Natural Resources >> Sector Roundtables >> January 13, 2003
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 thissegment over the past year or so from an operating point of view?
Mr. Calderwood: The high gas prices that we had two