(Business Edge columnist Gyle Konotopetz regularly profiles the top stock picks of some of Canada's most accomplished investment pros.)

FEATURED PRO: Josef Schachter is president of Schachter Asset Management, a Calgary firm that specializes in institutional research on Canadian oil and gas companies.

Schachter's Perspective: "Katrina (the hurricane) took us to the higher end for the oil price. This winter, if the weather is normal, the oil price may go higher, but we may not get to the (Katrina) high around $70 (U.S. per barrel). If the winter is cold, we could bust through that high, and if we also have any disruption of supply the price could really go a lot higher. (At press time, Hurricane Rita was bearing down on refineries and rigs off the southeast coast of Texas).

"Between now and late October, there may be some seasonal weakness in the commodity and we think the price (recently in the $65 range) could go to the $55 to $58 range. That would give a chance for a bit of a correction in the sector and we're telling people to be buyers on weakness. So we're not banging the table as we were four to five months ago."

Josef Schachter

First Star

* Adulis Resources (TSX:ADE)

* Recent Price: $2.02.

* 52-Week Range: $0.98-$4.50.

* Snapshot: Adulis is an oil and gas company with operations in Colombia. Through its subsidiary, Solana Petroleum Exploration Colombia, Adulis has interests in 12 exploration wells, one developed well and one recompletion well.

* CEO: Stephen Newton.

* Head Office: Calgary.

* Vital Stats: Revenue (last 12 mos), $700,000; Earnings/Loss (last 12 mos), $4.9 million Loss; Market Cap, $130.7 million; Shares Outstanding, 64.7 million.

* Schachter's View: "This is a play in Colombia, an area where the management has a lot of expertise. The violence (in Colombia) is subsiding and the government has worked out arrangements with everyone to lower the risk profile. The resource basin in Colombia is terrific. What we like about Adulis is that they're going to drill 12 wells between now and the end of '06 and probably seven or eight of them will be drilled between now and quarter one of '06. Two of the wells are high impact and the rest of them are low to medium risk. We have a $3 (12-month) target on the stock and I would raise that target by at least a dollar if they're reasonably successful with their Puma well, which is near total depth (in drilling). We would be an aggressive buyer of this stock below $1.90."

* Schachter's Risk Rating: High (for business risk accounts).

* Web Watch: www.adulisresources.com

Second Star

* Oilexco Inc. (TSX:OIL)

* Recent Price: $4.

* 52-Week Range: $2.70-$4.

* Snapshot: Oilexco is an international oil and gas company with its primary interests in the North Sea offshore United Kingdom.

* CEO: Arthur Millholland.

* Head Office: Calgary.

* Vital Stats: Revenue (last 12 mos), $5.3 million; 5-Yr Revenue Growth, 13.2 per cent; Earnings/Loss (last 12 mos), $13.2 million Loss; Market Cap, $599.2 million; Shares Outstanding, 149.8 million.

* Schachter's View: "By quarter three of '06, once Brenda Field comes on (with production), our numbers show they will be bringing on 20,000 boe (barrels of oil equivalent) per day. The management is saying production will be over 30,000 boe. We're haircutting it just to be conservative. With our projection, we still end up with $2 of annualized cashflow and we have an $8 target for Q3 of '06. We would be an aggressive buyer of this stock below $3.50."

* Schachter's Risk Rating: High.

* Web Watch: www.oilexco.com

Third Star

* Centurion Energy International (TSX:CUX)

* Recent Price: $13.11.

* 52-Week Range: $5.31-$19.

* Snapshot: Centurion is focused on international natural gas operations with projects in Egypt, Tunisia and Algeria.

* CEO: Said Arrata.

* Head Office: Calgary.

* Vital Stats: Current Price/Earnings Ratio, 60.09; Revenue (last 12 mos), $68.1 million; 5-Yr Revenue Growth, 24.5 per cent; Earnings (last 12 mos), $18.7 million; 5-Yr Earnings Growth, 9.1 per cent.

Market Cap, $1.16 billion; Shares Outstanding, 88.3 million.

* Schachter's View: "They're going to start drilling a new exploration program soon and we think that by late October to mid November, we'll start getting the results from that drilling. For the last six to nine months, the company has been focused on bringing on the new facilities that will bring on the production that was found (in 2005) when the stock really ran.

The stock has paused here because of the fact that there's been very little exploration drilling. We have a $20.50 (12-month) target on the stock. We would be an aggressive buyer of this stock below $12."

* Schachter's Risk Rating: High.

* Web Watch: www.centurionenergy.com Schachter's Edge Record (past 12 mos): 86.1 per cent. Best Pick: Accrete Energy (TSX:GZ) +293.3 per cent. Worst Pick: Sterling Resources (TSXV:SLG) +1.1 per cent.

Disclosure: Schachter personally owns shares in Adulis Resources and has done institutional research on all three of the featured stocks. Maison Placements Canada, a client of Schachter Asset Management, has participated in a financing for Centurion Energy.

(Investors are advised to do their own due diligence or consult a registered investment professional before making investment decisions.)