STOCKCHASE

Has almost a zero weight in energy producers. Has stayed away from natural gas for a couple of years, stays away from oil sands that did have some oil producers that had yields, including this one. This company has great management and have been really good in production. Have lots of targets to drill going forward. Problem is, you are in a tough sector right now. Sold his holdings on this one.

2012-05-17

BUY on WEAKNESS

45.430

Eric Nuttall

CEO just left the company, possibly over expansion plans into the US. The acting CEO is very well respected. The asset class of this company is almost unparalleled in terms of heavy oil in Canada. Have unbelievably profitable oil wells where even if the oil price comes down, they are still extremely economical. He would continue to chip away on weakness

2012-05-16

BUY

46.550

Paul Harris, CFA

Stock fell because of the CEO leaving. The general problem with Canadian oil stocks is that the world price of oil is very high but the North American price is much lower and has gone down a fair bit. At this level it is time to own. There may be more pressure shorter term on oil prices.

2012-05-15

WAIT

48.500

Don Vialoux

We have seen a downward trend. Next major support is close to $41-42, sot here is still downside risk during a time when seasonality is not a positive factor. Be careful. From Aug oils do ok so you might get a bounce from the $42 level.

2012-05-11

Comment

46.970

This is his core mid-cap Canadian oil play. It has great growth project. Core asset is a fantastic asset. Just had a management shakeup and lost the CEO. With the dividend of 2.64% and where it is trading, the oil price would really have to collapse for this stock to get hit.

2012-05-10

PARTIAL BUY

50.590

Rick Stuchberry

This is on his Buy list and was hoping to get it below $50. Good solid company with a great balance sheet. You could start accumulating at this price.

2012-05-04

TOP PICK

52.220

Jaime Carrasco

Natural gas. This is like an early Crescent Point (CPG-T) in that they have really good properties and they continue to build reserves going forward. Good cash flow and a nice dividend.

2012-04-27

BUY on WEAKNESS

52.760

Greg Newman

Great company and he likes it a lot. Would try to buy it at around $51. One of the best producers out there and has been really punished on the heavy oil thing, which they have mitigated quite a bit by railing 15% to higher paying markets.

2012-04-26

DON'T BUY

50.700

Charles Lannon

A higher quality of the former gas royalty trusts. Exposure to heavy oil. He owns their bonds. Their dividend is secure but be prefers Freehold and Vermilion.

2012-04-24

BUY

49.150

Robert McWhirter

(Market Call Minute.) Looks interesting and ranks well in his work.

2012-04-18

TOP PICK

48.600

A secure dividend and the company can organically grow itself 5%-10%. This is fantastic in the industry. If it is real growth and conservatively financed, great asset in Seal which is the real great asset inside it, you are buying the stock with the heavy as the differential. 5.5% yield.

2012-04-09

WEAK BUY

52.300

Douglas Kee

Not a big holding. CPG is bigger. It is an oily type company and he likes that. He has no problem with BAY-T, but prefers CPG.

2012-03-14

BUY

58.010

In the Seal area where they are drilling oil and gas. It is almost like a utility in that they know exactly what they are doing. A little concerned that they are a little bit slow in bringing in some of the new technology. One of the lowest cost producers. They will keep on increasing their production and dividends.

2012-02-17

TOP PICK

55.720

Jaime Carrasco

Great growth spectrum and has a great dividend. Good company. Has a target of $71.

2012-02-10

PAST TOP PICK

57.000

(Top Pick Jan 21/11, Up 24.33%) A major holding personally. Pumpable heavy oil. Would not be surprised if they raise the dividend again.

2012-01-20

BUY

57.010

There is a little bit of resistance at around $60. Chart shows a reverse head and shoulders, which is a pretty powerful pattern. If it gets above $60, you have a whole new set of investors that will come in. He likes the oil sector. If you own or buy, put a stop in at around the $50 level.

2012-01-19

WAIT

56.970

Don Vialoux

More on the heavy oil side. Will generate positive news going forward. Seasonal period is Jan 23-Jun 15. June 15 is the CAP conference. It is the end of the good news.

