The Globe and Mail reports in its Tuesday edition that in the oil patch, the question of the day is who will be Adam Waterous's next target? The Globe's Andrew Willis writes that the executive chair and guiding light at Strathcona Resources just won the consolation prize in the fight for MEG Energy. Mr. Waterous agreed to support rival Cenovus's bid for MEG, ending a five-month takeover battle. What does the consolation prize look like? Strathcona owns 14 per cent of MEG, worth $1.1-billion, after putting the company in play last May by making a hostile bid. While he did not land MEG, Mr. Waterous and his Waterous Energy Fund have the confidence that comes from winning two previous hostile bids for Osum Oil Sands and Greenfield Resources. Fund managers are already placing their bets on Mr. Waterous's next move. Athabasca Oil, one of the few remaining mid-sized oil sands producers, is winning fans among hedge funds and institutional investors that try to invest ahead of takeovers. So far this year, shares in the Calgary company are up 22.4 per cent, well ahead of the 14.3-per-cent rise in the S&P/TSX Composite Energy Index. Like MEG, Athabasca is widely held, which makes it easier to mount a takeover.