STOCKCHASE

They are one of the largest shareholders. They have too much debt but if he didn’t think gas was going to $6 he would not be holding it. Got booted out of the index and caused selling, so that is a sign of a bottom.

2011-09-12

PAST TOP PICK

2.620

(A Top Pick July 30/10. Down 42.61%.) Sold his holdings in the $3-$4 range. Dropped its dividend, which caused the problem. Highly leveraged to natural gas prices.

2011-08-22

PAST TOP PICK

3.610

(Top Pick Jul 30/10, Down 22.05%) Would not take a position in this right now. Dividend was decreased. Waiting for an up tick to exit his position. Past Top Pick

2011-06-07

HOLD

4.000

They are trying very hard to produce LNG and shift to oil. Relatively short reserve life. He is bearish on gas. Well managed and have done a very good job.

2011-04-20

HOLD

4.030

It is important that Nat Gas gets close to $5. If you sold it, stay out of it, otherwise hold it.

2011-02-01

Comment

4.060

Natural Gas Commodity ETF (GAS-T) or Perpetual Energy (PMT-T) for a 5-year gas play? A 5-year expectation that gas will go up eventually is reasonable. He would hold this one. Recently redid some hedges and got their bank loans/credit lines revised.

2011-01-17

SELL

3.980

Eric Nuttall

Cut dividend back in October and stock tumbled. Trying to increase liquid component of their natural gas. 97% natural gas. Unless you are a bull on natural gas prices, it is highly likely they will have to cut dividend yet again. He is short the stock.

2010-12-14

DON'T BUY

3.970

Reduced their payout on conversion. Recent results were mixed. Production as less than expected but got better prices. CapX program will be going up in the next year. Not a compelling price.

2010-12-01

DON'T BUY

4.430

Eric Nuttall

Wildly over valued natural gas stocks. 97% natural gas. Have some hedging, but even with that they have a high cost base. Debt up to their eyeballs at 4.2 times. Trades at just under10X enterprise value to cash flow using $4.25 Cdn pricing. 13.5% yield, which he feels is in jeopardy.

2010-10-27

HOLD

4.940

This stock is a trader. Only 5 years of reserve life. They are successfully avoiding some of the shallow gas. They are gas weighted.

2010-08-31

TOP PICK

5.030

(Doesn't own but on his radar screen and will try to get it under $5.) Almost fully Exposed to natural gas. Nice dividend of about 12%.

2010-07-30

PAST TOP PICK

4.980

Colin Stewart

(A Top Pick May 12/08. Up 24.66%.) Reduced his position a little bit.

2010-05-25

PAST TOP PICK

4.980

Colin Stewart

(A Top Pick May 12/09. Up 11.7% plus distributions.) His way of getting exposure to natural gas which had been too beaten up.

2010-01-28

HOLD

5.460

Heavily focused on natural gas. Thinks that gas will average around $6.50 in 2010, which bodes well for this company. There are other gas year names that he prefers because they have more of a resource play. (See Top Picks.)

2010-01-06

PAST TOP PICK

4.800

(A Top Pick Nov 10/08. Down 8.96%.)

2009-12-07

PAST TOP PICK

5.150

(A Top Pick Nov 10/08. Down 3.6%.) 100% natural gas. Likes the assets and management but doesn't have great expectations for it going forward. If you own, consider Selling.

2009-11-06

HOLD

5.220

(Market Call Minute.) Has done a few things well with the Profound acquisition but is gas weighted with a short reserve life.

2009-09-28

Comment

5.210

Joanne A. Hruska, CFA

Very gas focused. Starting to work its way back. Has a lot of hedges, which may be why it has done better.

2009-09-14

SELL

4.900

Bill Carrigan

12.3% yield. Eventually they are going to have to go corporate. He wouldn't want to wait around to see if it was going to be successful or if there were going to be a cut. Looking at the chart, he doesn't think it is going anywhere.

2009-08-28

HOLD

4.780

This company is pretty much in shallow gas and gas prices have just gone from bad to worse. If things were to deteriorate further, a distribution cut could happen.

2009-08-21

PARTIAL BUY

4.300

Dean Orrico

Gas weighted. Well run. Short reserve life is a bit of an issue. Well capitalized. 13.9% distribution is in good shape. Has been slowly adding this one to his portfolio.

2009-07-23

WAIT

4.300

Almost 90% gas production. Likes their plays and the management team. As a gas producer, it is vulnerable to some softness over the next several months. Buy it on weakness. Distribution could be vulnerable.