2011-12-30

TOP PICK

54.490

Very competent Alberta heavy oil producer. In the Sele (?) area of Alberta, which is pumpable heavy oil. Technology has improved. Have doubled and tripled their recovery rates, which used to be 5% and is now 15% and could be up to 30%. Just increased their dividend.

2011-12-09

TOP PICK

54.100

Laura Lau

Heavy oil producer. About 90% oil. Pays about 4%-5% distribution. Able to grow production about 8%-10% per share and still have some cash left over, which they can use to pay down debt or make acquisitions. Return on capital has been very good. Everything they say they will do, they do.

2011-11-08

PAST TOP PICK

52.320

(Top Pick October 27/10, Up 44.25) Healthy yield, low cost producer. Prefers to more energy oriented names to financial. One of the great growth stories. Yield plus inflation protection.

2011-10-25

PAST TOP PICK

52.160

(A Top Pick Oct 13/10. Up 41.4%.) Lightened his position when the stock hit $58. Very good at extracting the heavy oil.

2011-10-21

TOP PICK

50.750

Low cost producer yielding about 5%. Has ability to grow. That’s all he is looking for in energy. Buy it when it comes off.

2011-10-19

BUY

49.240

Eric Nuttall

Well-run company. Heavy oil. Phenomenal cost structure so can withstand low commodity prices. Yield of 4.9% is absolutely sustainable.

2011-10-13

BUY

42.990

Has outperformed CPG. He likes them both. IN this environment CPG will be more volatile. BTE because of dividend and strong growth prospects would have to be the one he recommends.

2011-09-28

BUY

44.920

Great business but in the wrong spot right now. Tremendous sand finding and increasing production. With that they will raise their distribution. They are attractive relative to other producers, but he is reducing his energy exposure. If you want to own one this is one and the yield is good.

2011-09-13

HOLD

48.510

Douglas Kee

Not a big holding for him. Well managed. Has done extremely well. Fairly oily and a good Explorer.

2011-08-29

BUY

51.050

Likes the prospects. Likes oil or liquid-rich gas. Management has done a tremendous job of finding oil. They can grow production 7-8% over the next 5 years. Almost 5% yield. Prefers to something with almost no dividend.

2011-06-28

BUY

53.000

CPG got a lot more coverage, but it is hard to argue with BTE’s performance. Heavy/light differential will remain fairly tight which is in BTE’s favour.

2011-06-06

Comment

54.670

Operates in the heavy pumpable oil In the Seal area of Alberta. Very good at it. Pays a nice yield of 4.3%. Have a lot of land. Might take a rest for a while so you could possible wait.

2011-05-27

HOLD

52.800

Pulled back in the last month along with the energy complex. Likes energy producers that pay a good yield and have long life assets like this one. Will probably continue to grow their production at 7%-8% for the next 3 years.

2011-05-18

HOLD

50.680

Nice trend. Some indicators are a little overextended. Past a year it is not too extended. Right space, top of relative strength, one of the better ones. No reason to sell – hang on.

2011-02-08

DON'T BUY

47.480

Has done a great job in the heavy oil business and hedging. Stock reflects a lot of that. We can only get sop much heavy oil down to the US. Longer term this gets worked out but shorter term we are in a bottleneck.

2011-01-24

TOP PICK

48.000

In the Seal area in Alberta. Heavy oil, but you drill. Now using horizontal and fracing to get the oil out. Very good at it. Just made an acquisition.

2011-01-21

BUY

48.050

Crescent Point (CPG-T) or Baytex? Would prefer Baytex. Crescent Point has potential to go quite a bit higher with water flood and developing Alberta properties but Baytex has done some exciting things by acquiring heavy oil assets near Seal in the oil sands.

2011-01-17

Comment

46.050

Bill Carrigan

Wary on commodities. Market feels that when it converts, it will maintain the 5.2% yield. Chart shows it at the top of the growth channel and would normally correct or go sideways at that time but doesn’t expect it to go any higher.

2010-12-20

BUY

41.780

Good support at around $34.50, which is \where you should put your Stops. Strong up trend from early 2009. Moving averages are moving up. Will be converting to a Corp soon, but market has discounted that. Good volume going back quite a long time. 5% yield.

