STOCKCHASE

Mainly a gas producer. Had a dramatic growth rate in the early years. Low debt level. There are other trusts that are more attractive. Not a bad place to be.

2008-07-18

BUY

20.150

Yield is not that great but on the other hand, with the tax pools they have, you are not looking at taxes any time soon.

2008-06-30

TOP PICK

19.870

Natural gas. Have touched only 25% of their undeveloped acreage. Grow reserves from drill bit rather than acquisition. Tax pools probably keep them out of a taxable position until 2014/2015. Looking for distributions to increase. Capital gain will only be 4% or 5% and the rest of it will be distributions.

2008-06-04

Comment

19.460

Remains one of his favourite trusts because they develop their own reserves through the drill bit. Have accumulated massive amounts of land and will be able to keep production up.

2008-05-01

HOLD

16.870

(Market Call Minute.) One of the better names generally, but still not in a sweet spot in terms of a royalty trust.

2008-02-08

Comment

15.500

Very focused on natural gas. Has a wonderful asset in the western basin. In the current natural gas pricing market, many of these trusts are pulling back on new Cap X they are willing to spend.

2008-01-21

HOLD

16.600

He has confidence in the gas story playing out in the longer term. Natural gas did not have a good year last year and this year is a bit better. Yields around 10%. Payout ratio is around 70%.

2008-01-08

SELL

18.840

2007-11-06

DON'T BUY

19.200

Brian Acker, CA

This company does not pass his financial tests, so it is too weak for him to buy.

2007-11-01

HOLD

16.790

Has been hit pretty hard because it is pretty highly levered to natural gas. Have cut back on their capital expenditure programs, which cuts into their production. Well run.

2007-10-03

HOLD

17.030

Patrick Kim

Gas weighted trust and feels you will eventually be rewarded by holding on. Commodities have had a positive run in the last week or so and feel that this will continue.

2007-09-21

Comment

16.880

Even though they have a significant hedging program in place they will be running up against their credit lines in 2008. Have some tremendous properties in the western basin. This would be one of the companies that would benefit higher from natural gas p

2007-09-05

HOLD

17.680

A big constraint is that they are right up against their bank lines. Their assets are fairly high quality.

2007-07-23

HOLD

20.010

One of the more traditional energy trust. They are well placed going into the transition period. Had a good run up, was trading at a discount to actual value. Long term an excellent play. Maybe longer then a 1 year time frame. An excellent hold.

2007-06-11

HOLD

20.670

Should hold for a while longer. It lives within it's means. Will do better in the next half of this year.

2007-06-06

Comment

16.590

A gas weighted name so they have been hit pretty hard. Also hit hard because of high service costs. A good play from a risk/reward perspective. 1st & 2nd quarter may be soft.

2007-03-23

DON'T BUY

16.300

Michael Simpson, CFA

Have a great asset with longer than average reserve life. About 75%-80% natural gas weighted. Have concerns on their debt levels. Haven't much room left on their bank line, so he anticipates an equity issue fairly soon.

2007-03-20

Comment

16.100

Has come down a long way. A lot of the oil/gas companies are now at prices that they have to look attractive.

2007-03-16

HOLD

16.420

Looking for a weaker period in natural gas at this time. This is a good trust, but you might be able to buy it a little cheaper over the next few months. Reserve life index of about 19 years.

2007-03-09

HOLD

17.010

Not one of his favourites. Not the best time to sell. Chart pattern looks like it’s going to go sideways. If there is a bounce in gas prices, which he is anticipating, this could show some reasonable upside. You then might consider switching to something like Arc Energy (AET.UN-T).

2007-02-23

HOLD

17.350

They have been increasingly talking about living within their means and have cut their capital expenditures by 47%. This means it will be harder and harder to see growth.

2007-02-21

HOLD

17.360

Michael Decter

If you've got the stomach for a possible $2 decrease in the next 12 to 18 months, then he would hold. There will be a lot of volatility.

2007-01-18

SELL

17.360

Robert Toole

Has about the highest payout ratio out there. Has reached its growth limit in its asset base.

2007-01-18

HOLD

18.200

Should continue to be able to develop their business in a very profitable way because of their huge land position. Always focused on growing through the drill bit versus acquisitions. A long-time investment. Good management.

2007-01-15

HOLD

17.700

Sandy McIntyre

Has an extremely high quality asset base. Been struggling with above normal decline rates on 3 wells that affected its growth rate. That is behind them and production has stabilized. Valuation is fair. He is negative on gas until the end of Jan-Feb, but becoming very bullish on it for 2008.

2006-12-29

PAST TOP PICK

17.850

(A Top Pick April 26/06. Down 36.1%.) Still likes. Will be one that will easily convert back to a corporation.

