Access to Analysts

We thrive on constant interaction with our clients. We believe that two-way information flow between ITG and our clients enables us to provide better service. We have found that some of our clients prefer to read reports while others prefer to talk to someone. Consequently, we encourage our clients to call us.

Our clients can, and do, pick up the phone to talk about their pressing concerns. It makes us better at our jobs to talk to investors regularly, and it makes our clients that much better investors. The reports are only a small part of ITG’s value proposition; our clients have repeatedly told us that they value access to our analysts above any other service that we provide.

Analysts

Jim Jarrell, P.Eng.
Managing Director, Head of Energy Research
403.294.6487

Jim graduated from Queen's University in Geological Engineering in 1982 and was hired by Texaco Canada Resources Ltd. Jim spent his first four years with Texaco as a production engineer in the Pembina oilfield. Jim transferred to the reservoir engineering department and became a Qualified Reserves Evaluator for Texaco Inc. in 1986. After Imperial Oil purchased Texaco Canada in 1989, Jim moved to Coles Gilbert Associates Ltd. (now GLJ Petroleum Consultants.) as an evaluation engineer where he was a partner for six years. Jim joined Gardiner Oil and Gas Limited as the western district engineer in 1996. Following the sale of the company a year later, Jim co-founded Gardiner Exploration Ltd., which sold to Cypress Energy Ltd. in May 1999. Jim joined ITG Investment Research (formerly RSEG) in June of 1999 and has been President since 2002.

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Manuj Nikhanj, CFA, FRM
Managing Director, Head of Energy Research
403.294.6494

Manuj co-leads the investment research team at Ross Smith Energy Group. He specializes in the research and analysis of unconventional resources (Shales, CBM, tight gas) and the companies involved in those plays. Over his eight years with the firm, he has completed several hundred company evaluations, both public and private for institutional investors. Prior to joining Ross Smith he designed derivatives learning programs for the Montreal Exchange. He obtained his Bachelor of Commerce Degree with distinction from the University of Calgary and has earned the FRM and CFA charters. Mr. Nikhanj has also received multiple scholastic awards from investment institutes such as the Canadian Securities Institute.

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Judith Dwarkin, BA, MA, PhD
Director, Energy Research
403.294.6480

Judith is Chief Economist for the Ross Smith Energy Group. Judith's expertise includes energy market operations and regulation, transportation issues and energy policy. Before joining Ross Smith, Judith was Senior Vice President, Global Energy with the Canadian Energy Research Institute (CERI), where she managed the domestic and international research program pertaining to crude oil markets and prices, as well as the Institute's Conference and Training divisions. Prior to joining CERI, Judith was a Managing Director with the Alberta Petroleum Marketing Commission, where she was responsible for oil and gas market analysis and energy regulatory interventions on behalf of the Alberta Government. All of Judith's degrees are in economics.

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Robert Bedin, P.Eng.
Director, Energy Research
403.294.6887

Rob received his Bachelors of Applied Science in Chemical Engineering from the University of British Columbia in 1983. Prior to joining ITG Investment Research (formerly RSEG) in 2004, Rob spent over four years at Talisman Energy as the Engineering Team Leader for Saskatchewan and Team Leader for Coal Bed Methane. Prior to that Rob was the Engineering Coordinator for Shell Canada's East Coast Deepwater Team. During his 12 years at Shell Rob also had a 5 year stint in the Sultanate of Oman where his last position there was as Head of Maintenance Support for Petroleum Development Oman.

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Glenna Jones, P.Eng.
Director, Energy Research
403.294.6485

To her role of Vice President, Canadian Energy Equities, Glenna brings over eighteen years of experience as an Exploitation Engineer with Ranger Oil, then with Blackrock Ventures, and most recently as a Senior Reservoir Engineer at Apache Canada. At Apache, she planned and executed many multi well drilling programs. Glenna was the in house instructor for Apache's economic evaluations, as well as the creator of an "inception to on production" process and software package that Apache uses to plan and coordinate their drilling program. Glenna recieved her Chemical Engineering degree from the University of Alberta in 1992.

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David J. Howard, P.Eng.
Director, Energy Research
403.213.6551

A chemical engineer, David worked 5 years for Talisman Energy before joining RSEG in 2007. He spent three years as an exploitation engineer in the Lloydminster area of Western Canada, developing and executing multi-well programs, implementing waterflood schemes, evaluating A&D opportunities and managing reserves at various properties. In addition, David spent 2-1/2 years in production operations in the Southern Alberta Foothills area, an area characterized by deep structural sour oil and gas plays. He was responsible for facility and pipeline construction, field facility modeling and optimization, and technical troubleshooting. David Howard is registered as a professional engineer in the Province of Alberta. He received a Bachelors of Engineering Science in Chemical Engineering from the University of Western Ontario in 2001.

