Providing Insider News and Knowledge to Investors Morning Report: Contrarians: ready for a North Sea plunge? October 22, 2014 Canada's morning overview of insider filings with a special focus on companies that may interest active and momentum-oriented investors. Canadian Company Insider Filing Tally* - Yesterday INK Market-Wide Sentiment Indicator* INK Market-Wide Sentiment Indicator: 227.1% INK Sentiment Reading: Fair-Valued INK Venture Sentiment Reading: Undervalued *Filing Tally represents Toronto Stock Exchange and Venture companies with public-market transaction SEDI filings of directly-owned equity securities. Indicators represent companies with buy-only transactions divided by companies with sell-only transactions of direct ownership equity securities in the public-market by officers and directors (exclusive of officers and directors of subsidiaries or insiders) filed over the last 60 days. The chart line shows insider sentiment trends by connecting the historic indicator daily readings going back one year. See our market report for commentary on indicator readings. Report Tutorial Video : http://www.inkresearch.com/pdf_tutorial/morning.html English Overview: Sentiment and Stocks On September 2, Iona Energy (INA) announced new leadership with Iain McKendrick as executive chairman and Tom Reynolds taking on the role of CEO. It was not long before the duo was faced with not only a plunging oil price, but also the return of some problems at its key North Sea Huntington field where it holds a 15% working interest. Iona's 2nd quarter average production from Huntington fell 34% over first quarter, from 3,896 barrels of oil equivalent per day (boe/d) to 2,563 boe/d due to unplanned shutdowns. On October 1, the company got word that Huntington would be shut down again on October 18 instead of the originally planned October 31 due to transmission system network issues. In September, Huntington produced 3,460 boe/d net to Iona. Commenting on the October problems, the new CEO said, "We have outlined a strategy for Iona that will strengthen and diversify the company's producing asset base through acquisition; today's announcement highlights the necessity for this". Currently, the company also owns a 20% interest in the Trent and Tyne offshore producing natural gas fields along with a 75% interest in the Orlando oil field which is under development. The board chair and CEO have been backing their words with cash. Some other insiders have also been buying. Iona Energy currently has a mostly sunny INK Edge outlook putting it in the top 30%, primarily due to insider characteristics and low valuations. One reason the stock may be trading so cheaply is its high long-term debt to equity ratio of 162% as measured by Thomson Reuters. Another reason may be the sharp decline rate expected at Huntington after its projected production peak this year. So, despite the stock's relatively high ranking, Iona Energy is a name that probably would only appeal to contrarian investors with very high risk tolerances. About INK Research Through our PDF reports, as well as our alerts, interactive charting and analytical services delivered via www.inkresearch.com, INK provides insider news and knowledge to investors. For sales and trial subscription information please contact [email protected] or call us at 604-669-4465 #333. See important disclaimer at the bottom of the last page. www.inkresearch.com Page 1/10 Providing Insider News and Knowledge to Investors October 22, 2014 Today's Chart Iona Energy Inc (INA) Chart reflects public-market and option-exercise transactions of common shares (unit trusts) by company officers and directors. USD transactions are converted to Canadian dollars by us using the Bank of Canada noon rate on the transaction date. On September 12, Iona Energy (INA) board chair Iain McKendrick and CEO Tom Reynolds both bought 1,875,000 shares in a private placement at 40 cents. The placement also included 