He pooh poohed Penn  West but acknowledged its candidate. Then he  said costs were  too high. These are the companies that are the most profitable to take over. Deep reserves,  and dominant   player. Then  he was trumpeting Crescent Point   which  is  in the shi%%er  and  no one wants.  When you look  for take out  candidates your looking for one thing, DEEP LONG LIFE RESERVES.  LIGHT OIL  IS PREFERABLE TO HEAVY OIL, and     the    high costs in the past,  (  3 times the norm  according to   Nuttall)  means that  the premium  for the  acquiring firm  will be  maximized   once they cut costs,  and then can reap that    long lived  cash flow stream for years to come. 

  It  wont  be    Crescent Point  it wil be Penn West because its not a dominant   player in the oil sands  but its dominant in light oil. I  dont think  it will  be the Chinese either. I  think  it will   be   Shell,  BP, XOM ,  or TOTAL.    Thr chaos in the Middle East is  awesome news  too  and will be a  recurrent theme  in 2013.  its all about  SAFE  JURISDICTION.

  i    bet   my right   nut  that  Nuttall  will  be buying Penn  West like crazy  in the next few months and he will be " converted"  soon. He likes ATH   but they are   oil sands and Harper  basically said  no oil sands will be taken over  unless  EXCEPTIONAL  CIRCUMSTANCES.  Oh  also Nutall no one wants the headache of buying a tight oil or tight  shale play. they want light oil  , lots of it ,and easy to refine.