Stephen Calderwood

STEPHEN CALDERWOOD, Senior Vice President of Raymond James Ltd., joined
the firm in April 2003 and covers oil and gas producers and exploration
companies. He has approximately five years of experience as an equity
analyst with another investment dealer. Prior to entering the investment
industry, Mr. Calderwood began his career in 1983 in the oil and gas
industry as an engineer with BP Canada, and later held positions with
Talisman Energy and NCE Resources Group. He holds a BSc in Chemical
Engineering from the University of Alberta (1983), an MBA from the
University of Strathclyde in Glasgow, Scotland (1992), and is qualified
as a Professional Engineer.