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To: ms.smartest.person who wrote (1571)	10/10/2006 6:36:41 PM
From: Land Shark	Respond to of 3198

Re: BMC. Pescod failed to mention they were on the sell side this afternoon and drove the price down. Canagarbage.

To: ms.smartest.person who wrote (1571)	10/12/2006 9:28:26 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

&#8362 David Pescod's Late Edition October 11, 2006 TG WORLD ENERGY (V-TGE) $1.60 +0.02 These are truly ugly days and that’s not us just whining away here. Despite economies in Asia that are humming along just nicely at an ever increasing pace and most commodity prices still high, the sell off in the gold and oil markets has pummeled the junior resource markets and suddenly doubles and triples and the like are halves and thirds. All of a sudden, it seems anything that could go wrong…..goes wrong and to us, the most obvious example is probably one of the more anticipated high/ risk high/reward exploration plays that was put together by Clifford James and his team at TG World Energy. After six years of work TG World Energy finally attracted a partner on their Saha-1 Exploration Well in the Tenere Block in Niger. And what’s most interesting is that TGE’s partner, a unit of the China National Petroleum Corporation, has been phenomenally successful in Sudan. Well, actually they were more successful at stealing that production from Talisman Energy, but that’s being “knit-picky!” After years of putting all this together, what’s gone wrong now you might ask? Well they are in the middle of the Sahara Desert for one and after many delays getting the Chinese equipment out of China and onsite, what could go wrong now? I’m so glad you asked! In the middle of one of the driest Deserts in the world, the Sahara, there are suddenly huge problems with rain! Huge amounts of rain, that again, is delaying progress. It is expected to start though, according to a press release yesterday, and all the drilling equipment and services have reached the Saha-1 drilling location and construction of the drilling lease has been completed. They hope to spud the well at the end of October and with two additional wells in the area to follow it up whether it is successful or not……... Once again, this is a significant play and we’ll be following it closely and one wonders what next? OILEXCO INC. (T-OIL) $6.29 -0.35 A relatively short news announcement out of Oilexco today… we were hoping for a little more, but they announced that the drill-steam tested at 1,915 bbl/d of 23 degree API oil, as they were restricted by a damaged sand screen, which in essence ruined their entire test. Haywood Securities analyst Fred Kozak released a report on their latest developments today, and he notes that “while the well is a success, it is unknown at what flow rate that field might be produced.” He continues, “the market may view this question as a short-term negative, but we note that a production well and test will likely be required to provide this information.” He notes later in the report that the company is approximately 35 days away from its first production and suggests “this is a milestone event for the company and will place it in the top quartile of U.K. North Sea oil producers.” He also continues, and this is interesting for shareholders of Sterling Resources, Oilexco’s partner on Sheryl, “while we have modeled the Sheryl field coming on stream in late 2007, we expect that whichever field (Sheryl or Shelley) is the better producer, it will be the new field brought on stream in Q4/07.” Kozak maintains his $12 price target. GALLEON ENERGY (T-GO.A) $19.10 +1.47 GRAND PETROLEUM (V-GPP) $3.70 -0.05 Proving once again if you ever had a doubt that the people who run OPEC couldn’t run a poker game in a casino, oil stumbles to under $58.00 a barrel, but that doesn’t mean if you find something, the markets won’t pay attention. And today Galleon Energy comes up with a biggie! Their well at 8-5-72-26W5M at Puskwa, Alberta comes up with the kind of stuff oil men dream of. The well tested at restricted rates exceeding 5000 boepd and Galleon has a 50% interest, and better yet—there is no water. What their allowable rate will be has yet to be determined and it’s light sweet oil. Meanwhile, Grand Petroleum (GPP) also has pretty good news as its well on the Sylvan Lake Elkton T-Pool which has been shut in since early May and awaiting approval of “good production practice” applications, has received that and it looks like they might be able to recommence production at 750 barrels day. In a press release, the company suggest that they remain confident that production will average above 3000 barrels a day in 2006. While that’s great news, it’s not enough to get the market to care. Moral of the story: In times of lowering oil prices, you better come up with something humongous.