STOCKCHASE

(Market Call Minute) Comfortable holding it – wouldn’t buy or sell.

2009-05-01

DON'T BUY

0.530

Oil/natural gas. Halted distributions and cut back on exploration. Has a lot of debt. Very iffy and could go under.

2009-03-12

SELL

0.950

Dean Orrico

(Market Call Minute.) Not one of his favourites. Too small and has a short reserve life.

2009-02-06

DON'T BUY

4.090

Because of management and its slate of properties, there are other trusts that he would rather own. Institutional market does not like it.

2008-07-18

BUY

4.290

Not a typical income investment as it is more speculative than others. At a very interesting level. Should be able to see significant capital gains. 11.5% distribution is safe and they have a very low payout ratio.

2008-04-21

BUY

3.550

It’s a good buy. Distribution is about 14%. Happy sticking with it. Excellent chance for capital appreciation.

2008-03-25

HOLD

3.200

Robert Floyd

The numbers have been ok, at this price hold on.

2008-03-20

Comment

3.020

Have a big debt load they have to deal with. They are looking to sell off their Saskatchewan properties. Yield is great at $0.04 a month. Thinks they can sustain their yield. Likes it going forward, but there are definite dangers with this company. Management is a question mark.

2008-01-25

DON'T BUY

3.430

Sold some assets to bail out of its financial picture. Hasn't been able to get comfortable with the assets and management. Decline rates have been fairly high.

2008-01-15

TOP PICK

2.900

Recently cut distributions by half but now at a point where they might be able to stabilize them. If gas prices stay at current levels, distributions should be safe. New CEO. Still some danger in that they have more debt than revenues.

2007-12-24

HOLD

5.980

Joseph Schachter

Believes the company is going to increase production in their heavy oil assets next year. Likes management. If gas prices go back up, they will have materially higher cash flows. Paying down debt. Selling off weaker assets.

2007-07-20

DON'T BUY

6.020

Kevin Hall BComm, CFA

Probably at the lower end of quality in the oil/gas trust sector. There are a lot of better names out there.

2007-07-11

DON'T BUY

6.250

Dean Orrico

One of the lower quality trusts. Post Halloween tried to convert back into a corporation, but because of a nasty proxy battle, they were forced to remain as a trust and continue to pay out the high yield. Stems from disappointment of investors, in the management teams.

2007-06-14

BUY

6.690

Robert Floyd

Had some issues and feels it was oversold. Should come back.

2007-04-19

SELL

5.810

Not a very good corporation and a poor trust. Poor quality management.

2007-03-27

Comment

5.650

Changed back from a trust to a corporation and changed their distribution to a much smaller dividend. Feels they did this to pay down debt.

2007-02-16

WAIT

5.710

Brendan Kyne

Will likely be a significant move of trusts de-trusting in the near future. A lot of trust funds are selling, as they can't own a non-trust because of their mandate. This trend will continue and at some time will allow for a great entry point.

2007-01-29

DON'T BUY

6.030

Robert Lauzon

Converting back to a corporation, so are no longer paying out 100% of their cash flow as distribution. Debt will be reduced with this. Had a “growth by exploration” mind set, so should never have been a trust.

2007-01-22

WATCH

5.860

Michael Decter

This one is a “ wait and see” situation.

2007-01-18

DON'T BUY

5.730

Just announced that they were going to revert back to a corporation. He feels this was their way of reducing their distributions. Have set up a dividend at a much lower rate and will use excess cash flow to pay down debt. Company suffered from high decline rates with a little too much debt.

2007-01-16

DON'T BUY

6.130

Paul Harris, CFA

This industry has a depleting asset. This company is hard-pressed to get capital to grow so decided to go as a corporation. There are better companies.

2007-01-15

Comment

8.170

Norman Levine

Pure natural gas. Not as optimistic as it depends on the vagaries of the weather.

2006-12-05

DON'T BUY

8.490

Robert Floyd

Pay out a fair amount of their cash flow, which hasn’t been terribly strong. Cut their distributions.

2006-12-01

SELL

8.190

John O'Connell, CFA

Oil/gas income trusts in Canada are going to have a really tough time. The government’s proposed changes will make their lives very difficult. Distributions are not sustainable. The game is over for them.

2006-11-27

SHORT

8.080

If you own sell. If you want a short position, this would be one.

2006-11-16

SELL

11.410

Robert Toole

Has a very high payout relative to their cash distribution. Managed that to some extent by having an extensive DRIP program where investors take units as opposed to cash. This dilutes the overall unitholder base. Trades just under 19% yield.

