STOCKCHASE

(Market Call Minute.) Not a particularly good record of meeting guidance.

2008-08-22

HOLD

12.050

Gas weighted. Acquired Sequoia in 2006 and management has done a very good job in re-positioning.

2008-08-15

BUY

12.580

Michael Simpson, CFA

Has gone through a good transformation. New management team is focused on a sustainable business model. Very low payout ratio.

2008-08-13

HOLD

12.650

Ben Cheng

Great trust to own. He expects a further increase in distributions. They are very conservative with their cash. Possible takeover by Barrick (ABX-T).

2008-08-07

TOP PICK

12.040

Joanne A. Hruska, CFA

Trading at 4 times cash flow, a lot less than the average, plus 12% yield. Uses multi-stage Fracs. Have drilled two wells, have 25 follow up locations. It’ll keep going up.

2008-06-23

SELL

11.890

(Market Call Minute.) Small. Balance sheet problems. Going nowhere.

2008-06-16

Comment

11.120

Bruce Campbell

A growthy trust. His preference is Crescent Point Energy (CPG.UN-T).

2008-05-26

TOP PICK

9.850

Michael Decter

Weighted to natural gas. Pays about 12% and he thinks their distributions are absolutely safe. Strong management.

2008-04-16

HOLD

9.390

Joanne A. Hruska, CFA

This will be another of the trusts that once the tide turns, the stock will move out. Strong assets strong management.

2008-04-14

TOP PICK

8.510

Michael Decter

55% gas. Has done some hedging. Natural gas prices is his reason for liking this. They were down around $5/$5.50 and now at around $8.50 and staying above $8.00. The drilling rig counts are way off and drilling is way off and very high decline rates. LNG miracle is not materializing. Looking for higher natural gas prices and this is a good way to play it.

2008-02-11

BUY

7.240

Michael Simpson, CFA

(Market Call Minute.) Beaten up in December. Has a bit higher debt level than it should, but very cheap compared to its peers.

2008-01-22

SELL

6.540

Kevin Hall BComm, CFA

One of the more quality oil/gas trusts. Cut their distribution early this year. Probably trades at a healthy discount to its NAV but is probably cheap for a reason. Wouldn't count on too much of a premium if it gets taken out. Would move on to a better trust.

2007-12-04

DON'T BUY

7.510

Like all oil/gas trusts, this is affected by commodity prices and currency. This has natural gas exposure. Reduced their distribution recently. Have some debt that needs to be refinanced. Very impressed with management and it's on his Watch list. Not impressed with the financial structure.

2007-08-13

Comment

8.060

Gas weighted. 14.4% yield. Had a distribution cut. The problem with these companies is that the commodity price is weak, costs are higher and there is the tax overhang coming in a few years.

2007-08-08

Comment

10.240

Michael Simpson, CFA

Natural gas. Has a history of not meeting its production. New management team is very qualified. Debt levels are a bit above average. Have reduced their payout ratio. Wants to check out their asset base before considering.

2007-07-04

HOLD

11.070

It's had a few disappointments, but things are settling down now.

2007-06-06

Comment

10.300

Would use for torque in his portfolio. If he were bullish on commodities, this would go in because of its more aggressive style giving better upside.

2007-04-13

Comment

9.790

A good second tier name. Reasonable volume. Debt is higher than what he would like, but not outrageous.

2007-04-04

DON'T BUY

10.500

Had some production drops in its profile which ahs been very disappointing. Debt levels are somewhat high.

2006-11-10

DON'T BUY

11.580

Dean Orrico

Merged with Sequoia (SQE.UN-T). He would be very cautious about this one. Relatively high payout ratio. Gas weighted. Relatively low reserve life.

2006-10-06

DON'T BUY

11.020

A gas weighted trust. Has had some production misses as well as some earnings misses.

2006-08-21

DON'T BUY

10.800

Merging with Sequoia Oil & Gas (SQE.UN-T). Not comfortable with the merger and would prefer to see them what the way from it.

2006-07-28

SELL

9.950

Ravi Sood

Shares have performed far worse than the actual underlying business. Have been contaminated by their merger with Sequoia Trust. Expect further negative developments with Sequoia.

2006-07-21

DON'T BUY

10.740

Bruce Hartman

Merging with Sequoia Oil & Gas Trust and will be known as Evergreen Energy Trust. It looked like a good deal at the beginning but terms have been changed because of production problems. That is disquieting.

2006-07-14

SELL

11.050

Gas weighted. Would not be a name he would hold. Have had some problems with production misses. Not a very high reserve life. Would lighten up on it anytime there is an increase in the pricing.

2006-06-28

DON'T BUY

11.160

Merged with Sequoia Oil & Gas Trust (SQE.UN-T). This will give them economies of scale, technical people being able to concentrate on the valuable assets. Not a favourite trust of his. Assets are not as good as other companies.

2006-06-16

BUY

12.880

Greg Guichon

In the process of merging with Sequoia (SQE.UN-T) and will become a much bigger trust. Expects they will go for a US listing which probably would result in an uptick.

2006-04-28

VAGUE

11.210

"When you look at the asset base, Daylight Energy Trust has a lower quality dirty barrel". Their pay out ratio and balance sheet are very acceptable. This expert owns as a small cap name. Not excited about it.

2006-03-04

DON'T BUY

11.490

Robert Lauzon

His energy advisor sees the price point of natural gas being $6-6.50. This will hurt Daylight Energy and they will struggle. They may be looked as a take over target.

2006-03-01

BUY

12.240

Likes this one. Missed a couple of its quarters which concerns him. Has a reasonably low payout ratio. The yield is okay. Not the top tier, but a good second-tier performer.

2006-01-18

BUY

13.020

Payout ratio of about 39% with a yield of around 13%. Oil/gas trusts weakened substantially in late Oct. early Dec.

2005-12-16

BUY

12.980

Trading slightly undervalued. Represents very good value. Looks like they can get some production growth over the next year.

2005-11-30

HOLD

10.250

Probably in the middle of the pack. Not a screaming buy, but not a screamimg sell. A good hold. Pays a decent return. Spends 100% of its cash flow on distributions and capX. Good management team.

2005-07-08

WEAK BUY

9.730