STOCKCHASE

There will be a bunch of shale gas play around giving a little bit too much gas and too easy to find. You need really cold weather for a couple of months, which he doesn't think is very likely. If a trader, think about getting out at the end of January but for a long term hold, they have a good balance sheet, pays a good dividend and has good drilling prospects.

2009-12-30

DON'T BUY

13.770

Steve Carlin

Natural gas. Great management team. Have a solid land position in the hotspot of northeast BC. Doesn't see natural gas prices turning around any time soon.

2009-12-16

HOLD

13.820

Laura Lau

You can trade around this one but keep a core holding. Fantastic land base with 800,000 acres in the Montney. One of the wells tested 10 million a day. Currently a little ahead of itself.

2009-09-30

PARTIAL SELL

12.010

Steve Carlin

Huge supporter of this management team. Very natural gas exposed and is really bumping up towards the short-term full value. If you are a bit of a trader, consider taking some profits right now.

2009-09-16

BUY

10.040

Hasn't had any exposure to natural gas for a long time but decided to take a bit of a shot. About 87% gas weighted with a good balance sheet. Big upside to Montney. Good royalty incentives from BC government. 3.9% yield could be cut if gas prices do not improve.

2009-08-10

TOP PICK

9.450

Bill Harris, CFA

He has to own something in natural gas and this is a low-cost producer. A little bit of debt but a very disciplined company. If we come out of this in a year, this is absolutely the best way to play natural gas.

2009-07-31

BUY

9.400

Almost a pure natural gas play with the best balance sheet. Seems to have bottomed around $9. Riskier than average play. Gas needs some kind of catalyst such as a cold winter or hurricanes.

2009-07-15

TOP PICK

10.560

Western Canadian natural gas play. Really good balance sheet. Will probably go sideways if gas prices don't move.

2009-06-25

DON'T BUY

10.550

Likes the company and management is superb. Fabulous production and fabulous land. However, it is mainly gas and he sold his holdings. Would consider at $7-$8.

2009-05-20

HOLD

9.440

Joanne A. Hruska, CFA

Will keep growing. If valuation keeps continues to grow, lighten your holding.

2009-04-15

Comment

8.750

Joanne A. Hruska, CFA

Merging with ProEx Energy (PXE-T). If you are in it for high yield, you might want to switch out of it and move into a higher yield. If the yield is not a big factor, continue to hold. Huge land spread in northern BC.

2009-01-16

WAIT

9.170

Jeff Parent

In a trading level of $8 to $9.50. 4.4% yield. Wouldn't Buy until it breaks out above $10. If you want to Buy, put an order in at $8.50. Use $7.50 as a Stop.

2009-01-05

HOLD

9.200

(Market Call Minute.) Recently combined with ProEx Energy. They just have to work this through.

2009-01-02

BUY

8.250

Dennis Da Silva

Merging with ProEx Energy (PXE-T), which he likes. This brings certainty to the trust.

2008-12-18

BUY

8.990

One of his favourites. Natural gas. Looking at the total payout for CapX and distributions, it is sustainable even though you are going to see distribution cuts on $50 oil. Not taxable out until 2012-2013.

2008-12-17

HOLD

7.860

Being acquired by ProEx Energy (PXE-T). Excellent management and have some great resource plays in the Montney. Merger should help production growth. Great tax pools.

2008-11-20

HOLD

8.800

Michael Sprung

Being acquired by ProEx Energy (PXE-T) through a share exchange. It's their way of handling the conversion to a corporation. Payout will be reduced when it becomes a dividend paying company. Would hope this would be more acceptable for unit holders than the company going through an expensive legal conversion to a corporation.

2008-11-18

WAIT

9.600

(Market Call Minute.) Looks like it is bouncing along the bottom here. Could have a cut in distributions but the yield, even after a cut, will still be pretty good. Wait and see.

2008-10-31

HOLD

14.610

A very gassy trust so with gas over $12 MCF, this company has had a nice recovery. Well managed and good properties but given the recovery upside will be less than it was. Suspect there could be a distribution increase later this year.

2008-05-26

BUY

13.740

Has a wonderful inventory of assets that they can develop over the next few years. They’re farm-in and management partners with ProEx Energy (PXE-T). One of the best drilling and management teams in the western basin. Latest results show record production. A little concerned with the debt, but given commodity prices, this can alleviate a lot of balance sheet concerns.

2008-04-16

Comment

13.390

Sandy McIntyre

This is his favourite stock in the gas area with exposure to North East B.C. tight gas. Be cautious about buying natural gas stocks in February as it is coming into the shoulder season.

2008-02-26

BUY

11.550

Gas weighted. If you are looking for natural gas exposure and trying to get some high yield, this is a great name.

