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To: ms.smartest.person who wrote (1024)	4/26/2006 7:15:59 PM
From: ms.smartest.person	Read Replies (2) \| Respond to of 3198

&#8362 David Pescod's Late Edition April 26, 2006 WOLFDEN RESOURCES (T-WLF) $4.49 +0.19 The phrase goes, “maximization of shareholder value” and its much over used and more often than not, under-implemented. But it is a phrase that might well describe what is going on over the next while in Wolfden Resources. As Eric Coffin of the Hard Rock Analyst describes it, Wolfden shareholders are divided into two camps. There are the gold bugs that love the potential for their Red Lake assets and the base-metal advocates who have eyes only for their base metals projects in the Arctic and they are significant. Unfortunately, both camps have no use for the other assets, so why not split the company in two, and let the shareholders have the asset part that they like? Makes sense to us and we figure that the company divided up could attract a lot higher valuation than it currently does. We’ve mentioned this a few times in the past and we are glad to see the stock is responding as we get closer to the special annual meeting and division of the company. We do an interview with company President, Ewan Downie and for anyone who would like to give it a read, just e-mail Sandra at sandra_wicks@canaccord.com. FIRST CALGARY PETE. (T-FCP) $11.25 +0.45 As the chart shows you, First Calgary Petroleum has had a couple of bounces over the years. Their drilling in Libya has come up with some very successful wells over the last while, but the story got ahead of itself because of lots of previous talk about potential take overs. Then the stock plummeted when no take over appeared. The thing about Libya is that the country has some of the higher royalty and tax regimes you will find out there. There are also pipeline issues. On the other hand, if you are looking to make some of the biggest discoveries you’ll see in the oil patch, Libya is a good place to look and today, First Calgary comes up with some more interesting wells. Their LES-3, a new oil pool discovery in the TAGI zone tested from multiple zones at normalized totals of 33.6 mmcf/d of gas, 4,655 barrels per day of condensate and 8,667 barrels of oil per day. Wow! MLE-6 tested at normalized totals of 36.6 mmcf/d of gas and 2,396 barrels per day of condensate. LEW-2 is currently testing with four zones identified. Obviously, the firm thinks they are onto something significant as three rigs are currently turning in the area and today the stock attracts big market interest. DELPHI ENERGY (T-DEE) $5.45 -0.03 For those who were at Joe Martin’s Cambridge House Resource Conference this past weekend, you know that we emceed an oil and gas panel and that analysts Jim Welykochy of Genuity Capital and Fred Kozak of Haywood, both had very kind things to say about Delphi Energy. Experienced management that has just taken some aggressive joint ventures with Encana were part of the reasons and today news out of Delphi gives both analysts some pleasant surprises. Can you believe that something is done sooner than expected? Today, Delphi announced that the company’s first six wells drilled this past winter at Bigfoot in northeastern B.C. are now onstream. Delphi has a 50% interest in these wells which are expected to flow at rates ranging from one million cubic feet a day to 1.4 mmcf/d in the first three months and then stabilize at .5 mmcf/d to .75 mmcf/d range. Good news, particularly considering they so far finished six wells of a 19 well program and it looks like a great place to be. Bottom line for Kozak, he gives the company a $7.25 target and Welykochy gives it a $7.00 target. If you are bullish on gas prices….. NANOLOGIX INC. (OTC-NNLX) $0.305 +0.525 We have so many different and interesting sources on stories from around the world and some of them work out...and those you hear about a lot more from down the road and some don’t...and you’ll never hear from them again. We’ll try this new source and see if he knows what he is talking about. With all the emphasis being placed by President Bush on hydrogen and the potential for hydrogen power, we bought a few Nanologix and we will start watching...just in case. It’s either a “cheapie with a chance” or just another story you are glad you ignored. Disclosure: Wolfden Resources: Canaccord Capital covers this stock and has a Speculative Buy rating on it. (Speculative buy: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the stock may result in material loss.) First Calgary Petroleum: Canaccord Capital covers this stock and has a Buy rating on it. (Buy: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.) Canaccord has recently led a financing for First Calgary Petroleum. If you would like to receive the Late Edition, just e-mail Debbie at debbie_lewis@canaccord.com