Mr. Theal joined Tristone in September 2002 and is responsible for institutional equity research. Prior to Tristone, he was a research analyst at CIBC World Markets Inc. for four years. Prior to CIBC, Mr. Theal was a corporate analyst for a major Canadian integrated oil and gas company. Mr. Theal was previously an officer in the Canadian Navy and is decorated with the Canadian Peacekeeping Service Medal for UN service abroad.

Mr. Theal has a Bachelor's degree, with distinction, in Economics and Political Science from Royal Roads Military College and an M.B.A. degree from the University of British Columbia. Mr. Theal is a Chartered Financial Analyst. He is a member of the Executive Committee of the Calgary Branch of the RMC Club of Canada.

Prior to joining Tristone in 2004, Mr. Feltin was employed as a project management consultant for several senior Canadian oil and gas producers. Mr. Feltin has had various technical roles in the upstream energy industry including production, field operations and reservoir engineering. He has previously acted as an executive member of the Heavy Oil section of the Petroleum Society of CIM.

Mr. Feltin holds a Bachelor of Applied Science in Industrial Systems Engineering and is a registered Professional Engineer with APEGGA. He also holds an MBA from Queen's University with a finance specialization.

Mr. Janzen joined Tristone in September 2007 as an Institutional Research Associate. Prior to joining Tristone, Mr. Janzen worked for 4 years in the upstream portion of a large US integrated Oil and Gas Company in various planning and financial roles. Mr. Janzen holds a Bachelor of Arts in Economics from the University of Calgary and is a Chartered Financial Analyst.

Ms. Lopez joined Tristone in 2004. Her most recent duties include the coverage of the Royalty Trust sector. Prior thereto, Ms. Lopez worked at a Canadian Investment Bank as an Institutional Research Associate with responsibilities in aiding in the coverage of various Oil & Gas Producers and Oil & Gas Service Companies.

Ms. Lopez holds a Bachelor of Commerce degree in Finance and a Bachelor of Arts in Spanish from the University of Calgary. Ms. Lopez is a Chartered Financial Analyst chartholder.

Mr. Rawson joined Tristone in 2003, having gained over 13 years of finance experience from various corporate and corporate advisory roles. Most recently, Mr. Rawson acted as a consultant to the target in a major Canadian M&A transaction, assisting in the conversion of the target into a Trust. Prior thereto, Mr. Rawson held senior roles in corporate development and planning at a senior Canadian producer and a global diversified company, focused on M&A activities. Previously, he worked in investment banking and capital markets for five years at Nesbitt Burns in Calgary and Toronto.

Mr. Rawson holds a Bachelor of Commerce degree with Distinction from the University of Alberta, and an M.B.A with Honors from the University of Chicago.

Mr. Tasdemir joined Tristone Capital in March 2006 to establish research coverage of the Oilfield Service sector. Prior thereto, Mr. Tasdemir spent 10 years as an Oilfield Service analyst for Raymond James & Associates. Mr. Tasdemir previously worked for Zurich Kemper Investments in Chicago, and also served as an analyst on the William C. Conner Investment fund.

Mr. Tasdemir is a graduate of Texas Christian University where he received his degree in finance.

Mr. Cerny joined Tristone in June of 2006. Prior to joining Tristone, Mr. Cerny was an Institutional Research Associate with Peters & Co., specializing in the Oilfield Services Sector. Prior thereto, Mr. Cerny articled with Ernst and Young in the Corporate Audit and Assurance Group.

Mr. Cerny holds a Bachelor of Commerce degree in Accounting from the University of Calgary and a Chartered Accountant designation.

Mr. Knight joined Tristone in September 2004 as a Research Associate. His most recent duties focus primarily on junior oil & gas producers and royalty trusts. Prior thereto, Mr.Knight worked as a junior analyst for a senior Canadian oil and gas producer. Mr.Knight holds a Bachelor of Commerce degree in Finance from the University of Calgary and is a Level II Candidate in the Chartered Financial Analyst program.