2008-01-29

HOLD

10.190

Thinks distributions are safe. Relatively low payout ratio versus the group. Pretty good balance sheet. The worst is probably behind it but wouldn't put new money in.

2008-01-08

BUY

10.530

Joanne A. Hruska, CFA

Natural gas that she would look to own in 2008. Management deserves a premium multiple which it doesn't have at the moment. Great asset in British Columbia.

2008-01-04

HOLD

10.340

Mainly natural gas. Thinks it will be acquired.

2007-12-11

BUY

10.820

Very good natural gas company. Good tax pools out to 2015. About a 60% payout ratio.

2007-11-08

Comment

11.400

Michele Robitaille

Gas weighted which is its biggest knock but there has been quite a correction in all of the gas-weighted names. If you are long-term bullish on gas, it would be a good place to be and you will have to be patient with it.

2007-08-23

BUY

12.600

Feels the market has fully discounted the price of natural gas. Prospects for higher prices for the rest of this year and into 2008 are probably pretty good.

2007-07-23

HOLD

12.750

Kevin Hall BComm, CFA

80% natural gas. Have a lot of tax pools making it attractive. Expect pressure on natural gas will continue through the summer. LNG is switching from Europe to North America because of warm weather. This is increasing inventory levels. Longer term, he likes natural gas and this income trust.

2007-07-11

BUY

13.250

Very good management team. Operating in northwestern Alberta and Northeastern B.C. Hold for a steady stream of distributions.

2007-04-04

TOP PICK

12.080

About 82% gas. Good assets in Northeast B.C. recent acquisition increased their production by about 6400 BOE’s. Also have some great tax pools. Have a lot of acres they can drill. Management has a good stake. Good price.

2007-03-20

HOLD

12.190

Looking at the suggested yield based on price to cash flow continue to hold.

2007-02-19

PAST TOP PICK

12.290

(A Top Pick Feb 22/06. Down 23.5%.) One of the best energy trusts out there. Pays out a relatively small portion of its cash flow.

2007-02-16

HOLD

11.900

Gas weighted. Feels there will be mergers and acquisitions in this type of trust and this company will be in the thick of it. Assuming no change in the cash flow and no change in cap ex and tacking on a 20% tax the stock price will drop well down from here, however, the yield is very attractive.

2007-02-02

TOP PICK

11.450

Very well managed. Good growth in British Columbia. Vulnerable to a decline in its distribution reflecting softer commodity prices. You could buy half now and the rest after any distribution cut. Great assets.

2007-01-16

HOLD

11.500

An OK name. He would put it in the middle of the pack. They were doing better in the last quarter or so meeting their production targets.

2007-01-05

BUY

12.900

Very, very good management team. Excellent drilling portfolio. Shorter reserve life, but have proven themselves time and again to be able to replace reserves on a very conservative and cost effective basis.

2006-12-01

BUY

11.860

Robert Lauzon

Weighted towards natural gas. If we have a cold winter, it will be fine. Consider treating as a trade. Has a lot of internal growth opportunities.

2006-11-24

BUY

11.280

Have improved their production in the last 3 or 4 quarters. Because of its more moderate payout ratio, will probably be a survivor.

2006-11-16

BUY

11.750

Likes this a lot. Gas weighted. Well managed. Low payout ratio.

2006-11-10

SELL

15.580

If oil averaged $55 and natural gas $5, at worst-case scenario, cash flow would not cover current distributions. Feels as one is a high risk and he intends to sell on any strength.

2006-10-16

PAST TOP PICK

15.250

(A Top Pick Mar 10/06. Down 7.5%.) A good quality, gas weighted trust. Expects it to continue to perform well.

2006-10-06

DON'T BUY

15.180

Hasn't been one of his favourites. Concerned about some of the smaller income trusts because of their debt levels.

2006-10-05

BUY on WEAKNESS

15.880

Robert Lauzon

Hedged at 9%. Likes this name. About 40% gas hedged at above10. Buy on the weakness.

2006-09-08

PAST TOP PICK

16.860

(A Top Pick Jun 16/06. Up 5.2%.) Well managed. A gas oriented story, so wait for softening of gas prices before buying.

2006-08-23

BUY

17.050

Garth Jestley

Good management team.

2006-08-11

TOP PICK

16.630

Patrick Kim

(A Top Pick April 21/06. Down 6.5%.) One of the more defensive gas weighted trust. There has been a big pop recently so there will be opportunities in the coming weeks to get in at a lower price.

2006-08-04

BUY

16.300

James Leung

Very high quality assets. 75% natural gas. Have had some recent drilling success. Have hedged a lot of their natural gas exposure.