1,875,000 warrants which have a term of five years and an exercise price of 48 cents in the first year following closing, and an exercise price of 58 cents, 69 cents, 83 cents and $1 in each year thereafter. Since October 1, three other insiders have bought a combined total of 502,131 shares in the public market at an average price of 18.4 cents. See important disclaimer at the bottom of the last page. www.inkresearch.com Page 2/10 Providing Insider News and Knowledge to Investors October 22, 2014 Top-10 Tables: Yesterday's Activities Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of options by company officers and directors filed on or after October 21, 2014. Transactions filed on Saturday and Sunday are aggregated into Friday's number. INK may adjust certain filings for common filing errors on a reasonable efforts basis. - Public market transaction - Exercise of options Top 10 Net "CO2" Buying Top 10 Net "CO2" Selling (By dollar amount, 000's) Paramount Resources (POU) Endeavour Silver (EDR) Rockefeller Hughes (RHC) Challenger Deep Resources (CDE) MediaValet (MVP) Canadian Mining Company (CNG) Zephyr Minerals (ZFR) EFT Canada (EFT) (By dollar amount, 000's) $1,320.0 $658.0 $38.5 $3.3 $2.4 $1.1 $1.1 $0.4 Bayhorse Silver (BHS) $-3.4 "CO2" may included Board chairs, CEOs, Presidents, CFOs, Treasurers, and Controllers of companies. See data description above. Top 10 Net Insider Buying Top 10 Net Insider Selling (By dollar amount, 000's) Paramount Resources (POU) Endeavour Silver (EDR) Trilogy Energy (TET) Rio Alto Mining (RIO) DHX Media (DHX) Strategic Oil & Gas (SOG) Rockefeller Hughes (RHC) Iona Energy (INA) Xcite Energy (XEL) Azabache Energy (AZA) (By dollar amount, 000's) $1,148.5 $658.0 $532.5 $279.3 $249.1 $40.7 $38.5 $27.8 $27.5 $15.5 Enghouse Systems (ESL) Transat A.T. (TRZ) EXFO Inc. (EXF) Robix Alternative Fuels (RZX) Alterra Power (AXY) Bayhorse Silver (BHS) Top 10 Net Insider Buying Top 10 Net Insider Selling (By volume, 000's) Azabache Energy (AZA) Endeavour Silver (EDR) Rio Alto Mining (RIO) DHX Media (DHX) Iona Energy (INA) Strategic Oil & Gas (SOG) Banyan Gold (BYN) Paramount Resources (POU) Rockefeller Hughes (RHC) MediaValet (MVP) $-580.3 $-124.4 $-38.9 $-37.0 $-31.0 $-3.4 (By volume, 000's) 300.0 200.0 183.8 155.0 150.0 100.3 100.0 96.6 81.9 61.0 Alterra Power (AXY) Robix Alternative Fuels (RZX) Bayhorse Silver (BHS) Transat A.T. (TRZ) EXFO Inc. (EXF) -100.0 -100.0 -51.0 -15.0 -9.8 See important disclaimer at the bottom of the last page. www.inkresearch.com Page 3/10 Providing Insider News and Knowledge to Investors October 22, 2014 Top-10 Tables: Yesterday's Activities (cont'd) Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of options by company officers and directors filed on or after October 21, 2014. Transactions filed on Saturday and Sunday are aggregated into Friday's number. INK may adjust certain filings for common filing errors on a best efforts basis. - Public market transaction - Exercise of options - Information that has been adjusted or estimated by INK - Amended filing - CEO Buy - CFO Buy - Officer Buy - Director Buy - CEO Sell - CFO Sell - Officer Sell - Director Sell Yesterday's Top 10 Individual Buy Filings (By volume) Company Name Endeavour Silver (EDR) Azabache Energy (AZA) Rio Alto Mining (RIO) Iona Energy (INA) Strategic Oil & Gas (SOG) Banyan Gold (BYN) Paramount Resources (POU) DHX Media (DHX) Azabache Energy (AZA) Rockefeller Hughes (RHC) Insider Name Security Cooke, Bradford Van Doorne, Glenn Gilbert Humphrey, Raymond Bruce Ames, Richard Millington Claugus, Thomas Eugene Ayranto, Mark Riddell, Clayton H. Sobey, Robert G. C. Gray, Rodger Sederis, David Johnston Common Shares Common Shares Common Shares Common Shares Common Shares Common Shares Class "A" Common Shares Class A Common Voting Shares Common Shares Common Shares Unit/Share Price 200,000 200,000 183,750 150,000 100,300 100,000 100,000 100,000 100,000 81,900 3.29 0.05 1.52 0.19 0.36 0.02 