2006-12-15

DON'T BUY

18.460

Has owned some very good property, particularly in the Sundance region in Alberta. Will be a tougher go for them to replicate that. They are right up against where they stand on their bank lines. It will be difficult now to raise new equity.

2006-12-01

BUY

17.520

Anything to do with natural gas has been in a bit of a bear market. Starting to recover. Has grown, on a per-unit basis, the greatest over the last 5 years. 70%-80% natural gas. 16 year reserve life index.

2006-11-24

HOLD

17.600

Larry Berman CFA, CMT, CTA

Getting a decent yield and you have one or two years before there is a big whacking cut. Very long reserve life. Hold, but if you want to sell wait until winter and sell into strength. See how things go.

2006-11-16

DON'T BUY

17.450

James Cole, BA, CFA

If we have a warm winter, gas prices will collapse. Has a great long-term track record. Pound for pound, dollar for dollar, you can get better value in corporations.

2006-11-13

BUY

18.340

Stephen Carlin

Tarred with the “income trust” brush and low gas price. Has a low payout ratio, so distributions are less at risk than some others. Good balance sheet.

2006-11-08

DON'T BUY

17.950

Not a favourite. Prefers Suncor (SU-T) which has the right mix of assets.

2006-11-02

BUY

22.050

Gavin Graham

An excellent gas play. Has done a good job of developing their gas plays in the Western sedimentary basin. 7.5% yield. Low distribution ratio.

2006-10-30

BUY

22.400

Natural gas focused. Gas prices have been firming up in the last little while. Long reserve life index. High quality assets. Good value here.

2006-10-27

SELL

22.400

Robert Toole

Undergone a big change. Has been a very steady, growing trust. Got to a point in their asset base where they are unable to continue to grow production/cash distributions. One of the highest payout ratios out there which may have to be adjusted.

2006-10-27

BUY

23.040

Pretty volatile. Have always kept their payout ratio pretty low and rolled the money back into exploration. Relatively low yield, but more potential growth.

2006-10-26

PAST TOP PICK

22.450

(A Top Pick June 2/06. Down 10%%.) Very gas weighted. Has held in versus some of the more levered gas names. Reserve life of about 17 years and a payout ratio of about 50%-60%.

2006-10-20

BUY

19.930

They have a good quality base with the longest reserve life. They pay out 50% of their cash flow. Management has been shaken up but he believes it has provided an opportunity.

2006-09-29

PAST TOP PICK

22.000

(A Top Pick Jun 2/06. Down 7.9%.) Management change so wait before buying and buy on weakness.

2006-09-08

BUY on WEAKNESS

22.000

Thinks it will have to continue to spend a lot of money on its production. 100% natural gas, so buy on weakness over the next couple of months. Good performer, but will not do as well as it used to.

2006-09-08

BUY

22.970

Great production increases. Seem to be back in sync again. Yield, at 7.5%, is too low for him. An aggressive company with a lot of drilling prospects and a lot of land. Have been very effective in getting their production up.

2006-08-30

BUY

21.530

Peter Gibson

The smaller energy companies are still putting up some pretty good profit growth. This is not a smaller name but it's in the group that has strong profit growth. Fundamentals look very good. Be prepared to look past any short-term weakness.

2006-08-18

BUY

22.000

Have had another flat quarter and the CEO is stepping down. 5 flat quarters in a row but he feels there is optimism for future growth.

2006-08-14

BUY

22.080

Garth Jestley

Just made a management change. A large player in coal bed methane.

2006-08-11

BUY

24.260

Not sure why it is down relative to others except that its yield is quite low. Fallen below the 200 day moving average and is approaching the 50 day. If gas prices keep on moving up, this one will also.

2006-08-09

BUY

21.870

Ravi Sood

Has been an absolute star in creating shareholder value at the drill bit. A lot of the sell off was because it got ahead of itself. Good level.

2006-07-21

Comment

22.440

Likes the outlook for gas-oriented trusts. This is one of the places he would consider.

2006-07-18

BUY

23.280

Dean Orrico

Has a very high level of confidence in the management team. Very focused. 80/85% natural gas. 60% payout ratio. Reserve life of about 19 years.

2006-06-23

BUY

23.020

A gas weighted trust. Has the longest reserve life so it is quite stable from an asset standpoint. Has dropped because of the draft in natural gas prices. Good value down here. Could have a further drop over the summer.

2006-06-21

DON'T BUY

23.560

Has a great asset North West of Edmonton. Well managed. Spends a large amount (270%) of its cash flow on capital expenditures and distributions. Numbers are pretty spectacular. Had a huge growth rate. Companies tend to drill up their best wells 1st, so has not taken a recent position in it.

