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To: ms.smartest.person who wrote (2655)	6/20/2007 10:53:27 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

&#8362 David Pescod's Late Edition June 20, 2007 CGX ENERGY (V-OYL.U) $1.39 +0.16 “No, there is no news” President Kerry Sully of CGX Energy tells us today when we trail him down to Houston, Texas where he is doing some more work on recent seismic developments for CGX’s nine million acres of holdings offshore Guyana. “There is nothing at all going on” he insists as he, and we, and a whole bunch of others wait for a border dispute to be settled that could be as soon as this month or could be as late as the end of August. We continue to follow this story despite the ups and downs its had over the last half decade or so, because of the potential for their offshore targets. Where else can you find a junior that has varying interests in somewhere between eight and 11 prospects that could be somewhere between 50 million barrels and a billion barrels in size. Mind you, when they finally get to drilling it, it is probably going to be Year 2008. But there is going to be lots of excitement created. The movement in the stock in the last day or two has definitely attracted attention though and Sully admits that even his wife was hunting him down in Texas today to find out what was going on with the stock. There has to be one significant group of happy people (besides us, of course) and that’s the good folks at Sprott. According to very, very rough calculations, between their different asset groups, we figure they have close to 10 million shares of the stock ... U308 CORP. (V-UWE) $2.95 -0.07 It’s been interesting to see the correction in many of the uranium exploration stocks over the last while, despite the fact that uranium prices continue to go into the stratosphere. Probably it’s the dilution in the sector as we’ve done in a relatively brief period of time from a dozen or so uranium explorers to (by some counts) as many as 600 explorers. One of the favorite picks here at Canaccord is U308 Corporation and yesterday they announced some further drilling results on their Phase 1 drill program at Aricheng, which is a project that was drilled decades ago by Cogema in the 1980’s. According to Graeme Currie and Toni Wallis’s report, “Seven holes have been completed and all intersected uranium mineralization. Two holes intersected high-grade intervals of 11 metres grading 0.23% or 4.7 pounds per ton U308 in Hole ARN-003 and 9 metres grading 0.22% or 4.4 pounds per ton U308 in Hole ARN-006.” The bonus here is that mineralization commenced at a depth of a mere 40 metres on the drill stem. It still has to be considered a spec buy, but we notice Currie’s/Wallis’s target of $7.90 and it kind of leaves lots of room for greed, doesn’t it. For a copy of this report, just e-mail Jennifer at Jennifer_lagdamen@canaccord.com. ANTRIM ENERGY (T-AEN) $6.40 +0.42 OILEXCO INC. (T-OIL) $13.92 -0.03 There’s more than a few Canadian mid-size junior oil and gas firms that have found their niche in exploring in the North Sea, as a home of huge waves, bad weather, but also subject to stable governments with not outrageous tax policies. Today there were lots of joy to be reported by both Antrim Energy and Oilexco Inc. Antrim (one of analyst Warren Verbonac’s favorites along with Ithaca Energy) announced that their drilling has been completed on their Central Causeway Well which Antrim has a 65% interest in and the notice that the well will be cased in preparation for testing program which was expected to commence later this week. Needless to say, this is good news. The well was drilled directionally to 12,260 feet to test the Jurassic Brent sandstones in the Central Causeway fault which is about 4 kilometers southwest of Antrim’s 2006 East Causeway oil discovery, which tested 14,500 bopd. Meanwhile, more news out on Oilexco and Fred Kozak, the Canaccord analyst who was one of the first to follow the Oilexco story and be one of the most accurate in predicting what next, today writes, “Oilexco announced a second successful test on the Huntington well located at 22/14b-5. The uphole Forties sand was tested at 5577 bbl/d of oil plus 3.4 mmcf/d of natural gas.” Kozak writes, “Combined with the testing of the lower Fulmar sand, which was tested at 4624 bbl/d, this drill stem test of the Forties confirms our contention that Huntington is a major new discovery for Oilexco, which has 40% of the Block…” “More importantly, the Huntington discovery has removed a level of risk for Oilexco’s adjacent 72.7%-operated block which also has two distinct oil prospects on Block 22/13b.” For a look at Kozak’s latest assessment on Oilexco, just e-mail Jennifer at Jennifer_lagdamen@canaccord.com. With so much luck being had in the North Sea of late, one hopes this rubs off on juniors Gulf Shores Resources (GUL) and International Frontier Resources (IFR) which will be spudding their own North Sea play in about a month from today. If you would like to receive the Late Edition, email Debbie at debbie_lewis@canaccord.com