13.20 0.93 0.06 0.47 Unit/Share Price -100,000 -100,000 -37,000 -20,000 -15,000 -14,000 -9,766 -2,400 -1,000 0.31 0.37 0.07 34.02 8.29 0.07 3.53 44.33 45.54 Yesterday's Top 10 Individual Sell Filings (By volume) Company Name Alterra Power (AXY) Robix Alternative Fuels (RZX) Bayhorse Silver (BHS) Enghouse Systems (ESL) Transat A.T. (TRZ) Bayhorse Silver (BHS) EXFO Inc. (EXF) Paramount Resources (POU) Paramount Resources (POU) Insider Name Mcinnes, Donald Arthur Ray, Christopher Robin O'neill, Graeme May, Todd De Montigny, André O'neill, Graeme Yearian, Dana F. Claugus, Thomas Eugene Claugus, Thomas Eugene Security Common Shares Common Shares Common Shares Common Shares Action à droit de vote de caté Common Shares Subordinate Voting Shares Common Shares Class A Common Shares Class A See important disclaimer at the bottom of the last page. www.inkresearch.com Page 4/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: Top TSX Companies with Net Buying Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data please read the last section "About Marker Trading Reports" found at the end of this document. Ticker Company Name Industry PCY PWC TEL BDI NKO KDX CLS CP SVC TRI SAP T PSD XRC MRU FAP GWO DNG TCN DFN.PR.A WM ESI IGM LRT.WT.A GIF.UN KGI APS MND WDO EXF BPF.UN EMY.UN ABT GDG.UN HRR.UN CTC.A CGI.PR.D LRT.WT PBH III GDS HYB.UN TEI QEC QBR.B RMP RCO.UN TNT.UN TFI MBN Prophecy Coal PWC Capital Tellza Communications Black Diamond Group Niko Resources Klondex Mines Celestica Canadian Pacific Railway Sandvine Thomson Reuters Saputo TELUS Pulse Seismic Exeter Resource Metro Aberdeen A-P Inc Inv Co L Great-West Lifeco Dynacor Gold Mines Tricon Capital Group Dividend 15 Split Wallbridge Mining Company Ensign Energy Services IGM Financial Lanesborough REIT Global Infrastructure Div Kirkland Lake Gold Aptose Biosciences Mandalay Resources Wesdome Gold Mines EXFO Inc. Boston Pizza Royalties Next Edge GLG Emerg. Mkt Absolute Software Global Dividend Growers I Australian REIT Inc Fd Canadian Tire Canadian General Inv Ltd Lanesborough REIT Premium Brands Holdings Imperial Metals Gendis DDJ High Yield Fund Toscana Energy Income Questerre Energy Quebecor RMP Energy Middlefield Can-Global Re True North Comm. REIT TransForce MBN Corp. Coal Consumer Lending Integrated Telecommunications Services Oil Related Services and Equipment Oil & Gas Exploration and Production Gold Mining Semiconductors Ground Freight & Logistics Communications & Networking Professional Information Services Food Processing Integrated Telecommunications Services Oil Related - Surveying & Mapping Services Integrated Mining Supermarkets & Convenience Stores Closed End Funds Life & Health Insurance Gold Mining Residential Real Estate Services Mutual Funds Construction Materials Oil & Gas Drilling Investment Management & Fund Operators Residential REITs Gold Mining Biotechnology & Medical Research Integrated Mining Gold Mining Testing & Measuring Equipment Restaurants & Bars IT Services & Consulting Auto Vehicles, Parts & Service Retailers Closed End Funds Residential REITs Food Processing Integrated Mining Real Estate Development & Operations Closed End Funds Oil & Gas Exploration and Production Unconventional Oil & Gas Production Integrated Telecommunications Services Oil & Gas Exploration and Production Investment Trusts Freight Trucking Closed End Funds Share or Unit Volume Buy Sell Net 221,000 187,500 183,000 160,700 137,000 64,200 50,000 41,000 40,500 23,700 23,000 19,300 18,154 17,500 15,000 14,000 12,331 12,000 11,300 10,700 10,000 9,900 8,900 6,300 6,000 6,000 5,200 5,100 5,000 4,826 4,800 4,800 4,600 4,400 4,200 3,004 3,000 2,400 1,769 1,100 1,000 1,000 1,000 1,000 900 800 800 700 500 500 221,000 187,500 183,000 160,700 137,000 64,200 50,000 41,000 40,500 23,700 23,000 19,300 18,154 17,500 15,000 14,000 12,331 12,000 11,300 10,700 10,000 9,900 8,900 6,300 6,000 6,000 5,200 5,100 5,000 4,826 4,800 4,800 4,600 4,400 4,200 3,004 3,000 2,400 