Dalmac Energy Inc. (DAL:TSX-V) is an oil and gas service company specializing in fluid hauling, well servicing, chemical sales, tank rentals and rig moving. The company has been servicing the oil and gas industry for over 56 years.

The entire oil and gas service industry is showing renewed strength in equipment utilization, fees, and profitability. Dalmac is well positioned to take advantage of this trend which should result in continued improvement in financial performance. Dalmac is presently trading at just over 4 times trailing earnings of $0.10 per share and the company expects to exceed these results in f2012. In addition, Dalmac presently trades below book value.

Virtutone Networks Inc. (VFX:TSX-V) is a supplier of Voice Over Internet Protocol (VoIP) and Fax Over Internet Protocol (FoIP) applications. Virtutone’s products function over terrestrial, wireless, and satellite connections.

The company’s trailing 4 quarters of results include sales of $2.9 million with corresponding net income of $231,361 or $0.02 per share. With no debt, Virtutone is presently trading at approximately 8 times trailing earnings. In addition, the company’s market cap is presently just $2.9 million, or about 1X annual revenues.

Blackbird Energy Inc. (BBI:TSX-V) is a junior oil and gas exploration company focused on its Bigstone project in Alberta, which offers blue sky potential in the Montney Shale formation.

On October 20, 2011, Blackbird and its partners announced the successful drilling of its initial high-impact Bigstone well in the Montney Formation. During testing, the well produced gas and condensate over the last 24 hours of the test at 4.3 mmcf/d of natural gas and 295 bbls/d of condensate (1,011 boe/d). A second well spudded on November 25, 2011 and is expected to take about 35 days to get to the completion/fracing stage.

Cobra Venture Corporation (CBV:TSX-V) is engaged in the exploration and development of petroleum and natural gas in western Canada. The company has assembled varying interests in several core areas that hold significant potential. Cobra has established a strong foundation of initial production at its primary properties in Saskatchewan and Alberta.

On December 1, 2011, Cobra announced that it had entered into an agreement to sell its freehold mineral and royalty interests in Saskatchewan for $5,250,000, pending regulatory and shareholder approval. This pending Saskatchewan O&G sale alone is worth $0.30 per share in cash. Plus, Cobra has positive working capital of $0.16 per share as at August 31, 2011, which is largely cash.

Audiotech Healthcare Corporation (AUD:TSX-V) was founded in 1997 to take advantage of the fragmented hearing care industry in North America by establishing a network of hearing care centres by means of acquisitions and new clinic openings. Currently, the company operates and manages 16 hearing clinics in British Columbia, Alberta, and Idaho.

Over the past several years, Audiotech has become an ideal acquisition candidate for a number of reasons. Most importantly, there is a growing consolidation trend in the industry in which hearing aid manufacturers are buying up successful hearing clinics. Especially attractive takeover candidates are those companies operating chains of hearing care clinics. The third quarter of fiscal 2011 marked the seventh consecutive profitable quarter for Audiotech and the fifth consecutive quarter with net earnings over $100,000.

NTG Clarity Networks Inc. (NCI:TSX-V) is a global leader in delivering network, IT (information technology) and infrastructure solutions to telecommunications service providers. The company has been developing niche software products directed at the business-to-business Internet market since its inception in 1992. A significant portion of NTG Clarity's future growth is expected to originate from the international marketplace due in part to the deregulation of the telecommunication sector and the licensing of new mobile operators.

As at September 30, 2011, the company had positive working capital of $1.5 million or $0.06 per share. NTG Clarity is presently trading at just 2.9 times trailing 12-month earnings without giving effect to its positive working capital position.