2006-10-27

DON'T BUY

11.700

Robert Lauzon

Pays almost 23% distribution, which is a red flag. Very gas weighted, Higher risk/higher reward.

2006-10-20

DON'T BUY

14.610

Not one of his favourites. Hasn't performed well. Missed production targets. Might buy back in given the opportunity.

2006-08-23

BUY

14.290

David Chapman

Prefers the energy trusts right now compared to the actual energy stocks. It may be bottoming out, but there's nothing convincing on the chart to confirm that. If the price didn't grow but his distributions continued, he would be happy.

2006-08-04

DON'T BUY

14.200

Despite having a payout ratio in excess of 100%, they have been quite resilient in not cutting distributions. Now that they have their acquisition of the way, he would expect they should do a cut. This is his least favourite oil/gas trust. Has serious issues.

2006-07-21

DON'T BUY

13.990

Bill Carrigan

Long-term church shows a trading pattern that broke down early this year. You don't want to be in stocks that do this.

2006-07-17

TOP SHORT

14.150

Good management team and have some quality assets. Natural gas declined dramatically and a lot of companies tweaked their capital structures and distribution rates to reflect a much higher gas price. Has been caught off guard. They are also in an acquisition using their shares.

2006-05-26

HOLD

15.640

David Cockfield

Yields 18.4% and has a real high payout ratio. The word on the street, for some time, that they are going to have to cut distributions. If you want to be speculative, you could continue holding it, but wouldn't buy it.

2006-05-04

SELL

17.470

Patrick Kim

This is a name that would appeal to people who have a lot of confidence that gas prices will shoot up. 16/17% yield. Would sell this and move into something like Ketch (KER.UN-T)

2006-04-21

SELL

15.600

Was short this stock, covered the short and it has since rallied. There is another leg down. Have had some operational problems and there is a chance of gas weakening again. You may be able to get it at $14.

2006-04-07

DON'T BUY

15.700

Robert Lauzon

Has a high debt level and was nearing some of its covenants. A gassy trust. Reserve life index is around 10 years. Feels they are spending too much money on exploration. Feels they are spending too much money on exploration.

2006-03-24

Comment

14.090

Bruce Campbell

It is a "gassy trust", high % of its cash flow being paid out. Market is telling you that they are going to cut it. Buying depends on your outlook for gas prices. If you think that gas will be okay, stronger in the fall, it is probably a good entry point. If they cut it, it will go lower and it would be a better time to buy.

2006-03-06

VAGUE

14.600

Sandy McIntyre

True Energy Trust released its year end reserves about a week ago. Nobody really knows what is happening 1000-2000 metres below the ground. Assumptions are basd on production rates, decline rates and by production economics. True had quite a large revision and it was negative to its reserves. It has disappointed on production.

2006-03-04

VAGUE

16.300

Missing a production forcast. A high yield. It's shooting up a warning sign.

2006-02-22

DON'T BUY

17.490

Sparked a little bit of controversy as someone commented on a possible distribution cut. Their payout ratio is about 90% which is high.

2006-02-10

BUY

19.190

Reasonable upside in it. 15 to 20% over the next 12 months. Distribution is sustainable. Good one to hold.

2006-02-03

DON'T BUY

20.700

Peter Brieger

Sold his position last week. Analysts are worried about the continual cut back in estimated production by a number of trusts.

2006-01-30

WATCH

20.750

David Cockfield

Relatively new. Hasn't seen any numbers on their payout ratio yet. A great yield. Large enough trust that it has a reasonable distribution of assets. A “wait and see” trust.

2006-01-23

BUY

20.750

Wilf Gobert

The high yield does not indicate a risk. This was a recent conversion to a trust and it takes time for the sellers of the old stock and the buyers of the new trust to bring the price to its proper level.

2006-01-23

BUY

20.950

Peter Brieger

Has a target of $24 at which time it will yield 12%. A gas play. Likes it very much.

2005-12-28

BUY

21.850

Peter Brieger

Yield is in excess of 14%. Production has gone from 4,000 BOE’s a day to about 13,000/14,000 but not many analysts covering it. Hoping that this will pick up.

2005-12-15

WATCH

19.180

Garth Jestley

Relatively small. Will want to see how it performs over time. This was a reverse takeover of TKE Energy so 40% of the assets are new to the management. There are integration risks. About 10% of their operation is exploration drilling which he doesn't think is appropriate.

2005-12-02

HOLD

18.990