STOCKCHASE

21.650

(A Top Pick Feb 6/09. Up 9.47%.) Still a buy.

2010-01-20

PAST TOP PICK

Encana Corp

ECA-T

35.390

(A Top Pick Feb 6/09. Up 20.7%.) Still a buy.

2010-01-20

PAST TOP PICK

29.480

(A Top Pick Feb 6/09. Up 42.78%.) Still a buy.

2010-01-20

HOLD

Fort Chicago Energy Partners

14.280

A good “steady Eddie” type of name and has good backing by ManuLife (MFC-T). 8%-9% yield. Reasonable valuation. There may be some reduction in distributions in 2011 but it will be modest. Significant position in the Cardium formation in central Alberta.

2010-01-20

HOLD

Penn West Energy Trust

PWT.UN-T

18.960

Hasn't participated in oil/gas trust prices like its peers. Consolidation story, which you have to be sceptical about because of the integration of assets that are needed. Still a “show me” story.

2010-01-20

DON'T BUY

Rogers Sugar Income Fund

RSI.UN-T

4.960

Volatility in distributions through the years. Great performer in the last year because sugar prices have doubled. If you want a holding that gives steady income with some growth there are better places to be.

2010-01-20

BUY

Labrador Iron Ore

LIF.UN-T

48.500

Great company because it truly is a royalty play. Has exposure to Iron Ore Company with both an equity and royalty interest. He believes iron ore prices are going to be strong. Just a matter of time before Rio Tinto (RTP-N) takes them out.

2010-01-20

BUY

Nuvista Energy Ltd

NVA-T

11.970

Gas weighted. Fairly well run. You own this one for growth, not income.

2010-01-20

BUY on WEAKNESS

FCE.UN-T

10.250

Energy infrastructure. Has interest in Alliance Pipeline, which ships gas from Western Canada. Also has a natural gas liquids extraction facility. Yields about 9%. Fully valued. Try to buy in the $9 range.

2010-01-20

BUY

Yellow Pages Income Fund

YLO.UN-T

5.340

Sentiment is a big headwind for this company because of fewer people using Yellow Pages. Healthy 15% yield that he thinks can be maintained for 2010 giving you a good cushion against any downward move in the price. Trades in a range of $5 to a little over $6 so treat as a trading stock.

2010-01-20

HOLD

39.450

Has gained a dominant position in the late oil in the Bakkens. Fully valued. Would like to see it grow into its valuation by proving out its assets that it acquired. Competent in management's ability.

2010-01-20

TOP PICK

Bonterra Energy Income Trust

27.390

Most of their CapX is behind them. Have unhedged exposure to higher oil prices. Management announced costs per barrel are going to be higher. When they report July 27 should be a really good entry point.

2009-07-23

TOP PICK

BNE-T

21.880

About 68% oil. Very solid dividend. Management owns a lot of the stock. Low payout ratio. Good balance sheet.

2009-07-23

TOP PICK

Encana Corp

ECA-T

59.080

80% natural gas. This is a name to own for exposure to natural gas. Have done a good job reducing costs.

2009-07-23

PAST TOP PICK

Canadian Natural Rsrcs

CNQ-T

63.680

(A Top Pick Nov 13/08. Up 24.58%.) Successful in bringing their Horizon project online. A lot of gas exposure has been holding it back. Still a Buy.

2009-07-23

PAST TOP PICK

35.490

(A Top Pick Nov 13/08. Up 44.66%.) Just converted to a corporation but with no change in dividend. Should be a core name in your portfolio but wait for a pullback before Buying.

2009-07-23

PAST TOP PICK

A Comment -- General Comments From an Expert

17.400

(A Top Pick Nov 13/08. Down 7.22%.) About 50% gas. One of the leading players in the Montney shale in northeast BC. Good pipeline of drilling opportunities. Buy.

2009-07-23

Comment

A Commentary

0.020

Oil: Looking for oil to reach $80-$85 by the end of the year. Doesn't think that equity prices are discounting higher oil prices.

2009-07-23

WEAK BUY

Penn West Energy Trust

PWT.UN-T

14.450

Has been very acquisitive over the last few years and are still having some challenges integrating. Very large company to be able to make any growth through a specific play. If looking to participate in higher oil/gas prices, there are better names for greater leverage. 12.5% yield could possibly be cut.

