BTE at current levels is not overpriced...it just reflect how undervalued it was before.
But it is a little extended, and wouldn't hurt to take profits and move on a little less overextended canroy like PWE or PGH. Although not canroys, I started a position in TLM and SNG recently.
I feel that Canadian oil/gas companies are grossly undervalued due to fear from govt taxation, but they are sitting on more untapped oil/gas than anywhere in the world outside of Russia. I think we could see doubles of many canadian energy stocks in the next year.