Natural Resources >> Sector Roundtables >> November 29, 2004


WILF GOBERT is Vice Chairman of Peters & Co. limited and an energy analyst responsible for integrated oils, large capitalization producers, Canadian international independents and midstream companies. He has been a financial analyst since 1974, an oil and gas analyst since 1976, and a senior analyst at Peters & Co. since 1979. He is a member of the Alberta Securities Commission's Financial Advisory Task Force, a past president of the Calgary Society of Financial Analysts, and a founding member of the organizing committee of what is now the annual CAPP Investment Symposium. Mr. Gobert has a Bachelor of Science degree in Mathematics from the University of Windsor (1971), an MBA (Finance) from McMaster University (1976), and is a Chartered Financial Analyst (CFA, 1979). ALISTAIR TOWARD is a Senior Analyst ' Oil and Gas at Clarus Securities Inc. Prior to joining Clarus in October of 2004, Mr. Toward was the Oil and Gas Analyst at Research Capital Corporation and previously held this position at HSBC Securities (Canada) Inc. and Gordon Capital Corporation. In 2002, Mr. Toward spent several months working for UTS Energy Corp. Mr. Toward received his Bachelor of Commerce degree in Finance from McGill University and later received his CFA designation. Profile
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. Profile
TWST: Alistair, as you look at the market year to date in these Canadian

energy stocks, how have they done?

Mr. Toward: Seeing as the industry as a whole is benefiting from

windfall pricing,