2009-07-23

STRONG BUY

Bonavista Energy Trust

BNP.UN-T

17.290

One of the top management teams. Recently acquired $700 million of primarily gas assets from Encana (ECA-T), which will really propel them into a new direction.

2009-07-23

STRONG BUY

Suncor Energy Inc

SU-T

36.700

Just reported and showed higher costs in production. With the acquisition of PetroCanada (PCA-T) and their oil sands assets and the unused upgrading capacity this is going to be a great place to be in the long-term.

2009-07-23

PARTIAL BUY

Paramount Energy Trust

PMT.UN-T

4.300

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

BUY

Baytex Energy Trust

BTE.UN-T

21.650

Heavy oil weighted. Differentials have coming in nicely over the last little while and are close to 15%-20%.

2009-07-23

BUY

TriStar Oil & Gas

TOG-T

11.720

In the Bakken play in Saskatchewan. This area could see some consolidations. Good leverage to oil.

2009-07-23

WAIT

Cathedral Energy Services Income Trust

CET-T

3.620

Drilling business in Canada is very correlated with where natural gas prices are. Given that gas prices are likely to pick up late this year and into next year, the best way to play this is by owning gas producers rather than the drillers. Good name.

2009-07-23

HOLD

9.540

Mid-tier, kind of Steady Eddie type of player. There will be huge catalysts to drive it a lot higher but conservatively run and strong relationship with ManuLife (MFC-T) doing a lot of joint ventures on a lot of asset packages. 11.3% yield.

2009-07-23

BUY

Parkland Income Fund

PKI.UN-T

10.170

Major asset position in service stations in Alberta. If you’re looking for names to provide you with steady income this would be one. If you're looking for growth this wouldn't be a first choice.

2009-07-23

Comment

Talisman Energy

TLM-T

17.240

Has been undergoing a transition under new management. Disposing of some questionable assets globally and focusing more on the unconventional side. Some concerns on them getting into some of their unconventional plays at the top of the market.

2009-07-23

WEAK BUY

Pengrowth Energy Trust

PGF.UN-T

25.300

Have been transitioning to be more operationally/technically focused. Has helped them in growing production and allowed them to avoid making an acquisition just for the sake of making inaccurate edition. Wouldn't be one of his top holdings.

2009-07-23

HOLD

Daylight Energy Trust

DAY.UN-T

8.050

Gas weighted. Shorter reserve life but very good balance sheet. Very low payout ratio so distribution should be sustainable. Good prospects to grow production. 11.9% distribution.

2009-07-23

TOP PICK

16.020

Recently raised $250 million to shore up its balance sheet. Dominant player in the Montney greater Dawson area. Cut distributions a number of times over the last 4 or 5 months. There is probably a good base of distributions.

2009-02-06

TOP PICK

Encana Corp

ECA-T

56.310

Dominant player in the unconventional gas area. Has a good footprint in the Canadian oil sands. Low steam/oil ratios expected. Relatively low operating costs.

2009-02-06

TOP PICK

21.010

Cut distributions recently by about 80% so this should position it very well to take advantage of a doubling of oil prices this year.

2009-02-06

PAST TOP PICK

23.000

(A Top Pick Jan 29/08. Up 3.6%.) Dominant player in the light oil Bakken Bock and play in south-east Saskatchewan. Management feels they can maintain distribution at these prices. Active hedgers. Relatively low debt to cash flow.

2009-02-06

PAST TOP PICK

24.800

(A Top Pick Jan 29/08. Down 21.8%.) Very well run. Most of its assets and production are offshore and will come in tax-free. Great core holding in the portfolio. A Buy right now.

2009-02-06

PAST TOP PICK

Zargon Energy Trust

ZAR.UN-T

15.570

(A Top Pick Jan 29/08. Down 12.6%.) Will probably see a relatively stable level of distributions. Assuming there is an improvement in the capital/credit markets; you could see a take-out at a 25%-30% premium.

2009-02-06

HOLD

HBP NYMEX Oil Bull+ E.T.F.

7.900

Mid-tier average quality name. Cut distributions earlier this year. Fairly good shape and provides a pretty good up front yield. Have a very strong partnership with ManuLife (MFC-T) for me king acquisitions. 17% yield.

2009-02-06

Comment

Noranda Income Fund

NIF.UN-T

4.690

Zinc processor. Yield of about 22% and he is currently assessing this.

