STOCKCHASE

Abu Dhabi’s acquisition of Prime West (PWI.UN-T) put a positive spin on this type of trust.

2007-09-25

SELL

9.290

Alan Blake

Sold most of their position. Will merge with it's corporate counterpart. Not much success with their drill bit.

2007-06-14

HOLD

8.400

Compared to other income trusts’ metrics, not considered cheap. 55% payout ratio. Merging with Fairquest Energy (FQE-T), which should provide economies of scale. Very highly leveraged to gas.

2007-04-04

Comment

8.650

Michael Simpson, CFA

Will be merging with Fairquest Energy (FQE-T). Recently cut distributions. They are targeting a 60%-65% payout ratio. Debt level is a bit higher than what he likes, but anticipates that over the next few months it will come down. Have a lot of good drilling opportunities. Could be softness over the next couple of months.

2007-03-20

WAIT

8.930

David Cockfield

Hasn't been his favourite. In the process of buying back Fairquest Energy (FQT-T), which may turn out to be all right. Reasonably priced. Would wait to see what the budget does.

2007-03-15

SELL

9.310

Likes the general business plan. Unfortunately, with their type of gas wells being coal bed methane lower gas really hurts them. Has sold his holdings.

2007-01-22

DON'T BUY

9.460

Michael Simpson, CFA

Excellent management. As a number of coal bed methane projects. This is not very economical in the current gas price. Have a lot of opportunities to replace their production by the drill bit. Distributions could be at risk.

2007-01-04

HOLD

9.450

Payout ratio is 67%. 16% yield, which is high and reflects the softness in the market. Gas oriented. 3rd quarter was slightly disappointing. Well managed.

2006-11-10

PAST TOP PICK

11.660

It has gone down due to the fact that it is a gas trust. In the long term recommends to stay with it.

2006-09-29

HOLD

12.000

Does own at a higher price. Hold it if you own it.

2006-09-26

BUY

12.900

Bill Carrigan

A lot of the gassy trusts look interesting. This one looks like it has had a higher low. Thinks there is positive divergence setting up in this stock.

2006-09-15

BUY

13.780

Highly levered to natural gas. Coal bed methane driller. Also do a lot of tight gas which needs a higher gas price to make it economical. If you feel gas will reach $8 this would be one to buy. A bit more risky.

2006-09-08

BUY on WEAKNESS

13.780

Has been reasonably soft, reflecting a good yield on its distribution. Distribution is not vulnerable, although if gas prices where to stay at these levels through Christmas, there probably would be a decline. Good management team and assets. Gas weighted, so buy on weakness.

2006-09-08

PAST TOP PICK

14.400

Garth Jestley

(A Top Pick Dec 2/05. Down 16.6 %.) Still likes. Dropped along with natural gas prices. Fundamentals are still good.

2006-08-11

SELL

14.620

Patrick Kim

On this one, you need to make a short-term call on natural gas prices. Essentially a pure gas play. One of the more aggressive plays in terms of their hedging policy. Now is a good time to trim and you will have opportunities to buy at lower prices.

2006-08-04

BUY

12.390

Ravi Sood

Not on the top of his list for oil/gas trusts. At the level it is now, distributions should be reasonably secure. Good price.

2006-07-21

BUY on WEAKNESS

13.110

Gas weighted so has dropped with gas prices. Good management. Buy on any softness and spread your purchase out.

2006-06-16

BUY

16.350

Wilf Gobert

Have had a bit of a slow start coming out of the gate. Has a significant natural gas focus which has been out of favour. You can buy looking for natural gas to go up or wait for it to actually happened.

2006-04-25

PAST TOP PICK

14.610

(A Top Pick Dec 23/05. Down in 11.5%.) One of the gassier names and dropped with the price of gas. A quality name and would add more on weakness.

2006-04-07

PAST TOP PICK

14.380

(A Top Pick Dec 23/05. Down 12%.) Being a gassy weighted name, this has come off in price. A good entry point. Still likes.

2006-03-24

BUY

15.720

Gas weighted. Longer term, the gas market is going to be strong. Good value at these prices. They are experts in coal bed methane drilling which is a real upside.

2006-02-03

PAST TOP PICK

16.790

(A Top Pick Sept 2/05. Up 19.2%.) Has a great slate of properties in front of it in the higher risk Peace River area. Good management.

2006-01-18

TOP PICK

16.540

(A Top Pick Sept 23/05. Up 2.5%.) Has a slower decline rate of its reserve life. He also thinks the reserve life will grow over time. The fifth largest coal bed methane producer in Canada. This has a less sharp decline rate in underlying assets.

2005-12-23

DON'T BUY

16.950

His original attraction to this trust was its exposure to coal bed methane gas. Thinks it is very overpriced in the short term.

2005-12-15

TOP PICK

17.230

Has had a good year, but still feels there are some good things happening. A gas weighted trust. The 5th largest producer of coal bed methane. Will be going into the index. Production guidance keeps growing. Management owns 17% of the trust.

2005-12-08

TOP PICK

17.060

Garth Jestley

A relatively small trust. Has significant ownership by management. The fifth largest coal bed methane in Canada. It’s opportunity rich. Has over 300 possible drilling locations.

2005-12-02

PAST TOP PICK

16.100

(A Top Pick Sept 2/05. Up 11% plus distributions.) Likes what it's done with its properties.

2005-11-30

HOLD

15.900

Bill Harris, CFA

All the hot global money has been chasing these stocks over the last several months and when it rolls, that money comes out fast. This is an A list name. It's fair price, so can't get excited about it right now.

2005-10-19

PAST TOP PICK

16.000

(Top Pick July 29/05. Up 30%.) A gas weighted trust and still likes. They have about 150 drilling prospects.

2005-10-18

BUY on WEAKNESS

16.780

Ravi Sood

Could be a further pullback along with the oil sector. If you see this one any lower, it would definitely be a buy. Good gas exposure.

2005-10-14

BUY

18.200

The outlook for natural gas is much rosier and the growth is steadier than it is for oil.

2005-10-04

TOP PICK

18.490

(A Top Pick July 29/05. Up 40% plus distributions.) Has exposure to the coal bed methane market. Has identified about 150/200 wells that it's going to drill over the next year or two.

2005-09-30

TOP PICK

16.100

(A Top pick June 17/05. Up 42%.) Continues to exeed expectations. Good guidance on production going forward. There's an distribution increase coming maybe by the end of the year.

2005-09-23

TOP PICK

14.320

Has a great slate of assets. Have been able to grow their production constantly. Good management which has a good stake in the company. 78% of production in gas. Probably a little expensive right at the moment.

2005-09-02

TOP PICK

12.980

A recent conversion to a trust. The oil/gas trust space is getting pretty competitive. This is one trust that gives exposure to coal bed methane which looks to be the one growth area in the oil patch.

2005-07-29

BUY

10.850

Likes this because of the nature of their reserves (coal bed methane gas) and the relatively low payout ratio. Also likes the Fairquest Energy (FQE-T), an offshoot of this.

2005-06-29

BUY

11.300