In the energy sector, our analysts target companies involved in domestic and international oil and gas exploration and production, oil sands and alternative energy drilling and energy services.

Research analysts specializing in the energy sector:

Martin Pelletier

(403) 260-3817

mpelletier@blackmont.com

Working out of our Calgary office, Martin has spearheaded Blackmont Capital Inc.’s coverage in the junior and intermediate E&P sector. He worked as an Oil & Gas Analyst at a competing brokerage, where he had active research coverage of 20 names in the junior and intermediate E&P sector and prior thereto worked as a research associate assisting in the coverage of the oil & gas sector. Martin’s experience with investment valuation and in-depth research analysis related to the E&P sector has consistently produced action-oriented research. This has enabled him to build very solid relationships with both oil & gas companies and investors. His coverage at Blackmont focuses on domestic exploration and production companies selected for their growth potential.

Menno Hulshof

(403) 260-3816

mhulshof@blackmont.com

Menno joined Blackmont Capital from TD Newcrest, Calgary, where he was a Research Associate Analyst and assisted in the coverage of 18 oil and gas companies, including the integrateds, senior producers, US independents, and pure resource plays. Menno’s coverage responsibilities within the oil and gas sector at Blackmont encompass two mandates: (1) larger capitalization upstream E&P companies; and (2) companies listed on the TSX that are primarily involved in two important and growing resource developments: oil sands and coal bed methane (CBM).

Menno earned his Bachelor of Science in 1995 and his MBA (Finance) in 1999 from McGill University and obtained his CFA designation in 2002.

Alexander Klein

(403) 260-6804

aklein@blackmont.com

Alexander Klein joined Blackmont at the end of July 2006 as an energy trust research analyst and has recently expanded his coverage into emerging E & P internationals. Alex has 26 years of financial management experience with the last 11 years in oil and gas. In 1996 Alex joined Schachter Asset Management, an investment management company specializing in the oil and gas sector acting as both CFO and energy research analyst. In the fall of 2000 Alex joined NCE Resources Group (subsequently Sentry Select Capital) and over the course of the next five years invested approximately $370 million in flow-through shares of small capitalization E&P companies. In 2003 Alex joined Petrofund Energy Trust as a senior financial analyst providing competitive research and strategic analysis to the President and CEO. He also played a significant role in corporate M&A activity participating in more than $4.6 billion of transactions over five years including the Penn West/Petrofund merger. Alex was appointed to the position of Manager, Acquisitions and Divestitures for Petrofund in August of 2005.

Alex earned his Diploma of Financial Management from the British Columbia Institute of Technology in 1980, a Certified General Accountants’ Professional designation in 1991, and an executive MBA from Athabasca University in 2002.

Roy Ma

(403) 260-5770

rma@blackmont.com

Roy Ma joined Blackmont’s energy research team in October 2005. Roy has over 16 years of experience in the energy and financial services industries as an account manager in commercial banking and as an equity analyst. In 1991 he began working for CIBC in Corporate Banking, and in 1995 moved to the Bank of Nova Scotia as an Account Manager in Commercial Banking. He returned to CIBC as Manager of Commercial Credit, Diversified Industries in 2001. In 2004 Roy joined National Bank Financial as an associate analyst providing research coverage of junior oil and gas companies and income trusts. Roy’s work experience has been in both equity and debt capital markets with mid-cap public and privately held oil and gas, midstream, oilfield product and services and independent power companies. This experience has allowed him to successfully develop his skills and proficiency in financial analysis, investment valuation, business development and relationship management for a broad range of energy companies.

Roy earned a Bachelor of Commerce (Finance) from the University of Calgary (1991) and obtained his CFA designation in 2002.