The team of analysts at Fraser Mackenzie Ltd. offered up their best picks of 2009 in a report Monday, selecting twelve companies from the firm's coverage that are targeted on average to net clients a whopping return close to 150%.

Among the highlighted names were target="_blank">Questerre Energy Corp.

Petrobank has a price target of $40, representing upside of almost 100% from 2008's closing price on the stock of $20.31. Fraser Mackenzie likes Petrobank for "its innovative THAI heavy oil extraction technology that could materially boos the recoverable resource from the oil sands.

Questerre, meanwhile, has not been assigned a price target as of yet, given the early stage of the shale gas development in the St. Lawrence Lowlands in Quebec, of which the company is one of the "pioneers." Analyst Vic Vallance does, however, assign an unrisked upside from the company's land exposure of $41.42 per fully diluted share.

The analysts also made special note of target="_blank">5N Plus Inc. with a price target of $5.90.

"Bio-Extraction is just weeks away from commissioning its oil seed processing facility using a novel protein extraction technology that will significantly increase the food value of canola and other oil seeds," wrote analysts in a co-authored note. "Meanwhile, 5N Plus is forging ahead supplying cadmium telluride to First Solar, one of the world's largest low-cost providers of solar modules."

The largest upside is expected to come from target="_blank">http://network.nationalpost.com/np/b...