1,769 1,100 1,000 1,000 1,000 1,000 900 800 800 700 500 500 See important disclaimer at the bottom of the last page. www.inkresearch.com Page 5/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: Top TSX Companies with Net Selling Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data please read the last section "About Marker Trading Reports" found at the end of this document. Ticker Company Name Industry RIO AXY NI TVE IRG DOO CET EDR BK AXX TRZ.B FSZ SGF LAM TGL CMZ.UN AEU.UN BCE MID.UN SUM ESL HPF.UN TA TD CFW CVG MSI BBD.B HLF DHX.B LNR DOL IFC Rio Alto Mining Alterra Power Victory Nickel Tamarack Valley Energy Imvescor Restaurant Group BRP Cathedral Energy Serv Endeavour Silver Canadian Banc Axia NetMedia Transat A.T. Fiera Capital Shore Gold Laramide Resources TransGlobe Energy COMPASS Income Fund ACTIVEnergy Income Fund BCE MINT Income Fund Solium Capital Enghouse Systems Energy Leaders Plus In Fd TransAlta The Toronto-Dominion Bank Calfrac Well Services Clairvest Group Morneau Shepell Bombardier High Liner Foods DHX Media Linamar Dollarama Intact Financial Integrated Mining Renewable Utilities Nickel Ore Mining Oil & Gas Exploration and Production Restaurants & Bars Recreational Products Oil Related Services and Equipment Silver Mining Share or Unit Volume Buy Sell Net Internet Service Providers Guided Tour Operators Investment Banking & Brokerage Services Construction Materials Oil & Gas Exploration and Production Closed End Funds Closed End Funds Integrated Telecommunications Services Closed End Funds Diversified Investment Services Enterprise Software Renewable Utilities Banks Oil Related Services and Equipment Private Equity Outsourcing & Staffing Services Aerospace & Defense Seafood Product Preparation & Packaging Entertainment Production Automotive Body Parts Discount Stores Property & Casualty Insurance 628 -175,900 -95,500 -81,000 -77,000 -43,600 -40,100 -30,800 -24,600 -21,300 -15,105 -14,800 -10,600 -10,500 -10,000 -7,600 -5,000 -5,000 -4,916 -4,000 -4,000 -1,900 -1,600 -1,357 -1,131 -700 -500 -434 -374 -100 -48 -44 -22 -4 -175,900 -95,500 -81,000 -77,000 -43,600 -40,100 -30,800 -24,600 -21,300 -15,105 -14,800 -10,600 -10,500 -10,000 -7,600 -5,000 -5,000 -4,288 -4,000 -4,000 -1,900 -1,600 -1,357 -1,131 -700 -500 -434 -374 -100 -48 -44 -22 -4 See important disclaimer at the bottom of the last page. www.inkresearch.com Page 6/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: Top Venture Exchange Companies with Net Buying Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data please read the last section "About Marker Trading Reports" found at the end of this document. Ticker Company Name Industry VQS SOG ICG ATV ALM VMS SEL RIN DBV MOO NMX AKM LK CNG KMT NS LOY EW SMD FCV TMG CUG DYA RUG BXX TRG.H VRB AEX AAO SCR TUS EUO TSG RDS SGX AVN SNG ATI NAA KXM TIL PHL.H VIQ Solutions Strategic Oil & Gas Integra Gold Alto Ventures Alliance Mining VMS Ventures SEL Exchange Resinco Capital Partners Doubleview Capital Mooncor Oil & Gas Nemaska Lithium ACT360 Solutions Lakeland Resources Canadian Mining Company Komet Resources Northern Spirit Resources Loyalist Group East West Petroleum Strategic Metals Focus Ventures Thermal Energy Intl Cyprium Mining DynaCERT Rugby Mining Boxxer Gold Trigen Resources Vanadiumcorp Resource Alpha Exploration Augusta Industries theScore Tuscany Energy Eurocontrol Tech Grp TriStar Gold Radisson Mining Resources Sage Gold Avanti Energy Silver Range Resources Altai Resources Sierra Iron Ore Kobex Capital Till Capital Planet Health Software Oil & Gas Exploration and Production Gold Mining Gold Mining Integrated Mining Integrated Mining Business Support Services Venture Capital Integrated Mining Oil & Gas Exploration and Production Specialty Mining & Metals Gold Mining Integrated Mining Oil & Gas Exploration and Production General Education Services Oil & Gas Exploration and Production Integrated Mining Gold Mining Purification & Treatment Equipment