in the Banff field. Net income also reflects improved operating margins and higher foreign exchange gain. I believe the company currently has one of the better North American natural gas asset bases. With Ladyfern declines now a thing of the past, the natural gas scenario has improved. That, complemented with a growing international presence - especially Africa where production commenced in 2003 and will continue to grow in 2004 and will really being ramped up in 2005. These reasons, along with the significant growth potential associated with its Horizon oil sands project puts CNQ on firm footing over the coming 24 months. My 12 month price target is $70.00 This change in the Tier I Portfolio impacts the cash position - which has been significantly increased. I’m taking profits and adding to the cash position at this time. Ending Cash Component = $24,207.24