2009-02-06

Comment

Trans Canada Corp

TRP-T

33.820

Historically viewed as a defensive stock. As being a bit more growth oriented recently. Expanding organically through the Keystone Pipeline. May eventually see the McKenzie Valley pipeline being built. Just increased dividends.

2009-02-06

Comment

Talisman Energy

TLM-T

12.810

For years it has been a “show me” story. Company continues to be transitioning under new management. Trying to become an unconventional gas play.

2009-02-06

DON'T BUY

Penn West Energy Trust

PWT.UN-T

13.940

Think they are going to have headwinds on both short-term and long-term aspects. Recently raised some money but not all that issue has he sold. Very few institutions participated. Struggling to replace production. Distributions are too high.

2009-02-06

Comment

HOU-T

7.110

ETF that provides twice on the upside (and downside!) and will give you a lot more torque. Depends on how much risk you really want to take. Would prefer an oil company.

2009-02-06

DON'T BUY

Harvest Energy Trust

HTE.UN-T

9.420

38.8% yield, which he expects will be cut. Not only a producer but bought a refinery, which is probably one of the worst businesses you could get into.

2009-02-06

HOLD

H&R Real Estate Inv Trust

HR.UN-T

8.010

(Market Call Minute.) Recently cut distributions. Has a big project in Calgary that it should be able to handle.

2009-02-06

BUY

TriStar Oil & Gas

TOG-T

10.800

(Market Call Minute.) Looks like good value with good exposure to Bakken oil.

2009-02-06

BUY

Bonavista Energy Trust

BNP.UN-T

16.720

(Market Call Minute.) Looks like good value at this price. Very shrewd management.

2009-02-06

HOLD

Nexen Inc

NXY-T

18.450

(Market Call Minute.) Recently increased position in Long Lake and good upside through its oil sands.

2009-02-06

SELL

Bellatrix Exploration Ltd.

BXE-T

0.950

(Market Call Minute.) Not one of his favourites. Too small and has a short reserve life.

2009-02-06

Comment

Provident Energy Trust

PVE.UN-T

5.600

(Market Call Minute.) Wouldn't own this, as it is both a producer and midstream. He prefers pure plays.

2009-02-06

BUY

Enerplus Resources Fund

ERF.UN-T

25.740

(Market Call Minute.) Very well run. Pretty safe yield at these levels.

2009-02-06

BUY

Cathedral Energy Services Income Trust

CET-T

4.080

(Market Call Minute.) Service energy area is generally out of favour but this would probably be the one name he would Buy.

2009-02-06

TOP PICK

25.700

(A Top Pick Jan 29/08. Up 11%.) Dominant player in the Bakkens in Saskatchewan. Has aggregated core land position in that area. Using multi-frac technology to enhance recovery. Now tapping into another zone that looks very promising. Relatively low debt at about 1 X 2009 cash flow on conservative commodity prices. Looking for enormous increase on the unit price.

2008-11-13

TOP PICK

Canadian Natural Rsrcs

CNQ-T

50.340

A leading Canadian oil/gas producers. International footprint. Relatively low operating costs. Just released Q3 results and it is in good shape to produce from its oil sands in 09.

2008-11-13

TOP PICK

19.860

Increased distributions as commodity prices increased and have now brought them back down again. When it announced distribution decrease, it also announced an increase in its reserves. One of the dominant players in the Montney formation in northeast BC. Very disciplined management.

2008-11-13

PAST TOP PICK

29.500

(A Top Pick Jan 29/08. Down 15%.) Good solid company. Sold off simply because of the rush to liquidation. Not only able to pay the dividend, but also its cap X program. Over 50% production is from overseas so very little risk to any distribution cut when trusts become taxable. A Buy.

2008-11-13

PAST TOP PICK

Zargon Energy Trust

ZAR.UN-T

14.490

(A Top Pick Jan 29/08. Down 22%.) Producing less than 10,000 BOE's a day. Management owns 10%. Very conservatively run. Low payout ratio. Did not cut their dividend. Debt to cash flow is less than 1 X.

2008-11-13

BUY

Viterra Inc

VT-T

8.280

A play on the growing sector. The one concern was that it raised about $400 million in order to make some acquisitions. He is having a second look on how management is going to handle that strategy. Overall, a good stock. Not as volatile as some others. If you believe in the longer-term story of agriculture, a good holding.