2009-05-20

TOP PICK

4.460

Colin Stewart

Great way to play longer term upside in natural gas. Have significant hedges on natural gas in the near term. Thinks the 13% distribution is sustainable. Payout ratio of only about 55%. Trading at about 3X cash flow.

2009-05-12

Comment

3.480

Joseph Schachter

(Market Call Minute.) A gassy related trust. If you have a patient long-term time horizon, buy.

2009-04-06

HOLD

5.060

(Market Call Minute.) At times they hedge and at other times they don't.

2008-11-20

TOP PICK

6.250

100% natural gas. Relatively high income. 19.2% distribution is about 50-50 vulnerable because of gas prices but he is not expecting it. Production is up a little. Have done well with their hedging program.

2008-11-10

PAST TOP PICK

8.350

(A Top Pick Aug 22/07. Up 23%.) Great leverage to gas prices and had recommended when gas prices were depressed. Recently sold his holdings.

2008-08-22

TOP PICK

8.230

Sandy McIntyre

100% gas. Short reserve life index. Balance sheet is OK but not great. Asset base decline rate is between 16 and low 20’s while reserve life index has a 27% decline rate. 14.75% yield. (Betting on short duration over no distribution.)

2008-08-15

WATCH

7.940

David Burrows

Virtually all gas. Very conservative management with a fairly low payout ratio. Will trade with natural gas stocks, but there is yield support that should give it some support. He would want to see some positive price action before he bought.

2008-08-05

WAIT

7.800

100% gas. Sold his holdings last fall, presuming low gas prices. Would wait to see how strong gas imports are this summer. He likes it. Has good plays and is well managed and a good cash position.

2008-03-07

DON'T BUY

6.950

Very short reserve life index of about 5 years. Also gas weighted.

2008-02-08

BUY

6.830

Primarily natural gas weighted. Cut their distribution in December. Debt levels are a bit higher than he likes. He owns it for leverage to natural gas. Distributions should be sustainable over the short and medium period. Likes it at this price.

2008-01-22

Comment

6.400

(Market Call Minute.) Potential for an acquisition and consolidation with their parent Paramount Resources (POU-T). Doesn't think it will occur for the next 12 months. Tremendous yield may not be safe going forward.

2008-01-21

DON'T BUY

6.350

Thinks they will have problems they will have to face going forward. Worried a little bit about the distributions.

2007-12-10

SELL

6.310

Bruce Campbell

(Market Call Minute) A gassy trust, which is the kind of thing he avoids.

2007-11-22

WEAK BUY

6.230

Gavin Graham

Not a trust that we like. All of these trusts have been big under performers. If you don’t mind the management, you can buy.

2007-11-19

Comment

7.000

Has some issues with debt, so sold some assets. Thinks their payout ratio will be in the 65% - 70% range. Good management.

2007-11-08

SELL

7.840

Adam Thomas

Would not be an owner of this one right now. He would look at an affiliated company Paramount Resources (POU-T). It doesn't pay a distribution, but is probably one of the stronger energy names.

2007-10-05

HOLD

8.100

Joseph Schachter

Had to cut their distributions. They are trying to get to a 50% payout, which allows them to continue the payout as well as reinvest in the ground.

2007-08-17

DON'T BUY

8.400

Slashed their distribution by 29%, which came after an equity issue. This caused a drop in the stock. A decent name, but it only has a 5.3-year reserve life. Dead money for a while.

2007-08-08

BUY

9.780

Joseph Schachter

The problem here is natural gas prices. There is a lot of inventory. He believes that natural gas prices will recover..

2007-07-20

Comment

9.770

This is a classic example of what is going to happen to the trusts as they get nearer to 2011. It will depend to some extent on the tax pools. Expect distributions will be cut.

2007-07-19

BUY

11.410

Primarily weighted to natural gas. Could see some choppy trading in the short term based on his short-term forecasts that natural gas might not be that robust. Likes it longer-term. Good management. Good for a long-term hold.

2007-07-04

HOLD

9.750

100% gas weighted but has hedged about 50% of their production. 5 year reserve life. Specialists in shallow gas, which is the most likely to be curtailed when gas prices are low.

2007-03-27

Comment

9.660

Gavin Graham

Has always been fairly aggressive in their reserve life calculations, as well as the amount they pay out. Trusts growing by the chequebook, and paying out most of what they generate, have been badly affected. Has interesting acreage and will be leveraged to the price of oil.