David joined Tristone in February 2006 as an Institutional Research Associate. Prior to that, he was employed as a Geologist with a senior Canadian producer, gaining exploration experience with a variety of plays in the Western Canadian Sedimentary Basin. David holds a Bachelor of Science in Geology from the University of British Columbia and an MBA from the University of Victoria.

Mr. Kwan joined Tristone in April of 2007 as an Institutional Research Associate. Prior thereto, Mr. Kwan spent close to 4 years working in various technical roles in the downstream energy sector including operations, process design, and project engineering. Mr. Kwan holds a Bachelor of Science degree in Chemical Engineering, with Distinction, from the University of Alberta and is a registered Professional Engineer in Training with APEGGA. He has also passed all 3 levels of the CFA examination and will be eligible for the Chartered Financial Analyst designation upon completion of the required work experience.

Mr. Busnardo joined Tristone Capital in January 2007 to establish institutional research coverage of the U.S.-based small/mid-cap E&P group. Prior to joining Tristone, he spent six years as a research analyst at Petrie Parkman & Co. covering the small/mid-cap E&P group with an emphasis on activities in the Rockies. While at Petrie Parkman, Mr. Busnardo increased the size of his coverage group from eight companies to eighteen and maintained this level of coverage while losing ten additional companies through merger transactions. Prior to Petrie Parkman, Mr. Busnardo worked in various accounting, finance and investor relations positions with Barrett Resources over six years. Mr. Busnardo holds a Bachelor of Science degree in Accounting (minor in Finance) from Metropolitan State College of Denver. He is a member of the National Association of Petroleum Investment Analysts (NAPIA).

Mr. Chow joined Tristone Capital in July 2007 and is responsible for institutional equity research coverage of the U.S. independent refining and integrated oil and gas companies. Prior to Tristone, Mr. Chow spent five years as a senior research analyst for Merrill Lynch and Petrie Parkman & Co. covering the U.S. independent refiner group. Prior to his analyst positions, Mr. Chow worked in investment banking at Houlihan Lokey Howard & Zukin for three years and various financial positions at ARCO for five years.

Mr. Chow holds an M.B.A. from the University of Michigan and a Bachelor of Science degree in Civil Engineering from the University of Texas.

Mr. Syed joined Tristone Capital in January 2007 as Vice President and Director to initiate the company's oilfield services research practice in the United States. He joined Tristone from Petrie Parkman & Co. where he had started the oilfield services research practice for the firm in 2002. For his 2006 research coverage, Mr. Syed was ranked number four amongst all analysts and first amongst oilfield services analyst for earnings forecast accuracy by StarMine and Forbes. Mr. Syed has been affiliated with the oil and gas industry for over twenty years, first as a wireline field engineer with Schlumberger oilfield services, and later as an equities analyst with Deutsche Bank and JP Morgan Securities. At Schlumberger, he provided formation evaluation and testing services in the Middle East to some of the largest oil and gas companies in the world. At Deutsche Bank and JP Morgan Securities, Mr. Syed provided equity coverage on a number of domestic, European and South American oil and gas companies.

Mr. Syed received a M.B.A degree from Yale University and a B.S. degree in Engineering from the University of Engineering & Technology, Lahore, Pakistan. He is an active member of the National Association of Petroleum Investment Analysts.

Mr. Magner joined Tristone Capital's Denver office in January 2007 and is responsible for providing institutional equity research coverage of the Large and Mid-Cap U.S. independent E&P companies. Prior to Tristone, he spent five years with Petrie Parkman & Co. providing research coverage of the Mid-Cap U.S. E&P sector and maintaining the firm's natural gas macroperspective. Prior thereto, Mr. Magner worked seven years in equity research with various firms on both the sell-side and the buy-side.

Mr. Magner holds a Bachelor of Science degree in Business Administration, cum laude, from the University of Colorado at Boulder and a Masters of Science in Finance degree from the University of Denver. Mr. Magner is a Chartered Financial Analyst charterholder.

Mr. Buller joined Tristone Capital in February of 2007 as a Research Associate. Prior to Tristone, he was employed by First Albany Capital where he served as a Research Associate focusing on the small and mid-cap U.S. E&P sector. Mr. Buller holds a Bachelor of Science degree in Business Finance, cum laude, from the University of Denver.

