Section1: Company Overview

MCF Energy Ltd (TSXV: MCF) formerly known as Pinedale Energy Ltd is engaged in the identification, exploration, and development of oil and gas properties in the United States. Along with its subsidiaries, the company acts as the owner of non-operated working interests in certain developed and undeveloped oil and gas mineral leases in Pinedale field area, Sublette County, Wyoming and U.S.A.

1.1 The Key Positives, Negatives, Investment Highlights, and Risks

Section 2:  Stock Recommendation Summary

2.1 Price Performance and Stock Recommendation

The stock has recently listed on the TSX Venture Index, hence returns for 1 Month and 3 Months are not available. Moreover, the stock is trading above the average of 52-week high price of CAD 0.80 and 52-week low price of CAD 0.04 providing an opportunity to accumulate the stock.

2.2 Technical Price Chart

Technical Price Chart (as of March 14, 2023). Source: REFINITIV, Analysis: Kalkine Group

2.3 Technical Summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 14, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and the uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further loss.

Disclaimer

The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.