2007-03-26

DON'T BUY

9.370

Kevin Hall BComm, CFA

Very short reserve life index. Primary focus is natural gas. Their ability to maintain the reserve life is going to be a challenge. If you're looking for natural gas, he would suggest looking at Focus Energy (FET.UN-T), Peyto Energy (PEY.UN-T) or Progress Energy (PGX.UN-T).

2007-03-09

WAIT

11.560

The biggest problem here is that it is a gas weighted trust. Good management. If you hold it, you'll get a decent distribution but if you want buy or exit, wait for a turn in the commodity.

2007-02-21

DON'T BUY

12.260

A gas weighted royalty trust. Would prefer Zargon (ZAR.UN-T) or Focus (FET.UN-T) because of their longer reserve life and lower debt multiples. Has a pretty good hedging program in place.

2007-01-22

Comment

11.640

Very highly weighted to natural gas. He is bullish on natural gas for 2008, but there will be short-term weakness. If your horizon is less than a year, he wouldn't hold. If you have a longer view, then it is a good hold. Distributions could be in danger.

2007-01-04

DON'T BUY

14.610

Gas weighted. Gas prices have been improving. Prefers other gas focused names such as Enerplus (ERF.UN-T) Arc Energy (AET.UN-T) Focus (FET.UN-T) and Shining Bank (SHN.UN-T).

2006-12-01

SELL

14.200

Very short reserve life. A high beta play on natural gas. Limited growth opportunities because of government trust rulings.

2006-11-24

BUY

12.980

Lower reserve life and 100% gas focused, but have been doing this for 23 years. The bigger bet is on gas prices rather than survivability. If gas prices stay at this level or go higher, this is a name that you might want to add to.

2006-11-16

BUY

13.110

Management has done a good job and got some good properties. Facing closer to the 30% than the 20% tax obligation for trusts. Gas oriented.

2006-11-10

DON'T BUY

17.580

Robert Toole

The most natural gas weighted trust out there. Based on his views of natural gas, this has a favourable outlook longer-term. Has a relatively short reserve life. Prefers more conservatively run trusts.

2006-10-27

DON'T BUY

16.150

They have cut distribution this year. It is 100% gas. It has a short reserve life. Best to go with another name.

2006-09-29

DON'T BUY

19.740

Basically a gas play. High payout ratio.

2006-08-11

HOLD

18.010

Ravi Sood

Gas weighted. With their distribution cuts now out of the way, it is probably a decent entry point. Not the best trust to play a turnaround in gas prices.

2006-07-21

BUY

18.550

A very good company. Well-managed and well positioned in the energy area. A good long-term investment.

2006-07-18

BUY

17.900

A good mid/long-term (6/12 months) hold. A shallow gas type of trust. You won't see a big pop in it right away. One of the better, lower cost trusts.

2006-07-10

DON'T BUY

19.230

Almost 100% natural gas. Has hedged some of its production into 2008. We are going into 3/4 months of fairly weak gas prices. Has a higher payout ratio at about 80%. Rumours of distribution being cut.

2006-06-02

HOLD

18.120

100% natural gas. There has been a substantial decline in natural gas prices in the last 6 months. At $6 MCF we are probably near the bottom. If normal weather pattern's return, the demand will go substantially higher.

2006-05-19

DON'T BUY

18.890

Not his favourite trust. Prefers the multibillion$ oil/gas income trusts.

2006-05-15

DON'T BUY

20.000

Gavin Graham

Has not been holding its own. Off 9/10% this year. Has a short reserve life. One of the casualties of the high grading of the income trust market. Good yield at 14.5%, but a riskier trust.

2006-05-03

WEAK BUY

21.290

Patrick Kim

For the braver investor. It will be quite volatile. Payout ratios quite high. Have some assets with very high decline rates and their efficiency numbers in replacing some of those reserves has not been great. Have put a lot of money into drilling this winter which gives it some potential for some very good news to come out in Q1.

2006-04-21

BUY

19.950

This has hedged 47% of its production at $10 or more. Very clean balance sheet. Huge land base.

2006-04-05

DON'T BUY

20.140

Would put this in the middle of the range of energy trusts. Fairly valued right now and would prefer at a lower price.

2006-03-23

DON'T BUY

19.310

Sandy McIntyre

Paramount Energy Trust has done a good job over the years of maintaining production with a short RLI asset base. He has been bearish on gas for the past few months and this is 100% gas weight. Not in his portfolio but will own it at the right time. He likes Penn West, it is his third largest holding . It is an oil and gas trust with a great reservoir.

2006-03-05

DON'T BUY

22.000

The reserve life index is very short at about five years where the average is about nine years. This leaves very little room for error.