2010-11-19

TOP PICK

38.260

75% oil, largely heavy oil. Have a couple of growth plays that can give them exposure to light oil. Have been extremely good at recycling the cash into the business. Have about the lowest finding costs in Canada. Applying new technologies for recovery. Pay out only about 50% of their cash flow. Expecting 5%-6% production growth. 5.6% yield.

2010-10-27

TOP PICK

38.400

Heavy oil producer, but conventional heavy oil. Mainly in the Seal area. Outstanding record in the recoveries. New technologies are really going to mean heavy recoveries. Yielding about 6% and he expects them to hold this.

2010-10-13

HOLD

38.300

He was going to buy it last December but something else came up.

2010-10-12

WAIT

33.450

Likes heavy oil. Looking at the market that we will be going into in September/October and that would be the time to buy it.

2010-08-12

BUY on WEAKNESS

34.150

Heavy oil. Distribution is not that great. Buy in the $31 range.

2010-07-22

BUY on WEAKNESS

33.160

About 80% oil (mostly heavy oil) and 20% natural gas. Finding costs for their heavy oil are quite good. Have indicated they will keep distributions as is when they convert. Good growth prospects.

2010-07-07

BUY

34.350

A lot of exposure to heavy oil and bitumen, so the stock is a little more volatile. 6.3% yield is solid and should continue to pay a good yield after conversion.

2010-06-21

BUY

33.360

He missed this one. Narrowing spreads between regular and heavy oil will benefit them. Long-term hold.

2010-06-15

STRONG BUY

32.600

(Market Call Minute.) A must own. The upside is the potential doubling of its reserves and a game changer with commercialization of its Seal project.

2010-05-28

BUY

30.550

Very much focused on heavy oil. Well run. With the Chinese buying 45% of Penn West (PWT.UN-T), this refocuses investors interest on this one.

2010-05-20

TOP PICK

31.190

Expert in heavy oil production through the drill bit. Mainly in Theo Alberta.

2010-05-07

BUY

33.830

Nick Majendie

There are several oil/gas trusts that will be hybrids when they convert with very decent dividends and growth vehicles. This is one of them.

2010-05-04

BUY

33.680

Ideal model for a royalty trust. Fairly high income producing company. Key catalyst for growth is their Seals project in the oil sands, which has 5 billion barrels of oil in place.

2010-04-16

BUY

34.350

Having some success in the Cardium region.

2010-03-31

HOLD

35.800

Beautiful chart, which looks like it has no intention of going anywhere but up. Seasonality is to the end of May so wouldn't be surprised to see it soften some time at that point.

2010-03-22

HOLD

35.390

Michael Smedley

Has reached a 52-week high. 6% distribution should be safe. Should transition to a corporation very smoothly.

2010-03-18

BUY

33.020

Likes it because it is all heavy oil. In a very enviable position. Low risk. Given profits, distribution is not at risk. They can pay it out AND fund their program.

2010-02-16

BUY

30.960

Michael Smedley

One of the seniors. One of the very serious ones in these new plays. Can easily pay the million dollars to do the conversion. Bought it not long ago. 7%

2010-01-21

BUY

31.840

Doesn't expect any problems when they change to a corp. Expected to distributions, but if not, adjustment will be slight. On an after-tax basis, you should end up in the same place.

2010-01-19

BUY

30.150

Mason Granger

Attractive assets. 50 Million Barrels of oil in place. Should be able to access a substantial amount. Recently increased distribution by 50%, which reflects managements view on heavy oil spreads. Distribution is safe.

2010-01-05

BUY

26.630

Laura Lau

Great way to play heavy oil. Have done a great job on their Seals project in the oil sands. Have a new play in North Dakota in the Bakken. Have to be careful of heavy oil differentials as they start to grow out going into the winters. 5.4% yield has a better chance of being increased rather than decreased.

2009-11-18

PARTIAL BUY

27.870

Great oil sands property, a cyclic steam, which is very attractive from a cost standpoint. One of the more conservatively managed trusts. Has had a great run. Wouldn't buy aggressively.

