STOCKCHASE

If owned, sell and move into a natural gas oriented trust such as Focus Peyto,Arc Energy,Prime West and Shining Bank.

2004-07-20

DON'T BUY

19.070

Tends to pay out pretty much all of their cash flow which is a little bit worrisome.

2004-07-15

DON'T BUY

18.300

Blair Wilson

Very efficiently run trust. Oil/natural gas prices will likely decline over next year, so distributions will remain stagnate. Have an underperform recommendation and would not commit money.

2004-06-15

WEAK BUY

17.800

Leslie Lundquist

Generally well regarded. First-quarter results indicated some unexpectedly high production declines but were offset by lower royalties and lower operating costs. A new issue could be forthcoming.

2004-05-18

WAIT

18.040

Dean Orrico

Has recently had a distribution decrease. Reserve life of 10/10.5 years. Have had some problems on the East Coast. Just made a big acquisition of Murphy Oil. Wait to see how they manage these new assets.

2004-05-05

DON'T BUY

18.390

Has not been a favorite. Was not happy with their purchase of gas reserves off Nova Scotia. Recently had to write down their reserves.

2004-03-05

DON'T BUY

16.200

Had to take major write downs. The managment team pays out almost all of the distributable income. Don't own.

2004-02-05

SELL

16.850

Sell. More oil than natural gas. Had problem with restatement of reserves.

2004-02-04

DON'T BUY

19.560

John Priestman

Any kind of bad news, such as energy prices, will drop the price very quickly because of the amount of US investment. Nervous about this.

2004-01-21

DON'T BUY

20.850

Because of US interest, their numbers and prices have grown dramatically. Not based on fundamentals, so would take some profits.

2003-12-18

DON'T BUY

19.060

Q: Why is Pengrowth higher in value than Arc Energy? A: Income trust trade on yield and that's what attracts investors. This company pays out about 100% of its cash flow and Arc pays out about 70%. Prefers Arc Energy.

2003-11-26

BUY

18.270

John Priestman

Had a very good third quarter. Acquired 8 ½% in the Sable offshore oil fields. Profitability on that production should go up dramatically.

2003-11-07

BUY

18.000

Has good growth potential at these levels. Has some good assets. There may be some small write-downs on their East Coast assets. Production levels haven't been as high as expected.

2003-11-05

BUY

17.130

Ross Healy

Has been able to regenerate its operational assets. A good model for investors to look to.

2003-10-09

DON'T BUY

17.060

There is a potential of lower oil/gas prices next year. Would prefer a trust that is more focused on natural gas.

2003-10-08

BUY

16.860

Gavin Graham

A premier oil and gas trust. Good management.

2003-09-18

DON'T BUY

17.520

Estimated earnings distributions are down for next year.Would prefer Peyto Energy income trust.

2003-08-27

DON'T BUY

17.760

Expensive.

2003-08-25

BUY

16.630

John Sinkins, CFA

As long as we continue seeing good oil/gas prices and low interest rates, it should do well.

2003-07-28

HOLD

16.980

Just did an equity issue which impacted the share price. Well managed. Near its fair value.

2003-07-09

BUY

16.920

Gavin Graham

Pays about 18% cash on cash yield. Has decent prospects.

2003-06-18

DON'T BUY

16.980

One of the best balanced trusts with 45% oil and 45% gas. Not a favourite as they prefer a heavier weighting in gas.

2003-06-16

PAST TOP PICK

16.210

Rob Callander

(Was a top pick on Sept 18/02. Up 7% plus the 20% disbursement payments coming in.) Still likes.

2003-06-05

BUY

15.600

Ross Healy

One of the best oil/gas trusts with their long history of replenishing their reserves. Good long term hold.

2003-05-30

DON'T BUY

15.600

Benj Gallander

A little wary of income trusts at this time.

2003-05-30

BUY

15.500

Gavin Graham

Will follow oil and gas prices, so can be volatile. Has well diversified properties.

2003-05-22

BUY

14.950

Bob Boaz

Geat liquidity of shares because of its size. Solid management. There could be some dilution of shares, but it won't be much.

2003-05-15

DON'T BUY

14.470

Commodity prices could be declining. Their costs of production are high. Have a couple of issues they have to deal with.

2003-05-07

DON'T BUY

14.410

Glenn Paradis, BA, CFA

The peaks in commodity prices are past so these trusts will probably trend lower.

2003-05-01

WEAK BUY

14.390

For a conservative account.

2003-04-23

BUY

14.100

Kevin O'Leary

Loves gassy trusts.

2003-04-10

DON'T BUY

14.100

Well balanced between oil and gas. Prefers others.

2003-04-10

STRONG BUY

14.160

Garth Jestley

Good value now. 20% yield. Long reserve life.

2003-04-02

BUY

14.160

Bruce Campbell

Disappointed last quarter. Good yield and good price.

2003-04-02

WEAK BUY

14.240

Problems with processing fees with Imperial Oil on the 20% holdings off Sable Island.

2003-04-01

DON'T BUY

14.670

Operating costs were higher than expected.

2003-03-06

BUY

14.780

Has a long reserve life.

2003-02-05

HOLD

15.150

2003-01-28

HOLD

14.750

Good balance in oil/gas.

2003-01-15

BUY

14.480

High quality assets. Operating costs higher than average. Distributions should be good.

2003-01-09

BUY

14.650

Well balanced.

2002-12-30

WEAK BUY

14.720

Sector has become water logged, so be cautious on buying, but may be a good time now.