2005-12-02

DON'T BUY

21.140

Kevin Hall BComm, CFA

Has had some past issues with the Alberta, particularily with their production around the oil sands. For a natural gas play, would prefer a Focus Energy (FET.UN-T) which has a much longer reserve life index.

2005-10-28

BUY

20.040

Greg Guichon

100% natural gas. Raised the distribution and with their hedging can continue the increase through to 2007. Management has a long history in oil/gas and he really likes them.

2005-10-21

DON'T BUY

20.980

Ravi Sood

He is currently shorting. Has gas exposure. Doesn't think it's going much lower, but thinks it will underperform the other gas weighted trusts.

2005-10-14

HOLD

20.750

High payout ratio. Likes the assets, but have suffered a bit over the gas over bitumen issue. Very gas orientated which has good prospects in front of it.

2005-09-02

BUY

20.400

Has a good sustainablility of its distribution plus its cap ex. The 2nd quarter was in line with analysts estimates. Mainly gas. Reasonably priced.

2005-08-15

HOLD

17.780

Has reasonably good payout ratio of just over 100%. Has some very good assets. Well managed. Not sure there's a lot more room on the upside. Good one to hold.

2005-07-08

DON'T BUY

17.490

Matt Baillie

Got some back from the Alberta government over the closure of some of its properties. Not one of his favourites. Not growing organically. Pure gas play and a short reserve life. Still has to prove itself.

2005-01-27

WEAK BUY

17.570

Rob Callander

Has its problems with a gas issue. Avoids what he considers the more risky trusts. Prefers blue chip stocks this year.

2005-01-25

BUY

16.100

Has performed very well recently. Well managed. In spite of their low reserve life index, expects they will continue to grow it.

2004-12-29

DON'T BUY

16.310

100% natural gas and they don't hedge much of their production. Highly volatile. Reserve life is only about 5 1/2 years compared to 9.7 years for the industry.

2004-12-24

BUY

16.240

Believes it will be able to maintain its distributions, if not grow it a little as long as natural gas prices remain above $6/$6.50.

2004-12-17

BUY

15.210

Has been one the best performing trusts. Well managed. Expensive right now. Lower payout ratio which is good.

2004-11-05

DON'T BUY

15.850

Relatively short reserve life.

2004-10-29

DON'T BUY

16.290

Hasn't been a favourite as their asset base was too concentrated. Has had a good recovery. Average in reserve life. Prefers larger companies with lots of assets in various areas.

2004-10-14

BUY

16.300

Greg Guichon

A gas weighted trust. Good management. Waiting for the Alberta government to come to some kind of reconciliation. Should happen in the next six weeks.

2004-10-08

DON'T BUY

15.910

A little highly levered. Has had some production issues.

2004-09-27

DON'T BUY

14.100

It is not a very good buy.

2004-09-02

BUY

14.320

Has had a good move in the last 6 months.

2004-08-25

WEAK BUY

14.600

Charles Dillingham

Comes well recommended. Just started buying recently. There is a dispute with the use of their gas.

2004-08-20

HOLD

14.350

Ross Healy

Given the general trend of energy prices, not a trust to worry about. Not a fan of income trust.

2004-08-16

WEAK BUY

13.290

Should do OK. Still has too many eggs in too few baskets. Acquisition of Cavell should help. Reasonably priced. Prefers the larger trusts.

2004-08-10

DON'T BUY

13.510

Reserve life index is only five years or less. Prefers 9/10 years. Would prefer Peyto, Focus or Shining Bank.

2004-08-04

DON'T BUY

13.790

Distributions have just increased so there was a spike in the stock price. Wouldn't be surprised if it pulled back from here. Feels it is a little too narrow in its focus of its assets.

2004-07-26

DON'T BUY

13.900

Blair Wilson

Has made an acquisition, so it has come back. Concerned about the valuation.

2004-07-22

HOLD

11.640

Alberta Energy Board designated a large amount of their property as heavy oil sold gas was limited. Management is not too bad. Decent yield. Fully priced.

2004-04-26

DON'T BUY

10.000

Not a fan.Very short reserve life.

2003-08-27

DON'T BUY

9.970

Glenn Paradis, BA, CFA

Ran into some shut-in problems with the Alberta government.Wouldn't invest in the hopes that they will win.

2003-08-13

SELL

8.700

David Burrows

Have been locked out of some gas fields by the Alberta government. A lot of holders are waiting for a bit of a rally and then will sell their shares.

2003-07-02

DON'T BUY

9.060