Our investing activities are focused on those areas of the energy sector where we have specialized expertise, knowledge and experience, and see the potential for exceptional returns.

Oil and Gas

• Exploration and Production ("E&P") With over $1.5 Billion invested in over 100 companies, the early stage segment of the conventional E&P business is the core focus of our investing activities. We are also active investors in heavy oil strategies and non-conventional natural gas (coal bed methane, shale and tight gas) opportunities.  Companies in these segments of the energy business generally have the following characteristics:
• Market capitalization of less than $250 million;
• Experienced, highly entrepreneurial and technical management teams;
• Higher levels of capital efficiency and, as a result, superior growth versus larger competitors; and
• A long-term track record of consistently creating shareholder value and above average returns

• Our investment strategy in this area has always focused first and foremost on identifying high quality management teams with well defined business plans that are consistent with their skill sets and track records.  We have enjoyed success and are willing to fund a broad range of growth strategies, from those biased towards acquisitions to pure grass-roots exploration and development.

• Oilfield Services. Since 1997, we have invested almost $200 million in oilfield service companies. Target opportunities in this sector provide a broad range of services and equipment to the upstream oil and gas industry - drilling and completion, tanks and valves, seismic processing, data management and a myriad of others. We see continued opportunity in this sector, driven largely by the need for the upstream oil and gas industry to maintain very high levels of drilling activity to offset significant production declines.
  

Energy Development and Infrastructure ("EDI")

We have invested over $300 million and are actively sourcing opportunities in the following areas of the energy sector.

• Energy Resource Development. Rising costs and declining conventional oil and gas production present a major opportunity to develop new sources of energy supply. While some of these alternatives such as fuel cells and hydrogen are still many years from reality, economics are now favorable for certain non-conventional resources such as oil sands and renewables (bio-fuels, solar, biomass, gasification technologies, etc). Over the past several years, we have made several investments in this area, including our largest investment to date, North American Oil Sands Corporation.
  
  
• Energy Infrastructure and Power Generation Development. We believe there are opportunities to earn attractive returns investing in the development of strategic energy infrastructure and power generation. On the infrastructure side, our efforts are focused on niche opportunities that connect much needed new energy supplies to market. Investments of note in this area include Access Northeast Energy Inc. - development of an LNG receiving terminal in Nova Scotia to serve the northeast US market - and Vista Midstream Solutions Inc. - acquisition and expansion of third party gas processing and gathering capacity. On the power side, we are looking to invest in companies that are pursuing a portfolio of development opportunities. To date we have made two significant investments in companies that are focused on renewable power projects (wind and hydro), Canadian Hydro Developers Inc. and Canadian Renewable Energy Corporation.