2006-06-16

TOP PICK

24.920

A gas weighted trust with about an 18 year reserve life. Pulled back because of weaker gas prices. Should grow substantially per unit. Good price.

2006-06-02

DON'T BUY

23.930

Michael Simpson, CFA

About 80% gas focused. With lower gas prices, he is concerned they may have to cut back on some of their capital spending.

2006-06-01

BUY

23.630

In gas weighted income trusts he prefers Progress Energy Trust (PGX.UN-T) or Peyto Energy (PEY.UN-T).

2006-05-18

BUY

24.300

Leslie Lundquist

Has been beaten up. Released a quarter that was a little bit softer then some investors had expected. This gives a good opportunity to get in. Longer-term outlook is still very good.

2006-05-17

HOLD

27.900

Probably fairly valued at current levels. 80% of its production is natural gas. Longer term, it will be a good story.

2006-05-05

SELL

26.600

Management disappointed the market. They have a very solid business model, but the model is predicated on them aggressively finding and replacing their reserve.

2006-04-28

BUY on WEAKNESS

28.200

A great royalty trust. Had phenomenal returns. Has the highest reserve life of a conventional royalty trust. Low payout ratio. Gas weighted so during these times of low gas prices, it may trade down to the $25/26 level which would be a good time to pick some up.

2006-04-07

BUY

26.030

One of his top gas-weighted names. Has a very high reserve life index. Anything below $25 is a steal.

2006-03-24

BUY

25.920

The gas exposure that they have has been partially responsible for its pullback. If you are a longer term investor, you should definitely hold. They have excellent properties and good production possibilities going forward.

2006-03-23

HOLD

23.650

Leslie Lundquist

It is an oil and gas producer, heavy gas exposure. In the long term it should do fine. Hold if you own. Buying depends on your personal circumstances. The expert's company is assessing this trust to see if they want to buy or not.

2006-03-04

BUY

24.430

Natural gas focused trust and has suffered a drop in price because of this. Also, their growth profile modified somewhat in 2005.

2006-02-17

BUY

22.680

Ravi Sood

Has been a spectacular success story. Grew through the drill bit. That to such a size that it couldn't sustain the growth. Is now at a good entry point.

2006-02-10

TOP PICK

22.800

Good track record. Gas focus trust at 80% of natural gas production. Since changing to trust in 2003 they have gone from 13,000 b.o.e. per day to 23,000 b.o.e. per day.

2006-02-08

BUY on WEAKNESS

24.420

Bruce Campbell

This is a hybrid trust that only pays out about 40% with a mid-single digit yield, but what you get is better growth. Gas focused. This is one you would want to buy on weakness. A good name.

2006-01-24

WEAK BUY

24.050

Has not been his favourite income trust because he tends to buy his trusts for yield and this one is only around 6%.

2006-01-23

SELL

24.910

A low yielding growth trust. Believes the growth rate is slowing down and they sold their holdings.

2006-01-20

BUY

24.800

Has a distribution of around $2. Outside of an RRSP it makes no sense to sell. Would buy this, and any other gas oriented trust. Have run into a production glitch because they have done all the production from zones they know and it will become progressively tougher to go into different formations. Won't be as profitable as it has been in the past.

2006-01-16

BUY

24.560

Patrick Kim

Has been one of the biggest successes in the Royalty Trust sector. They did a fantastic job of growing internally. Had a tremendous growth rate in 2004 so it was normal for a slower pace in 2005. The recent price weakness is an opportunity to buy more.

2006-01-13

BUY

24.990

79% gas production. Long reserve life. A good debt to cash flow position. Has the ability to increase production per unit. Great exploration potential.

2005-12-28

BUY

28.490

The yield is under 8% and given his risk/reward parameters, it doesn’t fit his criteria, so not buying more at this time. A great company.

2005-12-15

PAST TOP PICK

27.700

Garth Jestley

(A Top Pick June 3/05. No change but has had distributions.) Still likes. Low payout ratio so has a sustainable model. Has a very long reserve life index.

2005-12-02

HOLD

26.100

Has dropped, but still has good value. One of the lowest cost producers. Good production growth. Higher risk because the valuation got very high on it.

2005-11-30

BUY

26.000

Bill Harris, CFA

A gas weighted trust. One of the more phenominal stocks in the industry. One of the best management teams. An incredibly focused asset base. A very expensive stock and you have to believe that this team can do it. Wouldn't want to bet against them. It still has a way to go.

2005-11-24

DON'T BUY

23.830

Brian Acker, CA

Has fallen back to his model price, but he is finding value elsewhere,

2005-11-23

BUY

21.690

They've run into a small problem like many of the trusts, wet weather in ALberta. There were 5 producing sands in their major areas, but have discovered in branching out into other areas, it is more expensive and the yields haven' been as high. Yield is close to 9% and this would be a good time to buy.