Mr. Dolsen joined Tristone Capital in July of 2007 as an Institutional Research Associate. His most recent duties include coverage of the U.S. independent refiners. Prior to Tristone, he was employed by Merrill Lynch and Petrie Parkman & Co., specializing in the downstream sector and integrated oils. Prior thereto, Mr. Dolsen worked as an analyst with a high yield and distressed debt fund manager, specializing in the energy and autos sectors.

Mr. Dolsen earned a Bachelor of Arts degree in Economics from the University of Colorado at Boulder.

Mr. McCormick joined Tristone in January 2007 as a Research Associate. His most recent duties include research focused on the Oilfield Services Sector. Prior to joining Tristone, Mr. McCormick was a Research Associate with Petrie Parkman & Co., specializing in the Oilfield Services Sector. Mr. McCormick earned a Bachelor of Science degree in Business Finance with a Minor in Economics from Montana State University.

Mr. Wren joined Tristone Capital's Denver office in March 2007 as an Institutional Research Associate. His most recent duties include research focused on U.S. independent E&P companies. Prior to Tristone, Mr. Wren spent three years with Stifel Nicolaus as a research associate covering the Media sector.

Mr. Wren holds a Bachelor of Science degree in Financial Mathematics and Statistics, with honors, and a Bachelor of Arts degree in Economics, with honors, from the University of California, Santa Barbara. Mr. Wren has completed the Series 7, 66, 86 and 87 licensing exams and is currently a Level III Candidate in the Chartered Financial Analyst program.

Mr. Nicol joined Tristone Capital in September 2005 to build the international research, sales and trading capabilities in London. Prior to joining Tristone, Mr Nicol was Global Sector Director for Oil and Gas at ABN AMRO from 1999 to 2005, where he led the oil research into one of the top-rated teams in London. Previously Mr Nicol was Head of European Oil Research at Goldman Sachs (1993-1999) and S.G. Warburg 1988-1993. Mr. Nicol has extensive experience in oil industry privatisations including PetroChina, Petrobras, Repsol, ENI and Total and corporate transactions in the UK E&P sector involving Enterprise Oil, Lasmo and Ultramar. Prior to entering the financial community Mr. Nicol spent 6 years working for the British National Oil Corporation in a variety of commercial roles.

Mr. Pierce joined Tristone in May 2004 and is responsible for institutional equity research. His most recent duties include coverage of international companies out of the UK office. More recently he worked as a wellsite geologist over a period of five years for numerous companies across the Western Canadian Sedimentary Basin on a contract basis. Prior thereto, Mr. Pierce worked for three years across North and Latin America as a geologist in the mining and exploration industry.

Mr. Pierce holds a Bachelor of Science degree in Geology from the University of Victoria, and an M.B.A. from the University of Toronto.

Mr. Mirzai joined Tristone in May 2006 and is responsible for institutional equity research, covering international companies out of the London office. After a brief period with Texaco assisting the Joint Interest Properties team in Aberdeen, he worked within the Investment Funds industry as a fund accountant over a period of six years for several companies in Dublin, Luxembourg & Edinburgh. Mr. Mirzai holds a Bachelor of Science degree with Honours in Petroleum Geology and a M.Sc. from the University of Aberdeen, Scotland.

Mr. Van Erp joined Tristone in January 2007 as an Equity Analyst in the Institutional Research Department and is responsible for institutional equity research, covering international companies out of the London office. After a brief period with Shell Hydrogen as a business development analyst for Asia in Amsterdam he joined INTEC Engineering as a Offshore Pipeline and Marine Terminal Engineer in Delft. Mr. Van Erp holds a Bachelor of Engineering degree with Honours in Technology and Management of the Professional University of Amsterdam and a M.Sc. from the University of Aberdeen, Scotland.

Ms. Loppacher joined Tristone in August 2007 as an Institutional Research Associate. Prior to that, she obtained her Masters of Financial Economics from the University of Oxford. Ms. Loppacher also holds a Bachelor of Commerce with a major in Finance from the University of Saskatchewan.