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

To: Kerm Yerman who wrote (10367)	12/1/2004 10:31:52 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 24921

Material Change Report / TIER III Portfolio As I mentioned in my previous Material Change Report – (the link I am replying to) – I really didn’t add any new holdings to my Tier III Portfolio, rather focusing on increasing current holdings as I saw fit. In addition, I further commented that a few of these companies would be graduating into the Tier II portfolio because their Market Capitalization zoomed to amounts exceeding this Tier of investing. In preparation to replace these holdings, I screened a broad breath of junior oils and three companies stood out to me - just three out of at least 50 which were reviewed. I am adding these three new faces to the portfolio immediately at the closing prices of November 30, 2004. I have invested an approximate equal amount into each company and therefore, they will begin life in the portfolio equally weighted. In addition, I have added two spin-off holdings in the Tier II Portfolio to the Tier III Portfolio whose details are listed below. For the time being, I will simply state my ratings on these companies are all the same – Strong Buys. I am posting now because I want to be on record for recommendations at Tuesday’s closing prices. The next Portfolio Report will have 12-month price targets. Beginning Portfolio Cash Component Amount $ 363.72 Influx Of New Portfolio Capitalization $21,793.60 Total Cash Funds Available $22,157.32 Spin-off Additions: As a result of the Plan of Arrangement involving Progress Energy Trust, shareholders of both Progress Energy and Cequel Energy received one trust unit or exchangeable share of Progress Energy Trust and, one share each of two new junior oils named Cyries Energy and ProEx Energy. Both Progress Energy and Cequel Energy were holdings in my Tier II Portfolio. (600 shares & 1,000 shares). These shares are being transferred into the Tier III Portfolio at no cost to the portfolio. Total proceeds received from the sale of Progress Energy Trust Units was credited to the Tier II Portfolio’s cash component. Incidentally, for those of you who were shareholders, I highly recommend you maintain all three entities in your personal portfolio. This new energy trust is really exciting and will be supported by both the new junior operators as part of their operations. I view the Plan of Arrangement as one of the best too date. As a result of 600 shares held in Progress Energy, the Tier II portfolio received 417 shares each of the two new companies. As a result of 1,000 shares held in Cequel Energy, the Tier II Portfolio received 695 shares each of the two new companies. In addition, purchases were made to add to both positions as identified below. On July 2, 2004 the combination of Cequel Energy Inc. and Progress Energy Ltd. was completed. Both new companies began trading on the TSX on July 7, 2004. Spin-Off Additions: Cyries Energy (CYS) Added 1112 shares @ no cost $ 00.00 ProEx Energy (PXE) Added 1112 shares @ no cost $ 00.00 Purchases: Cyries Energy (CYS) 888 shares @5.85/share Total Amount $ 5,194.80 ProEx Energy (PXE) 888 shares @5.60/share Total Amount $ 4,972.80 AltaCanada (ANG) 6,000 shares @$0.66/share Total Amount $ 3,960.00 Val Vista Resources (VVR) 3,500 shares @$1.18/share Total Amount $ 4,130.00 Great Plains Exploration (GPX) 3,000 shares @$1.30/share Total Amount $ 3,900.00 End Cash Component $ 00.00 Reviews Progress Energy Trust ram.insinc.ca ProEx Energy newswire.ca Cyries Energy newswire.ca Alta Canada newswire.ca Val Vista Resources newswire.ca Great Plains Exploration newswire.ca

To: Kerm Yerman who wrote (10367)	12/1/2004 7:22:50 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24921

Material Change Report / Correction to Previous Notice In the last report (the one which I am replying) read as follows Spin-Off Additions: Cyries Energy (CYS) Added 1112 shares @ no cost $ 00.00 ProEx Energy (PXE) Added 1112 shares @ no cost $ 00.00 It shoud of read Spin-Off Additions: Cyries Energy (CYS) Added 259 shares @ no cost $ 00.00 ProEx Energy (PXE) Added 259 shares @ no cost $ 00.00 Plan Of Arrangement Detail Progress Energy Ltd. and Cequel Energy Inc. jointly announced today that their respective Boards of Directors have unanimously approved a proposal to combine the two entities and create Progress Energy Trust, a new oil and gas trust and two publicly listed, exploration-focused producers ProEx Energy and Cyries Energy. As a result of the proposed combination, shareholders of Progress will receive one trust unit or exchangeable share of Progress Energy Trust and one share in each of ProEx Energy and Cyries Energy and, Cequel shareholders will receive 0.695 trust units or exchangeable shares of Progress Energy Trust and 0.695 of a share in each of ProEx Exploration and Cyries Energy (prior to a planned five for one share consolidation). Units Shares Shares Plan Of Arrangement Energy Trust ProEx Energy Cyries Energy Progress Energy – 600 Shares 600 600 600 Cequel Energy - 1000 Shares 695 695 695 Sub Totals 1295 1295 1295 Totals after share consolidation 1295 259 259