2005-11-15

HOLD

23.800

David Baskin

Has dropped partly because of energy prices, caution on energy trusts and partly because it was bid up too high. Much more attractive at this price and if a long term holder with a capital gain, hold.

2005-11-08

HOLD

26.180

A natural gas focused trust. Unusual in that you are seeing double digit growth in production per unit. Very low payout ratio. Good quality management team.

2005-10-28

WAIT

24.700

A quality growth trust. Ranks in the lower end of yields in oil/gas trusts at 6/7%. However, distribution increases are expected next year. You may want to wait before buying until the tax question is cleared up.

2005-10-21

BUY

28.830

Stacks up extremely well against a number of the energy trusts. Would rank in the top 6 of his choices. Very well run. Good properties and good reserves.

2005-10-11

SELL

29.450

A gas weighted trust. Has had a great run. They are probably going to have to spend more than any other trust in their capital expenditure budget next year. Selling well above some of its peers.

2005-10-05

HOLD

30.450

Dean Orrico

One of the stalwarts in the oil/gas trust area. Really grown through the drill bit. Continues to be a good name in the sector, but the vast majority of the growth is behind it.

2005-09-30

BUY on WEAKNESS

29.900

Below $30 it is in his BUY territory, but above $35 would look to unwind a bit of his position. Great management. Grows internally rather than by acquisitions. Has the highest income per unit growth out of all the royalty trusts. Buy on any pull back.

2005-09-23

BUY

31.860

A very interesting trust model. Distribution from the beginning was going to be very low in order to have surplus for reinvestments. Last quarter they mis-stepped, but could be because of having a rainy quarter. Thinks it's OK now.

2005-09-09

DON'T BUY

31.460

David Baskin

Had one of the best runs of any of the energy income trusts this past year. Got too highly priced.

2005-09-08

HOLD

31.000

Brendan Kyne

As we enter the 4th quarter, he sees a lot of the oil/gas trusts for a shorter term trade giving out special distributions.

2005-08-30

VAGUE

30.680

Patrick Kim

More of a growth oil/gas company. Holding back a large proportion of cash for reinvestment in organic growth rather than acquisitions. Keeps their costs low. Has always traded at a significant premium to its peers.

2005-08-19

BUY

31.340

For pure gas income trust plays, prefers TKE Energy Trust (TKE.UN-T), Progress Energy (PGX.UN-T), Thunder Energy (THY.UN-T) and Peyto (PEY.UN-T). In the producer area Storm Exploration (SEO-T) because it was incredibly cheap at $4.60. Would sell when it gets near $7.

2005-08-17

BUY on WEAKNESS

30.670

Sandy McIntyre

He's schizophrenic on this one. He's a value investor and is concerned when he has to spend too much on production and reserves, but they continually deliver. They have identified tight gas as a theme.

2005-08-12

DON'T BUY

33.150

Bill Harris, CFA

An extraordinary company. Market is pricing in future growth expectations and so doesn't know where to put a price on it any more. If natural gas goes up, this will trade with that. Seems to be a lot of natural gas available for this winter short term and this is priced into it.

2005-08-10

BUY

30.460

A very low cost producer. It does spend a lot. It does grow its production every year though. Because of growth its been able to grow its trading price and net asset value on a pretty consistant basis.

2005-07-08

TOP PICK

27.350

Garth Jestley

Low payout ratio at 46%. Added about 25% reserves last year. Very disciplined in terms of finances. Manageemnt owns 21%.

2005-06-03

TOP PICK

26.950

Matt Baillie

The best royalty trust performer in the last 3 years. Will continue to grow at 25% for the forseeable future. Has the longest reserve life. Low operating costs. Not expensive compared to other royalty trusts. About 7.5 X next year's cash flow.

2005-06-01

VAGUE

52.450

An unusual trust. Low yield of about 4/4.5%. Recently increased its distribution. A growth trust. Redeploys 60% of its cash flow into capital expenditures. His concern is that it doesn't have a large land position.

2005-05-20

BUY

49.220

A very unique formula. Some of its numbers are pretty spectacular in its growth. Management has a significant interest in the company. Spends a large amount of capital on their property in the Sundance area.

2005-04-29

BUY

48.800

Prefers companies that are growing by internal growth, such as this one and Arc Energy (AET.UN-T), Ketch (KER.UN-T), Bonavista (BNP.UN-T), Focus (FET.UN-T). They pay out less of their cash flow in order to keep and grow their reserve life.

2005-04-08

BUY

48.800

Matt Baillie

Cream of the crop of the royalty trust area. The only one that's actually growing its production per unit, probably about 30% over the next year. Lowest finding and development costs. Low payout ratio. Has management ownership.

2005-04-08

BUY

50.600