2009-11-09

PAST TOP PICK

23.910

(A Top Pick Sept 22/08. Down 4.75%.) One of the more solid names. Sold in March because of concerns about debt and refinancing. Held in fairly well because it is heavy oil and differentials have been narrowing considerably.

2009-09-28

PAST TOP PICK

24.850

(Top Pick Sept 5/08, Down 8%) Loves it because it is oil. Heavy oil differentials are low and they get all the benefit of that. Really safe distribution.

2009-09-22

PAST TOP PICK

21.800

(A Top Pick Sept 22/08. Down 15.07%.) Heavy oil producer and recently had their reserves re-rated. Has lots of prospectivity on their oil sands project Seal. Differential between lights and heavies is collapsing. Continue to Hold.

2009-07-24

BUY

21.650

Dean Orrico

Heavy oil weighted. Differentials have coming in nicely over the last little while and are close to 15%-20%.

2009-07-23

BUY

19.470

Has been a favourite for a long time. Very good at producing flowable heavy oil. Have a lot of sections that they haven't drilled yet. They will do well if oil goes up. Good management.

2009-06-05

BUY on WEAKNESS

18.550

Oil weighted, primarily heavy oil. Great place to be on a long-term perspective. Has had a pretty good run up so would wait before buying. Great assets.

2009-05-22

PAST TOP PICK

18.770

(A Top Pick June 9/08. Down 33.9%.) Heavy oil. Crude was very high at that point. Still likes this company.

2009-05-20

DON'T BUY

15.100

Joanne A. Hruska, CFA

Will move with oil prices. Valuation and debt a little higher than piers.

2009-04-15

BUY

15.270

Has heavier oil but more and more refineries are able to take a heavier slate of crude.

2009-04-14

BUY on WEAKNESS

15.200

Primarily heavy oil and a bit of natural gas. Recently raised some money for acquisitions or debt repayment. Hedged some of the differential between heavy and light oil. Well-managed. Would be more comfortable buying in the $14.60 range.

2009-03-25

WAIT

13.900

Basically heavy oil play. Good resource potential through their Seal play. Cut the distribution in December and at current spot prices they will likely have to cut again but will probably wait until March. Good long-term potential. Great net backs.

2009-02-03

HOLD

15.640

Heavy oil. Interesting play in Alberta called Seal. May have to cut their distributions again. Well managed company.

2009-01-16

Comment

13.070

Gordon Higgins, CA, MBA

Investors should be careful about oil/gas companies. They will all have to cut distributions further if they want to stay in the normal range. 16% distribution

2008-12-22

Comment

13.460

Has been one of his favourites. Very good operators. Heavy but pumpable oil. With oil going down wouldn't be surprised to see a cut in distributions.

2008-12-05

BUY

15.180

Oil/gas. Well managed. Seal project is doing very well. Likes the outlook.

2008-11-20

BUY

20.600

Extremely good operators. Heavy but flowable oil. Have lots of extra land to drill. Relatively low pay out ratio. Good cash flow. Almost 15% yield.

2008-10-31

HOLD

19.180

Some of the better quality royalty trusts that he would continue to hold include Crescent Point (CPG.UN-T), Vermilion (VET.UN-T) and Baytex (BTE.UN-T).

2008-10-22

TOP PICK

28.000

Heavy oil producer. Almost 11% yield. You get paid to wait. Producing without doing any thermal or steaming and only producing about 12% of its available land, so there is potential for huge reserves booking.

2008-09-22

TOP PICK

30.100

Seal pilot well is commercial, which is huge news. Will be 2 or 3 years before full production. This is a huge add to their already huge inventory. Very clean balance sheet. 10% yield. Stable production.

2008-09-05

BUY on WEAKNESS

31.520

He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize.

2008-08-01

DON'T BUY

34.470

Joanne A. Hruska, CFA

Could double reserves. Stock price showing some of this potential. Getting a little expensive.

2008-06-23

TOP PICK

31.950

Primarily heavy oil. 40,000 barrels a day. Increased dividend from $.20 to $.25 a month. Good model for other royalty trust. Because cash flows have increased so much they will be able to pay the taxes, capital expenditures and continue to pay out distributions.

