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

To: Kerm Yerman who wrote (10392)	12/15/2004 6:50:02 PM
From: LARRY LARSON	Respond to of 24921

BEST IN 2005: PARTIAL RAYMOND JAMES REPORT: Raymond James Releases Canadian Equity Analysts' Best Picks for 2005 Wednesday December 15, 7:01 am ET TORONTO, Dec. 15 /CNW/ - Investment Dealer Raymond James Ltd. today released its Canadian Equity Analysts' Best Picks list for 2005. The list, according to Darren Martin, Head of Raymond James' Canadian Equity Research team, highlights 13 individual stocks of Canadian companies that Raymond James analysts expect will produce superior results during the upcoming year. The 13 analyst-selected stocks are: ATS Automation Tooling Systems Cambior (ATA-T) (CBJ-T, CBJ-A) Canadian Natural Resources Canfor (CNQ-N, CNQ-T) (CFP-T) DALSA Finning International (DSA-T) (FTT-T) Groupe Laperriere & Verreault ProEx Energy (GLV.SV.A-T) (PXE-T) Saputo Southwestern Resources (SAP-T) (SWG-T) Stornoway Diamond Talisman Energy (SWY-T) (TLM-T, TLM-N) Zargon Energy Trust (ZAR.UN-T)

To: Kerm Yerman who wrote (10392)	1/3/2005 10:07:25 AM
From: Kerm Yerman	Respond to of 24921

Material Change Report / Tier III & IV Portfolios As reported in my Free Newsletter that was issued to all subscribers this morning. (Request to subscribe at kermskorner@yahoo.com ) Target Price Revisions West Energy – Continues under review. However, successful results of two Nisku wells drilled at Lodgepole in all probability exceeded expectations in terms of production capability. Ending the third quarter 2004, the company was producing an approximate 1100/boed and also at that time - established a company objective of meeting 3200/boed in 2005 - which would be an exit rate 2005. With my interpretation of these results, I believe they will comfortably exceed this objective – quite possibly six months earlier. Tie in and facilities should be complete before July and I anticipate once on-stream, we will see production close to 3000/boed. Further, West Energy was planning to spud another well in the vicinity in the fourth quarter and the progress of that well is unknown at this time. West Energy’s 2005 CAPEX program was more or less a floating program – in the range of from $20 million to $50 million – all dependent on how successful their fourth quarter is. With the known successes, I believe they will release news regarding a revised 2005 CAPEX program. With that information, I will be able to get a firm handle on both the operating and financial impact on the shares of the company. However, I have forecasted a preliminary 12-month target of $8.00 and feel very comfortable with that. VAALCO Energy – I am maintaining a 12-month price target of $9.00 based upon 4.5 to 5.0X forward 2005 cash flow. Shares have fallen back to a level whereas I feel they can now be classified is a Strong Buy. The company is on sound financial footing and 2005 shapes up as a year working within cash flow. At the end of the third quarter, VAALCO had a net of $14 million cash on hand. Last Report December 3, 2004 Material Changes: December 21, 2004 – Defiant Energy Acquisition by Advantage Energy Income Fund (AVN.UN TSX) Portfolio/Defiant shareholders receive: (a) 0.201373 of an Advantage Trust Unit for each Defiant share (b) one-sixth of one common share of Defiant Resources Corporation, a newly incorporated exploration Company - Defiant Resources Corporation (DFR) Portfolio Position Prior to Conversion Cash Component $12,500.00 Purchase Detail Stock On #Of Share Total DEFIANT ENERGY DEF 12/24/03 800 $ 4.45 $ 3,560.00 Conversion Advantage Energy Income Trust Units = 161 Defiant Resources Corp. = 133 Cash Consideration = $ 7.60 Sold December 24, 2004 Advantage Energy Income Trust 161 Units @ $22.44/unit = $ 3,612.84 Resulting Ending Cash Component $ 16,120.44 Acquired December 24, 2004 Purchased Stock On #Of Share Total Defiant Resources DFR 12/24/04 1367 $ 3.00 $ 4,101.00 Ending Cash Component $ 12,019.44 Comments: As with the standard policy of all my portfolios, I immediately sell off energy trust units on the first day of eligible trading. I also hold the spin-off shares of the new company – acquiring additional shares to round off my holdings and for providing a fair weighting for the new company within its assigned tier portfolio as well. The assigned home for Defiant Resources will be the TIER IV Portfolio for it has now been classified as one of my pip-squeak holdings. The 133 shares will be carried at no cost for the Tier III Portfolio absorbed the gain/loss on the transaction. TIER IV Will Reflect Purchased Stock On #Of Share Total Defiant Resources DFR 12/24/04 133 $ 0.00 $ 000.00 Defiant Resources DFR 12/24/04 1367 $ 3.00 $ 4,101.00 Summary of DFR Holdings 1500 $2.73 $ 4,101.00 Rounded As a result of the arrangement and their recent completion of the initial private placement, Defiant Resources currently has approximately 11.8 million common shares and 2,746,599 common share purchase warrants outstanding. For operational purposes, Defiant Resources has arranged a $2 million credit facility with a major Canadian financial institution. Operational Following approval by shareholders of the arrangement and the company’s private placement, Defiant Energy and Advantage have conveyed to Defiant Resources undeveloped lands, seismic data and three farm-in agreements, including one cased earning well. Approximately 65,000 net acres of undeveloped land was transferred fron Defiant Energy and 30,000 net acres from Advantage, for a total of 95,000 net acres. Defiant Energy and Advantage also transferred a copy of pertinent seismic data to Defiant Resources covering 24,600 of the net acres involved in the transfers. The three farm-in arrangements involve drilling commitments at Carrot Creek (Pembina), Grande Prairie and Michel. The Michel farm-in involves lands farmed out by Advantage to Defiant Energy where both the rights of the farmee, Defiant Energy, and farmor, Advantage, have now been transferred to Defiant Resources. At Carrot Creek, the first well of a five well commitment was successfully drilled and cased by Defiant Energy. Defiant Resources will undertake the completion of this potential Rock Creek well within the next few weeks and continue the earning program. Defiant Resources has also exercised an option to purchase interests in the Pembina-Brazeau area, including interests in the producing Pembina DDD Belly River pool formerly owned by Defiant Energy and Advantage, for $5.6 million. A simulation study of the pool has recently been completed which indicates good potential to increase both production and recovery. The first steps of enhancing production in this light 40 degree API oil pool will be undertaken as soon as possible. As a result of these events, Defiant Resources now has proved and probable reserves of 732 mboe (613 mbbls of light oil and natural gas liquids and 714 mmcf of natural gas) as evaluated by Sproule Associates Limited. Current net production is 125 boe/d, excluding production resulting from the completion and tie-in of the Carrot Creek well noted above. Defiant Resources appears well positioned to grow reserves and production by active drilling. Primary emphasis will be on natural gas and light oil targets in western Alberta. Defiant Resources has moved a drilling rig on its Gunn project and plans to undertake an active drilling program with as many as 7.0 wells (4.2 net) to be drilled in the first quarter of 2005.