Portable Motors & Generators Integrated Mining Integrated Mining Shell Companies Industrial Machinery & Equipment Internet Services Oil & Gas Exploration and Production Gold Mining Integrated Mining Gold Mining Oil & Gas Exploration and Production Precious Metals & Minerals Natural Gas Exploration & Production - Onshore Specialty Mining & Metals Integrated Mining Reinsurance Shell Companies Share or Unit Volume Buy Sell Net 466,000 232,000 135,000 116,000 100,000 89,500 80,000 60,000 53,000 50,000 50,000 46,000 45,000 45,000 38,100 33,000 32,500 32,000 30,000 29,000 26,500 25,000 25,000 22,500 20,000 20,000 10,000 7,500 7,000 7,000 6,000 5,000 5,000 5,000 4,000 2,500 2,000 2,000 2,000 1,500 1,200 100 466,000 232,000 135,000 116,000 100,000 89,500 80,000 60,000 53,000 50,000 50,000 46,000 45,000 45,000 38,100 33,000 32,500 32,000 30,000 29,000 26,500 25,000 25,000 22,500 20,000 20,000 10,000 7,500 7,000 7,000 6,000 5,000 5,000 5,000 4,000 2,500 2,000 2,000 2,000 1,500 1,200 100 See important disclaimer at the bottom of the last page. www.inkresearch.com Page 7/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: Top Venture Exchange Companies with Net Selling Companies with insider and significant shareholder trading on the TSX during the previous trading day (max 50). Before using this data please read the last section "About Marker Trading Reports" found at the end of this document. Ticker Company Name Industry PHM WRR GLK ALV CN DOG CXG.A ELW ABR TAK PDP NB NOX KG AGC HBK CEB TVE ISD CRI Patient Home Monitoring Walker River Resources Great Lakes Graphite Alvopetro Energy Condor Resources Blackdog Resources Clemex Technologies Elkwater Resources Ashburton Ventures Taku Gold Pediapharm NioCorp Developments Niogold Mining Klondlike Gold Amarillo Gold Highbank Resources Ceiba Energy Services Tamarack Valley Energy iSign Media Solutions Castle Resources Healthcare Facilities & Services Precious Metals & Minerals Integrated Mining Oil Exploration & Production - Onshore Integrated Mining Oil & Gas Exploration and Production Scientific & Precision Equipment Oil & Gas Exploration and Production Gold Gold Mining Pharmaceuticals Rare Earth Minerals Integrated Mining Integrated Mining Gold Mining Oil Related Services and Equipment Oil & Gas Exploration and Production Advertising & Marketing Integrated Mining Share or Unit Volume Buy Sell Net 25,000 -250,000 -200,000 -125,500 -100,000 -90,000 -77,500 -95,000 -68,000 -50,000 -40,000 -20,000 -20,000 -16,500 -10,000 -5,500 -5,500 -5,000 -2,500 -1,500 -187 -250,000 -200,000 -125,500 -100,000 -90,000 -77,500 -70,000 -68,000 -50,000 -40,000 -20,000 -20,000 -16,500 -10,000 -5,500 -5,500 -5,000 -2,500 -1,500 -187 See important disclaimer at the bottom of the last page. www.inkresearch.com Page 8/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: Marker Trading Report Corrections Companies with Marker Corrections reported yesterday - please see the respective INK Company Insider report for details. TSX Venture Exchange Ticker Company Name Ticker Company Name BDI CET IGM NKO TVE Black Diamond Group Cathedral Energy Serv IGM Financial Niko Resources Tamarack Valley Energy AOS NEL.UN YOO Alberta Oilsands Nobel REIT Yangaroo See important disclaimer at the bottom of the last page. www.inkresearch.com Page 9/10 Providing Insider News and Knowledge to Investors October 22, 2014 Daily Marker Trading Reports: About Marker Trading Reports The goal of Marker Trading reports is to provide investors with a "heads up" that insider or significant shareholder trading is taking place in a stock. These reports indicate if company officers, directors, and other insiders along with shareholders who own more than 10% of company shares have made a trade on either the TSX or TSX Venture Exchange during the previous trading day. This is based on preliminary information reported by the exchange which is collected from third parties. This data is subject to error. Once we are provided