STOCKCHASE

(A Top Pick Oct 13/11. Down 13.95%.) Sold this when he felt the gas market was getting worse. Company had tremendous Montne oil growth but are about 70%-80% weighted to natural gas.

2012-03-29

TOP PICK

26.890

30% oil. Being hit because it is viewed as a gas stock. Produces a lot of condensate to dilute oil sands oil. Down $13 a share and a great position to own at these points.

2012-03-23

PAST TOP PICK

32.650

(A Top Pick Oct 13/11. Up 6.93%.) Best performing stock in the index last year however, over 80% of their production is weighted towards gas so he exited the position.

2012-02-24

BUY

35.730

Laura Lau

This company because they have done a good job in finding more Montne oil. The next leg will be, instead of just finding oil, production growth, expected to be 10,000 barrels a day next year. Substantial free cash flow.

2011-11-08

BUY

33.740

David Burrows

Best performing oil stock in the Canadian market in the last year. The dilemma is that it is now becoming a big position. He doesn’t want to trim it. Ultimately someone will have to own this so they may get bought. Continue to buy it.

2011-10-25

TOP PICK

31.080

Top performing stock in the energy index. Should still yield strong investor gains going forward. Wells are testing well in the Canadian Western basin. Pool is producing about 5000 barrels a day but could ultimately be 20,000 a day.

2011-10-13

TOP PICK

25.600

Buying since $10 or $12. A bit of a yielder. Torquier growth story. Great buying opportunity today. Tremendous running room in a couple of their plays.

2011-09-12

PAST TOP PICK

24.140

(A Top Pick June 10/10. Up 161.53%.) Still thinks there is considerable upside from here.

2011-08-10

HOLD

28.600

Can't explain the recent increases, however their production growth was to be higher in the second half and the market may be anticipating it. This is a good name and has been delivering on the numbers.

2011-07-18

BUY

23.750

Laura Lau

Drilling more Montne oil wells making their oil rate go up thereby increasing margins. Expects them to grow production by 20% in 2012.

2011-07-05

HOLD

21.940

Trying to focus on oil. This is a very good name but has ad a very good run. Don’t add to it. A 10% pullback would make it attractive.

2011-04-20

Comment

21.300

Michael Simpson, CFA

Primarily focused on natural gas. Currently natural gas outlook is not good but inventory figures show it is at the 5-year level. Pricing will probably not get better until late 2012. If you own, consider taking some profit.

2011-03-04

BUY

21.300

This has done a pretty good job of all the trusts. They are moving from more gas to more oily. This is a name you probably want to hold on to (caller needed to sell half because it has done so well). He would consider owning it.

2011-03-04

BUY

11.630

(Market Call Minute.) Still waiting for results from the Dubernay (?) shale. He has continued to add shares all through this year. Pays 4%. Levered play towards natural gas.

2010-09-13

TOP PICK

11.050

Great success drilling Montney. Very low finding/development costs. One that he could sleep at night with.

2010-08-31

TOP PICK

9.360

Gas weighted trust. Great job. Tests on wells are in high teens. Excellent job of exploiting the asset. Leverage is a little higher than they like to see but it is 60% owned by others. He is buying it for the yield (6.5%)

2010-06-10

HOLD

8.250

(Market Call Minute.) Gas weighted and no clear path forward.

2009-11-09

HOLD

5.250

(Market Call Minute.) Gas prices have still not rallied. If he was going to play the gas market, there are other names he would prefer.

2008-10-24

HOLD

5.250

(Market Call Minute.) Gas prices have still not rallied. If he was going to play the gas market, there are other names he would prefer.

2008-10-24

Comment

13.090

Kevin Hall BComm, CFA

Predominantly natural gas. Low payout ratio, so he would expect a distribution increase. Benefits from a 20% ownership of Paramount Resources (POU-T). If you own, consider taking some profits after the distribution increase. There are better alternatives.

