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To: ms.smartest.person who wrote (1807)	11/22/2006 8:59:00 PM
From: Davy Crockett	Respond to of 3198

You have a nice board Ms smartest:) I have been lurking for a while... Anyway, as a contrarian, I always get nervous when I read stuff like this: "When the big boys spend billions of dollars to line up copper assets, it suggests that at least they think decent copper prices are going to be here for years to come" Da big boyz are always late to the party. M&A stuff happens at the top of markets, not at the bottom. Regards,

To: ms.smartest.person who wrote (1807)	11/23/2006 1:03:05 PM
From: LoneClone	Respond to of 3198

I've been looking at CNS, a Crossy reco, for a while and it looks to me like it is time to add it to my basket of high risk high return hydrocarbon explorers in far off locations (to go with CNR, TMY, CAX.TO, SE.V, ERHE, and PMG indirectly via PBG). LC

To: ms.smartest.person who wrote (1807)	11/25/2006 5:32:54 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

&#8362 David Pescod's Late Edition November 24, 2006 DELPHI ENERGY (T-DEE) $2.60 +0.14 OILEXCO INC. (T-OIL) $6.98 +0.07 Here in Edmonton we have white-out conditions and a wind-chill factor of -25 degrees Celsius. Winter has definitely hit with a vengeance, but unfortunately as we look out at the rest of North America they are golfing in the Maritimes, its wet in British Columbia and in the main… well, its simply still summer! It’s getting tougher and tougher to be bullish on natural gas prices, as we get farther and farther into the season and still no need for natural gas. How concerned should one get? While one is aware that it only takes two weeks of real winter conditions through a big swath of North America to change the fundamentals overnight, right now the only numbers we know is that we’ve got record inventory and it’s tougher and tougher to be bullish on gas prices. Meanwhile, what happens next to some natural gas prices is open to debate. Josef Schachter was on ROB-TV on November 15th and gave a great take on Delphi Energy. He showed the incredible leverage that the company offered to the price of natural gas and how if gas prices fared well, Delphi could be a top performer. The bottom line though, was that Delphi is up against its debt limits, has had to pass on a joint venture with Encana and is cutting back on its exploration program. Schachter is bullish on gas so he gave a fairly lofty target for Delphi and needless to say, we hope he’s right. Meanwhile, another long-time fan of Delphi has changed his targets and isn’t quite as aggressive. Fred Kozak of Haywood Securities, who previously had a target of over $7.00 has adjusted his target downward to $4.00. And his major comment is, “Balance sheet is highly leveraged”. He writes, “With the prospect of low natural gas prices through H1/07, Delphi management is focused on not spending more than cash flow to manage the Company’s debt...we still expect modest production growth through 2007 from current volumes of 5500 barrels a day to a 2007 exit rate of 6700 barrels a day.” Kozak continues, “We note however, that despite longlife reserves, Delphi has an extremely leveraged balance sheet, which affects valuation and rating.” What we really find interesting though was on Schachter’s interview on ROB-TV—when asked for his number one top pick, he suggested Oilexco Inc. Today when we talked to Kozak, he also suggests Oilexco. Kozak suggests because of delays caused by the divers strike and tough weather conditions in the North Sea, production from the Brenda and Nicol field play is late and probably won’t start now until mid- December with full production some time in early January. Kozak notes specifically that his top pick is an oil stock and for a good look at his report on Oilexco with its $12.00 target, just e-mail Sandra at Sandra_ wicks@canaccord.com. PACIFIC RODERA ENERGY (V-PRD) $0.62 +0.225 Pacific Rodera is the junior oil and gas explorer run by exhockey player Tiger Williams and teamed up with International Frontier (IFR) on some interesting high risk/high reward plays in the Canadian Arctic. Which is the good news. The bad news is some of the more significant plays will not be drilled this winter, but have been delayed until next winter which explains the slide the stock has experienced over the last couple of months. Today they announce a financing of 11 million units at $0.32 a unit and of interest is just who is taking up a big chunk of their stock. Michael Greenwood is buying enough stock that he is going to have about a 19.9% interest in the company. Who is Greenwood? Glad you asked. He is the former President, Chief operating officer and Director of Canaccord Capital from 1997 until 2006 and we have to admit that we are a fan of his. It’s going to be interesting to see that in his new capacity as Director, Chairman and Chief Executive Officer of Pacific Rodera, exactly what it is he may have in store for this little company. If you would like to receive the Late Edition, email Debbie at debbie_lewis@canaccord.com