corrected information from the exchange, INK will make every reasonable effort to publish corrections to any Marker Trading report that contained inaccurate data by noting the details of the revision in the relevant INK Company Insider report. Corrections will only show up once so this report should be monitored daily if using the Marker Trading data. The details of who bought and at what price will be reported by INK in its Latest Filing section of the Company Insider report after an insider filing is made with regulators for the Marker Trading transaction. This may involve a delay of a number of days. In addition, some trades that show up as Marker Trading may be exempt from insider reporting requirements and in these cases details will not be reported by INK. Some of the common exemptions granted from regular insider reporting requirements are certain purchases made in automatic employee purchase plans granted under National Instrument 55-104 or transactions made by eligible investment funds that rely on National Instrument 62-103 (Part 4). Links to these documents can be found on INK Research's website under the FAQ section, question 1 (www.inkresearch.com/faq.php#1). It is INK's understanding that while exempt eligible investment fund transactions may be marked, such transactions may also be exempt from the marker process. Therefore, it is possible an exempt 10% shareholder may make a trade and not be marked and also not be required to make an insider filing which would show up as a transaction in the INK Company Insider report. The term "marker" is used because brokers put a special "flag" beside any buy or sell order executed by insiders or significant holders on either the TSX or TSX Venture Exchange. At the present time, Marker Trading reports are not available for insider trades made on alternative Canadian exchanges such as Alpha Trading Systems or on US and other foreign stock markets. Disclaimer: User agrees to only use information contained in this report for the purposes as set out in section 6.2 of COMPANION POLICY 55-102CP TO NATIONAL INSTRUMENT 55-102 of the Canadian Securities Administrators and to comply with all privacy laws. INK provides general information. INK is not an investment advisory service, a financial planner, an investment advisor nor a securities advisor. INK does not purport to tell people, or suggest to people, what they should buy or sell for themselves. Opinions and recommendations contained herein should not be construed as investment advice. Do not assume that any recommendations, insights, charts, theories, or philosophies will ensure profitable investment. Users should always consult with and obtain advice from their professional licensed financial advisor, including their tax advisor, to determine the suitability of any investment. INK recommends that anyone making an investment or trading securities do so with caution. Users should perform full due diligence and investigate any security fully before making an investment or before the execution of a security trade based upon information learned through INK. Investors should obtain annual reports and other company information to complete their own due diligence in any investment. Neither INK nor anyone affiliated with INK is responsible for any investment decision made. INK has made all reasonable efforts to ensure that all information provided is accurate at the time of inclusion; however, there may be inadvertent and occasional errors. INK makes no guarantee of accuracy or completeness. Insider transaction filings are from SEDI®; SEDI® is a registered trade-mark owned by the Alberta Securities Commission. All information and opinion expressed herein is subject to change without notice. INK employees may have an ownership or investment interest in any stock mentioned in this report. Copyright © INK Research Corp. All rights reserved. www.inkresearch.com
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