2002-12-27

BUY

13.760

Good properties and reserve life.

2002-12-09

BUY

13.900

Good price. Likes their assets. 17% distribution.

2002-10-31

BUY

14.540

Vincent Delisle

Has a solid outlook over the next 12 months.

2002-10-17

TOP PICK

15.100

Rob Callander

14% yield. Long reserve life. Well managed.

2002-09-18

WEAK BUY

14.980

Has some excellent assets. Well run. Play by price.

2002-09-17

BUY

15.250

Has some of the best properties in Alberta. Good, steady revenue.

2002-08-29

BUY

14.800

Garth Jestley

Volatile. Good management. Good properties.

2002-08-06

STRONG BUY

14.550

One of the best balanced income trusts in Canada.

2002-07-31

BUY

14.990

Robert Lyon

At a godo level. Pays a good dividend.

2002-07-23

BUY

15.450

One of the most balance in oil/gas. A favourite.

2002-07-10

DON'T BUY

14.950

Not a favourite. Well run company, but there are some questions.

2002-06-07

HOLD

15.620

Good oil/gas balance.

2002-05-24

BUY

16.400

Now listed in US. Should do well. Steady.

2002-04-30

WEAK BUY

16.200

One of the larger and better managed income trusts. Key strategic assets. Higher production.

2002-04-22

BUY

16.310

Brad Willock

Likes. Well managed.

2002-04-19

BUY

15.870

Has one of the best stable assets in their portfolio. Good prospects based on oil/gas prices.

2002-04-16

DON'T BUY

16.750

Glenn Paradis, BA, CFA

Income trusts are getting a little expensive. A good trust. Wait for weakness in oil/gas.

2002-04-01

BUY

15.930

Good yield. One of the best oil/gas trusts.

2002-03-19

BUY

15.570

Has some good assets.

2002-03-13

DON'T BUY

14.590

A good company, but over leveraged on their debt to cash flow ratio.

2002-02-26

PAST TOP PICK

13.800

(Was a top pick on Nov 20 down 12%) Still likes. Commodity prices knocked it down.

2002-02-19

BUY

13.800

Thinks distributions will stay flat for two quarters and then start to grow.

2002-01-30

DON'T BUY

14.200

Trades at a premium. Higher costs in their production. With oil/gas in a low price, wait for them to rise.

2002-01-29

PAST TOP PICK

14.200

(Was a top pick on Nov 20 down 10%) There could be a cyclical dip. Buy when oil/gas starts to recover. Still has a reasonable distribution.

2002-01-18

DON'T BUY

14.200

Expects distribtions to be cut, so expect a drop in price.

2002-01-18

DON'T BUY

14.540

Michael Smedley

Trades at a high multiple. Oil could drop.

2002-01-10

DON'T BUY

12.980

Reducing distribution because of poor return on oil/gas. Well managed.

2001-12-19

DON'T BUY

12.900

David Burrows

Not a fan of their newly acquired east coast assets.

2001-12-10

WEAK BUY

13.800

Good assets. The cadillac of income truss. A lot of debt. Balance sheet is stretched.

2001-12-03

BUY

14.000

Good yield and good assets.

2001-12-02

DON'T BUY

14.010

Having a new underwriting so stock is under pressure.

2001-11-30

BUY

15.660

Ian Nakamoto

Well managed. Good distributions.

2001-11-21

TOP PICK

15.500

Good assets. Likes the gas play on the east coast. Nice distribution. Very cheap.

2001-11-20

DON'T BUY

15.500

Have to see oil agreements (OPEC, etc.) firm up. Recently into natural gas. Long reserve life. Well managed.

2001-11-20

BUY

16.350

Oil/gas is low. Now is the time to buy.

2001-10-24

BUY

16.950

An experienced management. A good holding.

2001-10-10

WEAK BUY

15.740

Robert Lyon

Good quality name. Good mngmnt.

2001-09-21

DON'T BUY

17.400

Into Sable Island Energy project, which is a very good asset. It has a RLI of 25 yrs. Will need a lot of money to finance it.

2001-08-27

BUY

18.950

Bruce Campbell

Good long term track record.

2001-08-17

TOP PICK

18.950

Has very solid assets in west and Sable Island.

2001-08-13

DON'T BUY

18.950

Well managed. Good asset base. Would like to know how they will fund their new east coast acquisition.

2001-08-13

BUY

18.100

Sable Island purchase was good. Good long term prospects.

2001-07-03

BUY

20.680

Recently acquired holdings in Sable Island natural gas fields.

2001-06-19

BUY

20.550

Robert Lyon

Can be cyclical. Good long term.

2001-06-11

DON'T BUY

20.640

Good reserve life/mngmnt. Trades at a huge premium to net asset value, so its expensive. Not his first choice.

2001-06-08

BUY

20.390

Ross Healy

High yield. Interesting investment. Good for people wanting income.

2001-06-05

DON'T BUY

21.170

Trying to acquire some Nova Scotia assets. A little rich now.

2001-05-23

BUY

21.740

Good mngmnt. Into some interesting deals. A little expensive, but a good trust.

2001-05-11

DON'T BUY

20.360

Moving from natural gas to oil and to Nova Scotia areas. Good mngmnt. Some roadblocks to N.S. acquisitions plus other concerns

2001-03-13

BUY

18.350

Noah Blackstein, B.A., CFA

Good trust. Constantly growing and has consistently out produced the oil and gas sectors

2000-12-06

BUY

19.000

Optimistic on oil price so will hold their value and may be rise

2000-11-27

BUY

19.000