2008-05-06

DON'T BUY

7.200

Dean Orrico

Gas weighted. Relatively short reserve life. Has a history of putting distributions. Instability historically.

2008-01-29

Comment

6.990

Joseph Schachter

Company is paying out about 50% of their cash flow. If natural gas prices recover to $9 in Q4 of 08 and prices firming up from their, then royalty trusts should see significant upside. Distribution should be safe.

2008-01-24

SELL

6.600

Kevin Hall BComm, CFA

Natural gas focused. Would put Focus (FET.UN-T), Peyto (PEY.UN-T) or even Progress (PGX.UN-T) ahead of it. Cut the distribution earlier this year. Good discount to NAV. Debt ratio is a bit higher than he would like.

2007-12-04

DON'T BUY

7.790

Ben Cheng

Rising costs in the western Canadian basin and gas not trading at the traditional 6 to 1 heating ratio has put considerable pressure on them. Some questions on their balance sheet. Possible distribution cuts or another share issue.

2007-09-05

Comment

8.180

3 gas-weighted companies that he feels will cut distributions are Trilogy (TET.UN-T), Advantage Energy (AVN.UN-T) and Prime West (PWI.UN-T).

2007-08-08

DON'T BUY

10.340

Kevin Hall BComm, CFA

Natural gas focused. Would prefer others such as Progress Energy (PGX.UN-T) or Focus Energy (FET.UN-T). Has had a chequered past and has not been as steady a performer as others.

2007-07-11

BUY on WEAKNESS

11.950

Mainly gas production. Good assets. Have made aggressive acquisitions in the past, which has cost them. Will do well in the latter part of this year as gas prices strengthen. When you see drops in gas prices, Buy and Hold.

2007-05-09

PAST TOP PICK

9.470

(A Top Pick Mar 6/06. Down 50%.) Sold his holdings but not nearly at a 50% loss. Well-managed and good assets.

2007-03-06

BUY

10.600

Cut distributions substantially in the last little while giving them a 60%-65% payout ratio. Very good entry point. Predominantly gas weighted.

2007-02-21

SELL

11.450

They really hacked the last cut down to a point where he doesn't think they'll need to cut again. Have about 40% hedged. The yield is not very high so you are not getting paid to wait. Good operators. 100% gas. He would go somewhere else until the fall.

2007-02-05

BUY

10.730

Patrick Kim

Thinks this one will survive in the long term. A pure natural gas play. Have cut their distributions to a much more sustainable level. If you believe in gas, this is a good buy.

2007-01-26

DON'T BUY

11.100

Paying 17%, but expects they will have to cut distributions one more time this year because of their higher debt levels.

2007-01-22

BUY

10.620

Michael Decter

The sector will trade on the underlying commodity price. It will also trade on their ability to translate their assets into production. Feels they have recently good chance of doing that. Be prepared for a lot of volatility.

2007-01-18

DON'T BUY

10.620

Michael Simpson, CFA

Doesn't understand this company. They make acquisitions. They don't hedge. Heavy exposure in natural gas. Distribution cut is coming.

2007-01-04

WAIT

11.400

Thinks the payout ratio is greater than 100%. Has a really good asset base. It will be a name he comes back to as a gas name for the 2008 gas market.

2006-12-29

BUY

11.250

Gas. Great value here. Have already lowered the distribution and are about a 70% payout ratio. Pays about a 17% yield. Great long-term value. A lot of production they are holding back, waiting for higher prices.

2006-12-21

SELL

12.060

Ben Cheng

Have had some production and cash flow problems. Heavier debt load and shorter reserve life. Would move into higher quality like Bonavista (BNP.UN-T), Focus (FET.UN-T) or Vermilion (VET.UN-T) which will be survivors when they become taxable in 2011.

2006-12-01

SELL

11.640

John O'Connell, CFA

Oil/gas income trusts in Canada are going to have a really tough time. The government’s proposed changes will make their lives very difficult. Distributions are not sustainable. The game is over for them.

