• Athabasca Oil Sands (ATH-TSX, Outperform): we expect the company to receive regulatory approval for its MacKay project,which would initiate the 30-day timeframe during which Athabasca or PetroChina could exercise their put/call optionsrelating to this asset. [within the next week]
• Black Diamond (BDI-TSX, Outperform): we expect the growing pipeline of opportunities for Black Diamond will result in furtherremote accommodations contract awards over the coming months and a potentially higher 2012 capital spend program.
• Canyon (FRC-TSX, Strong Buy): we believe Canyon could announce an expanded 2012 capital expenditure program. [3-4months]
• Enerflex (EFX-TSX, Strong Buy): Enerflex recently announced a significant contract to fabricate and construct a US$228 mlngas and liquids plant in Oman. We suspect this is the first in a potential pipeline of contracts to be awarded in the regionover the next 12 months.
• Legacy Oil + Gas (LEG-TSX, Strong Buy): we expect Legacy to provide an operational update as well as production andcapital budget guidance for 2012; we forecast capital spending to be in the range of $280 mln – $300 mln and production of~16,000 boe/d. [January]
• Lone Pine Resources (LPR-TSX, LPR-NYSE Outperform): we expect Lone Pine to provide an operational update as well asproduction and capital budget guidance for 2012; we forecast capital spending plans to have a significant bias toward lightoil development at Evi. [January]
• NAL Energy (NAE-TSX, Market Perform): we expect NAL to provide an operational update as well as production and capitalbudget guidance for 2012; we are cautious on the potential for lower production and/or higher spending relative toconsensus. [January]
• Bankers Petroleum (TSX-BNK, Strong Buy): we expect the company to release its 2012 budget, which could includeproduction guidance for next year. We forecast spending to be in the range of US$200 mln – US$250 mln. [December]
• Gran Tierra Energy (TSX-GTE, Strong Buy): we anticipate the company will provide results from its Colombia and Brazilexploration wells. [January]
• Petroamerica (TSXV-PTA, Outperform): we expect PTA to release results for the Balay-3 appraisal well, in addition to anticipatingthe upcoming decision by CEPSA regarding the back-in right for the Las Maracas discovery. [late-December/early-January].
• Pan Orient Energy (TSXV-POE, Outperform): we anticipate results from the Cataka-1 exploration well in Indonesia.[January/February]

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