2006-06-30

TOP PICK

15.650

Very well managed group. Have been able to grow production. Getting into a buying range that he hasn’t seen for awhile. Can make good capital appreciation here.

2006-06-16

BUY

16.600

Robert Lauzon

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

2006-05-18

BUY

17.750

Sandy McIntyre

Gas weighted. Had one of the best ‘finding, development, acquisition’ cost of the trusts. Reserves qualify them as a sustainable business model. Bullish on gas 1 year to 18 months out. Might have been a Top Pick in June, but just a bit premature at this time.

2006-05-12

BUY

17.400

Greg Guichon

Has a shorter reserve life and is a gas weighted trust. Yield is in the 10/11% range. Feels the management is doing a fine job in replacing their reserves. In time it will become a growth trust.

2006-04-28

TOP PICK

18.050

Patrick Kim

Price dropped to a good level when there was the big drop off in gas spot prices at the beginning of the year. A great turn around story. One of the most efficient royalty trusts when it comes to replenishing reserves.

2006-04-21

BUY

17.450

(Caller asked about gas weighted trusts that Michael liked.) He tends to be defensive. Very solid management team. Good results from Q4. Good growth prospects in northeast British Columbia.

2006-03-31

TOP PICK

16.410

Progress Energy is a gas weighted trust, it has been around for a few years. They have a good quality team. They have been able to replace 2005 production, 170 % has been replaced, mostly through the drilling. Maintaining costs at a reasonable level. Company is very cost efficient.

2006-03-11

TOP PICK

16.160

Has a good growth rate. He bought at $16.18.

2006-02-22

BUY

17.300

76% natural gas. It's debt to cash flow is 6. If you look at a combination of its distribution and capital spending, relative to its cash flow coming in, they'll be equal this year and will have a very modest profit in production per unit.

2006-01-16

BUY

16.850

Has a higher exposure to natural gas which he is favourable on in the short term. Got beaten up a bit because it missed some production results. Good value here.

2005-10-07

BUY

17.350

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

2005-10-04

BUY

14.440

Meets all the criteria that he has for natural gas trusts. Just bought some.

2005-08-17

BUY

14.440

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

13.300

Has a reasonably good outlook. Has a good slate of properties in Colombia. Missed their last numbers which disappointed the market. They should be able to overcome that. Good assets and will eventually do very well with them.

2005-07-08

BUY

13.490

Very strong management team. Expectations were a little high and they stumbled out of the gate, but the trust will be in good shape. A good mid-tier name. Payout ratio is in the 70% range.

2005-04-01

HOLD

13.450

Blair Wilson

Neutral towards this trust at this time. Have a 2-sector perform recommendation. A mid to high cap in the oil/gas trusts. A solid hold at this point.

2005-01-07

BUY

13.300

Expect a fairly flat price for the next year. The exception would be if they did another good acquisition. The return of 10/11% isn't bad.

2005-01-04

BUY

13.630

One of the best managed trusts and has performed very well. Has a good slate of assets in the NE corner of B.C. Expects it to continue to grow at a very high rate.

2004-12-29

BUY

13.450

Robert Lyon

Well run trust. Assets are pretty strong so should be able to maintain the distributions going forward.

2004-12-15

DON'T BUY

13.940

Blair Wilson

Looks a little bit expensive and is not on their recommended list. One of the concerns on royalty trusts is their ability to maintain distributions through a cycle. Only 30% of acquisitions are funded through operating cash flows.

2004-11-26

BUY on WEAKNESS

13.490

Wait for a softness in commodity prices. One of their favourites. Good management. Good assets.

2004-11-05

BUY

13.950

Garth Jestley

Withholds a significant amount of their cash flow to further exploration/acquisitions.

2004-10-29

BUY

14.050

Looking at it and likes what he sees very much.

2004-10-28

BUY on WEAKNESS

14.600

Probably reasonably priced at this time. Would consider buying more at $14. Has some drillable land through its 2 explorecos.

2004-10-14

DON'T BUY

15.110

Mark Jackson, CFA

Prefers junior producers over the trusts because of better growth opportunities. One of the better trusts.

2004-10-04

BUY

13.700

Brian Prokop

A trust that was formed from 2 very good companies. Some opportunity for new exploration. Should have a good run for the next two years.

2004-09-15

BUY

13.210

Bill Harris, CFA

There is a lot of upsides in the value of stock. It will help them grow bigger.

2004-08-27

BUY

13.220

Well managed with a good set of properties.

2004-08-25

BUY

12.550

On a multiple basis, compared to other similar trusts, it is relatively cheap. Good management.

2004-07-26

TOP PICK

12.240