2006-11-27

BUY

11.480

A gassy trust that has got hit. Gas prices have probably already bottomed and are coming back. Good entry point if you like the longer term outlook for gas.

2006-11-15

SELL

11.190

In the middle of an offering right now.

2006-11-10

DON'T BUY

15.850

Very gas weighted. Prefers trusts with lower payout ratios and lower debt.

2006-10-20

BUY

15.040

Focused on the deeper drilling. Better rigs with higher utilisation rates. Tend to be more gas focused so could have some slippage in day rates in a warm winter. Have somewhat higher financial leverage then he likes.

2006-10-13

HOLD

14.780

In the middle of the pack. Decent. Focused on tight gas resources which gives them a certain amount of stability and sustainability.

2006-10-12

HOLD

15.180

Payout ratio is about 90%. This is basically 100% gas. There is a definite possibility of a distribution cut and it will be 10% to 15%. This would still give you 14% distribution.

2006-10-05

VAGUE

15.520

David Baskin

There may be a possible cut in distribution. Recommends that you take a look at the last quarter results and come to your own conclusion.

2006-09-28

BUY

17.950

With the drop in price, it pays about 15% yield. 85% gas which is why it is off. Management is sharp. Have a lot of production behind pipe. As a trade, you can sell in February.

2006-09-11

WAIT

18.050

Produces about 25,000 barrels a day equivalent, 80% gas. Made a number of acquisitions that the market is questioning. A nice core name if you are interested in gas. Likes this company. Wait. Over the next couple of months there will be some lower points in gas prices.

2006-09-08

BUY on WEAKNESS

19.210

Almost 80% of its production is gas weighted. Produces about 25,000 barrels equivalent a day. Buy when there is softness in the gas market.

2006-08-23

BUY

18.150

Can't see any more distribution cuts. Great management team. A good way to play rebounding gas. Good level.

2006-07-21

HOLD

18.650

Bill Carrigan

Uptrend was violated in late 2005. It had a classic spike. Basically, the bull is over. It is now trying to build a base. Don't let it go below its low.

2006-07-17

Comment

18.620

Greg Guichon

8% gas. 13% yield. All bets are off regarding distribution cuts. Doesn't think there is much risk to the underlying trust however. Good management.

2006-07-14

PAST TOP PICK

18.700

(A Top Pick Mar 6/06. Down 2.5%.) 83% gas. Lowered the distribution as expected, but at this price your getting 15% which is attractive. In addition, when gas goes up, you get a capital gain.

2006-07-05

BUY

18.690

A very good gas position. The bulk of its assets are in the Cabob, central Alberta area which is a very prolific area. Good management.

2006-06-16

PAST TOP PICK

18.960

(A Top Pick Mar 26/06. Down 4%.) A gas based trust. Cut their distribution like a lot of the gas trusts. At this price, distributions are 15%. A little bit worried about storage levels on gas. Would still hold.

2006-06-08

BUY

19.300

Gas is very cheap on a relative base and historically and is likely to go higher. Good entry point for the long-term but in the near term, would prefer a non-income trust gas such as Compton (CMT-T). Gas trusts are propped up by yield. This one is a spectacularly well run company.

2006-05-26

PAST TOP PICK

18.750

(A Top Pick Mar 6/05. Down 5.5%.) A very high gas weighted trust. Slightly cut its distributions last week but still pays $2.40. If they don't pay out a high distribution, they end up paying tax on it. A 15% yield and a good long-term outlook.

2006-05-23

BUY

19.220

A very well managed trust with good underlying assets. They are right on the cusp in terms of payout ratio, capital efficiency and sustainability of their distribution. A great buy.

2006-04-07

BUY

19.600

Gas weighted. They have some of the best metrics in the business. Getting 57 BOE’s per well versus 27 industry average. Good production, good balance sheet. Relatively low payout ratio.

