Natural Resources >> Sector Roundtables >> January 13, 2003

Roundtable Forum: Canadian Energy

STEPHEN CALDERWOOD had 15 years of oil and gas industry experience in Canada and Europe prior to joining Salman Partners in 1998. He worked for Talisman Energy Inc., and its predecessor BP Canada, for 10 years, participating in all aspects of petroleum engineering. Since receiving his MBA in International Finance from Strathclyde University, he has focused on business development projects. He analyzes the highest quality oil and gas companies in Canada, emphasizing their technical aspects, specifically their oil and gas reserves and exploration prospects. His analysis is strengthened through visits to company operations around the world. Profile
MARTIN P. MOLYNEAUX, CMA, CFA, Managing Director, Institutional Research, at FirstEnergy Capital Corp., has been employed in the securities industry for the past 14 years and has been involved in the oil and gas industry for the past 18 years. For each of the last six years he has been ranked in the top three Oil and Gas Analysts out of a field of approximately 50 in the Brendon Wood Survey of Canadian institutional investors. Over that period he has been ranked number one 1 twice. In last year's survey he finished number two 2 within both the exploration and production company and the integrated company sectors. Profile
GORDON CURRIE is a 22-year veteran of the petroleum and securities industries. Prior to joining the research department of Canaccord Capital in 1996, he was associated with several other investment dealers. He began his career as a landman at Esso Resources Canada Limited and became an analyst in 1983. He is a Calgary native who studied archaeology and history at the University of Calgary, and then earned his MBA from the Ivey School of Business Administration at the University of Western Ontario in 1980. He also holds a Chartered Financial Analyst professional designation and is a past President of the Calgary Society of Financial Analysts. He currently serves as Treasurer of the Alpine Club of Canada. Profile
CHRISTOPHER THEAL is an exploration and production analyst for Tristone Capital Inc., a Calgary-based energy investment boutique. Prior to joining Tristone in September 2002, he spent four years as a research analyst at CIBC World Markets. Mr. Theal earned an undergraduate degree with distinction in Economics and Political Science at Royal Roads Military College in Victoria, British Columbia. Thereafter, he served as a commissioned officer in the Canadian Navy and is a former UN peacekeeper. In 1995, he left the military to complete an MBA, specializing in Finance, at the University of British Columbia, in Vancouver. Mr. Theal holds a Chartered Financial Analyst designation and is a member of the Calgary Society of Financial Analysts. Profile
TWST: Stephen, could you give us some idea of what has gone on in this

segment over the past year or so from an operating point of view?

Mr. Calderwood: The high gas prices that we had two