Maison Monthly June 5, 2006 CAPP Conference Edition (June 12th to 14th) What’s Inside: 1. Maison Coverage List Updates: • Accrete Energy (GZ) • Bow Valley Energy (BVX) • C1 Energy (CTT) • Centurion Energy International (CUX) • Defiant Resources (DFR) • Delphi Energy (DEE) • Find Energy (FE) • Galleon Energy (GO.A) • Gentry Resources (GNY) • Geocan Energy (GCA) • International Frontier Resources (IFR) • Niko Resources (NKO) • Oilexco (OIL) • Real Resources (RER) • Solana Resources (SOR) • Sterling Resources (SLG) • Vero Energy (VRO) 2. Recommended Buy List 3. Coverage List Josef I. Schachter, CFA, CMA 403.264.4413
[email protected] Brenda Asplund, BA 403.233.8483
[email protected] Jason White, B.Sc., EIT 403.451.9287
[email protected] Purdy Mackenzie 403.264.5777
[email protected] Lee Raffey, B.Kin 403.264.5777
[email protected] Josef I. Schachter, CFA, CMA (403) 264-4413
[email protected] Maison Brenda Asplund, B.A. (403) 264-5777
[email protected] Placements Jason White, B.Sc., E.I.T. (403) 451-9287 Canada
[email protected] June 2, 2006 Accrete Energy Inc. GZ $7.44 Outperform Potential Upside 75% Target Price $13.00 2005 2006 2007 Actual Estimate Estimate Production Reporting Periods Oil & Liquids b/d 448 835 1,140 Year-end: Dec 31st Natural Gas mmcf/d 5.0 11.7 16.0 Next report: Q2 Aug/15/06 Total 6:1 1,276 2,780 3,800 Shares O/S Volume Growth 419% 118% 37% Basic: 15.2M Per million shares 83.9 166.5 227.5 Fully diluted: 16.7M Gross Wells Drilled 32 40 45 Financial Data Volumes Mix % Market Cap $M: $113M Oil & Liquids35% 30% 30%