2006-04-05

WAIT

19.450

Michael Simpson, CFA

Highly gas weighted. This trust is higher taxable so have to pay out a higher percentage of their operating cash flow. With gas where it currently is, doesn't like the prospects in the short-term, but longer term, as gas prices firm, this is one you could go into.

2006-03-31

WEAK BUY

19.100

A good trust to own if you are keen on natural gas. Payout ratio is a little higher than what he likes.

2006-03-24

TOP PICK

18.950

Trilogy Energy is a spinoff of Paramount Resources and still 19.9% owned. The trust is 80% gas. Paying out 80% of their cash flow. High pay out ratio is due to tax problems. They are 34% hedged. Yield is 15%and 25% return . Buy below $19.00. He is still buying.

2006-03-06

HOLD

19.300

Triology Energy is late getting their 4th quarter results out or first annual report This expert does not seem concerned and says that only 60% of the energy trusts have reported at this point. Triology has a very interesting asset base. Caution-the distributions are highly taxable and they have to maintain a high payout ratio because of the taxability within the entity. Current rate of distribution is at risk in a weak gas market. They are prepared to overlook this because they like the asset base and are bullish on gas 9 months from now.

2006-03-04

DON'T BUY

19.220

A bit of a risk with this stock. It is heavily weighted in natural gas. The company just bought Red Sky( this expert has a position in Red Sky)Would not recommend this stock in present gas environment. If looking for a gas stock, prefers Fairborn and Enerplus.

2006-03-01

WATCH

21.220

Spectacular management team. Gas weighted. Thinks there will be a chance to buy cheaper. Great assets. Look for it to fall another couple of dollars.

2006-02-10

BUY

22.550

Gas oriented. Last quarter was very slightly disappointing in production. Not a lot of growth, but given that you are getting a 10% plus yield, you are getting a 15/20% return. Not a bad spot.

2006-01-24

BUY

22.110

It has some good assets which are concentrated in the Kaybob area of Alberta. Thinks they will do very well. The most recent softness in the price is because of concerns in meeting their numbers but he feels they have a good chance of reaching their production numbers.

2006-01-18

WEAK BUY

24.810

Only owns it in his funds that require it because they track indexes. A gas weighted trust and its performance has been phenomenal, due to the high price of natural gas. Prefers other gas names.

2005-12-23

Comment

22.570

Paying about 13%. Had a great run. Has gotten fairly expensive over the last little while. Likes the assets in the company. Will continue to do reasonably well. If you own, take some profits.

2005-10-20

BUY

27.200

Peter Brieger

Outlook for natural gas is very good. About 75/80% natural gas. Has a good reserve.

2005-10-04

PAST TOP PICK

20.800

(A Top Pick Apr 29/05 Up 34%.) Excellent company. Is a spinoff from Paramount (POU-T) which owns 15%. High quality properties in the Kaybob area. Will produce fairly prolificly for a long period of time. Likes the quality of the properties. Expensive at the moment.

2005-09-02

TOP PICK

18.350

(A Top Pick Apr 29/05. Up 14%.) Incoporates 2 main areas, 70% of the assets in the Kaybob area and the rest in Martin Hills. Kaybob has very high quality assets.

2005-07-08

BUY

17.750

Michael Sprung

Has a relatively short reserve life with an index of around 7 years. A well run trust. Yield right now is around 11%. You are being paid a bit of a premium to compensate for the short reserve life.

2005-06-24

TOP PICK

16.300

A spin off from Paramoun Energy Trust. A high quality group of assets. Well managed and management owns about 50%. Still has some room to move.

2005-06-07

TOP PICK

15.680

A spin out from Paramount Resources (POU-T). Has 2 main properties, one in the Kaybob area (about 80% of its production) and the other in the Martin Hills area.

2005-04-29

BUY

16.000