2008-06-09

WAIT

29.300

Ken McCord

Fundamentally what is backing up energy stories is still very much intact. A big believer in energy. In the next week or two, there could be a little pullback, which will give you great entry points.

2008-05-23

BUY

29.040

Thinks it will benefit a lot from the very small differentials in heavy oil. Relatively low debt.

2008-05-16

BUY on WEAKNESS

28.160

More exposed to heavy oil. Recent results were very strong. About a 48% payout ratio. Sees a dramatic narrowing of the spreads between heavy and light oil. Hedged some of this with a refinery in the US but a well manage company. Have a lot of land for drilling. At these levels it's a Hold.

2008-05-14

TOP PICK

27.690

Good at keeping production flat with minimal capital spending. Production 40,000 barrels a day, predominantly oil, will cash flow about $1 billion and only need $150 million to keep production flat. Current distributions of about $225 million. More efficient for a trust to pay out more distribution than to spend on drilling. Potential distribution increase. Could do another acquisition. Also un-recognized value for their Seal property.

2008-05-13

BUY

24.740

Ben Cheng

Very well run income trust. Focused on heavy oil. Recently made an acquisition of Burmis Energy (BME-T) that adds to their natural gas and light oil production. Good management team.

2008-04-16

Comment

24.080

Joanne A. Hruska, CFA

Just made an offer to purchase Burmis Energy (BME-T) 2 weeks ago. These are Pembina assets so it will be a little sizzle. The market had not been enamoured with this story but it is starting to turn around. From a trading point of view, wait for a pullback. Distribution should be safe.

2008-04-14

TOP PICK

21.230

Robert Floyd

Wanted to provide a stock that provided decent income along with some growth. Yield of about 10%. With an oil price of around $100, you have a company that has been replacing reserves. NAV of over $24. Gives some good upside in terms of growth.

2008-02-29

WAIT

21.400

Sandy McIntyre

Has a bias towards heavy oil. Into the heavy oil project at Seal. Prefers over Penn West (PWT.UN-T). Following 2011, the cash taxes will be mitigated to a great degree by preservation of tax pools in the period leading up to 2011. If you are into market timing, you may want to wait until the snow clears.

2008-02-26

BUY

19.570

About 65% oil/ 35% gas. Interesting play in northern Alberta and production results just released were pretty good. Payout ratio is just over 60%. Good management.

2007-11-08

DON'T BUY

18.320

Patrick Kim

A very solid portfolio of assets. Primarily weighted to oil with significant heavy oil exposure. Has been some volume disappointments.

2007-09-21

BUY

19.080

Robert Floyd

11.1% yield.

2007-09-14

Comment

18.550

Ben Cheng

Recent acquisition has increased their exposure a little bit too light oil. Historically has been in heavy oil. Has quite a bit of promise in the Seal territory.

2007-09-05

BUY

16.710

Oil weighted. Prefers oil over gas. Their Seal project is very promising. It gives them some upside. A reasonably good entry point.

2007-08-21

BUY

18.230

Sandy McIntyre

Good energy company. Treat the correction as a buying opportunity.

2007-08-13

HOLD

20.900

Dean Orrico

Heavy oil player. Higher costs. The management team has done a really good job on de-risking it.

2007-06-14

BUY on WEAKNESS

21.060

Heavy oil weighted trust. Strong management team. Good capital efficiencies. A decent balance sheet.

2007-06-11

DON'T BUY

20.320

John O'Connell, CFA

Heavy oil is going to be a great place to be an owner, but feels the income trust thing is a ticking bomb. It'll keep working against you. Distribution cuts are going to be a thing for the foreseeable future.

2007-03-30

WAIT

19.680

Heavy oil. Have good arrangements for refining in the US. Good management. Good yield. Wait for the budget before buying.

2007-03-15

BUY

20.510

Ben Cheng

Has performed very well over the long run. Under pressure due to concerns as to where heavy oil spreads are going. Feels they will continue to do good job. Good management.

2007-03-02

HOLD

20.110