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Ross Runciman, P.Eng., MBA
Vice President, Energy Research
403.213.6554

Ross brought more than 20 years of industry experience in business development, acquisitions and dispositions, reservoir engineering, and exploitation and exploration when he joined Ross Smith in June. He previously held varying positions and responsibilities at companies and agencies including Paramount Energy Trust, Cavell Energy and Alberta’s Energy Resources Conservation Board. He graduated with from Queen’s University in 1981 with a bachelor of science degree in chemical engineering and added an MBA from the University of Calgary in 1992. Ross contributes his expertise at Ross Smith on subjects such as Canadian E&Ps, royalty trusts and macro industry trends.

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Trevor Sloan
Managing Director, Energy Research
403.294.6498

Trevor graduated from the University of Calgary in 2000, earning a Bachelor of Arts degree (with distinction) in Economics. Trevor joined Ross Smith in July 2003 after three years as an Economist with the Canadian Energy Research Institute. At CERI, he was responsible for developing economic analyses related to oil sands extraction operations, carbon dioxide sequestration and natural gas deliverability.

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Gibson Scott, CFA
Director, Energy Research
403.294.6891

Gibson became a member of Ross Smith in June 2004 after working for two years in Talisman Energy’s land acquisitions and divestitures group. He graduated from the University of Western Ontario in 2002 with a bachelor degree in administrative and commercial studies, specializing in finance and administration. As a member of Ross Smith’s finance team, Gibson is responsible for creating and maintaining going-concern valuation models, translating technical insights into investable ideas and communicating these concepts to our clients.

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Samir Kayande, P.Eng.
Vice President, Energy Research
403.294.6491

Samir has about 13 years of energy industry experience, from designing refineries as a process engineer to managing a natural gas storage start-up. Prior to joining Ross Smith Energy in December 2009, he was Vice President Finance at Era Gas Storage, a natural gas midstream company. He spent two years at Entergy Corp., a utility in the U.S. Southeast, valuing projects and analyzing deals. Prior to completing his MBA, he spent five years at Fluor Corp. as a process engineer. He holds a bachelor of science in chemical engineering from the University of Alberta and an MBA from the Tepper School of Business at Carnegie Mellon. Samir’s financial modeling, deal negotiation and commodity markets expertise expand and enhance Ross Smith’s financial team.

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Lisa Fancy
Vice President, Energy Research
403.294.6483

Lisa holds a Bachelor of Commerce degree with distinction (Finance major), and a Bachelor of Science degree in Actuarial Science. Prior to joining Ross Smith Energy Group, Lisa worked as an Investment Analyst in the consulting industry. She graduated from the University of Calgary in 2007 and is currently a candidate for the Level II CFA exam.

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Darrel Koo
Senior Associate, Energy Research
403.213.3198

Darrel joined Ross Smith in 2009 after graduating with distinction with a finance major from the University of Alberta’s commerce program. He was inducted into the Golden Key International Honor Society in 2008 based on academic achievement. While pursuing his degree Darrel also worked for the City of Calgary and TenarisPrudential. Darrel deepens Ross Smith’s financial team and contributes to company valuations, oil sands assessments and hedging program analyses.

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Brook Papau, P.Eng.
Vice President, Energy Research
403.213.3197

Brook received his Bachelors of Applied Science in Mechanical Engineering from the University of Calgary in 2006 and is a Level 1 CFA candidate. Before joining Ross Smith in 2010, Brook was a senior energy analyst at Enermodal Engineering where he consulted on environmentally friendly buildings. Brook, adds technical insight to Ross Smith’s financial team, contributing to company valuations and hedging analyses.

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Caitlyn McCrimmon
Senior Associate, Energy Research

Caitlyn joined ITG IR in 2011 after graduating from the University of Calgary in 2007 with a bachelor of commerce, obtaining a dual major in finance and risk management. She previously worked as an analyst with Mackie Research Capital’s investment banking group. Caitlyn obtained her financial management advisor designation in 2008 and is a 2013 Level III CFA candidate. She deepens ITG IR’s financial team by contributing to company valuations and financial modeling.

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Gillian Surbey
Senior Associate, Energy Research
403.539.6124

Gillian joined the ITG IR team in 2011 after graduating from the University of Calgary in 2009 with a bachelor of commerce in finance. She previously worked as an institutional research associate with AltaCorp Capital and Mackie Research Capital. Gillian, a Level II CFA candidate, enhances ITG IR’s group of financial specialists by contributing to company valuations and financial modeling.

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Ryan Horvat
Vice President, Energy Research
403.294.6488

Ryan joined ITG IR in 2011 after graduating (with distinction) from the University of Calgary in 2009 with a bachelor of science, obtaining a double major in actuarial science and pure mathematics. He previously worked as an actuarial analyst at a pension consulting firm. Ryan, a Level II CFA candidate, expands ITG IR’s financial team by contributing to company valuations and financial modeling.

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