2008-11-13

Comment

Westshore Terminals Inc.

WTE.UN-T

9.750

Coal prices are starting to come down, which is a factor because they have a portion of cash flows and override based on coal prices. They are the key coal terminal in Western Canada so it is a key infrastructure asset that a number of global investors would like to get their hands on. Longer-term, a good holding.

2008-11-13

BUY

A Comment -- General Comments From an Expert

9.250

This would be among his core holdings in the energy trust space. Has held in fairly well on a relative basis. Q3 results were quite in line with his expectations. Thinks the distribution is safe.

2008-11-13

Comment

A Commentary

0.020

Dividends: In an economy like this they are becoming more relevant. The issue is, especially around the energy trusts, where are the dividends going. Feels energy trusts have displayed a prudent amount of discipline by increasing or decreasing dividends at the appropriate times.

2008-11-13

BUY

Suncor Energy Inc

SU-T

24.190

Oil sands costs are among the lowest. Stock will sell off in sentiment with crude prices. Expects that average crude prices will migrate up and this represents a great entry point. Long-term hold.

2008-11-13

Comment

H&R Real Estate Inv Trust

27.140

Great company. Cash generating machine with very low cost per barrel. Steady play with a pretty good dividend. Will benefit from higher crude oil prices.

2008-11-13

Comment

HR.UN-T

7.700

18.8% yield. Stock is down significantly and he is currently doing a lot of work on this. Big problem is that it committed to building an office tower in Calgary for Encana (ECA-T). Quality tenant but they have not been able to lock down construction costs. Need about $800 million in debt financing, which is not going to be easy. Thinks the market has factored in a distribution cut.

2008-11-13

TOP PICK

23.960

About 35% of its production comes from a relatively new but promising Bakken field in southeast Saskatchewan. Good growth profile.

2008-01-29

TOP PICK

34.600

Has production in France, Netherlands and Australia where it is producing much more economically than in Canada. Lowest payout ratio in the sector.

2008-01-29

TOP PICK

Zargon Energy Trust

ZAR.UN-T

19.990

Gas weighted. Relatively small but very conservative management team. Acquired Rival Energy last year. Low payout ratio.

2008-01-29

PAST TOP PICK

Mullen Group Ltd

MTL-T

15.510

(A Top Pick Nov 10/06. Down 10% including distributions.) Still likes. Generally avoids transportation, but this company does it well. Well positioned to take advantage of a huge and continued expenditure in Alberta, building out the oil sands assets and infrastructure. Thinks 12% distribution for 08 will remain intact.

2008-01-29

PAST TOP PICK

36.310

(A Top Pick Nov 10/06. Up 24.8% including distributions.) Excellent company. Basically a cash-generating machine. Should be a core holding in any energy portfolio. Still a Buy.

2008-01-29

PAST TOP PICK

IESI-BFC Ltd.

BIN-T

24.250

(A Top Pick Nov 10/06. Up 5.8% including distributions.) Waste management. Still likes. A relatively recession resistant business. Low payout ratio.

2008-01-29

BUY

Enerplus Resources Fund

ERF.UN-T

38.200

First oil/gas trust that was formed. 13 year reserve life. Recently has not performed as well as some of its competitors. Income will continue to be high. Given the nature of assets, management feels the best use of their cash flow is not to reinvest, but to pay out to its investors. Don't expect huge growth.

2008-01-29

BUY

12.160

Has good capital behind it if it needs to make acquisitions. Distribution is sustainable in 08. Stock has been beaten up and this is a good entry point, giving a 12%/13% yield. Well run.

2008-01-29

DON'T BUY

Harvest Energy Trust

HTE.UN-T

21.950

Has stumbled in the past. Became more negative on it when it bought the refinery in Newfoundland. Refinery business is very difficult to run a lack of sustainability of cash flow. 90% payout ratio so he could see a distribution cut.

2008-01-29

Comment

Oilsands Quest Inc.

BQI-A

3.430

Have oil sands assets in Saskatchewan. This is a newer area for oil sands. This company is not bad, but his focus is on some of the newer oil sands areas but through the private arena.

2008-01-29

BUY

Chartwell Seniors housing

22.180

Very well run business. Conservative management team on a relative basis. Well positioned to replace production this year and maintain current distributions.

2008-01-29

Comment

CSH.UN-T

9.930

This REIT has struggled since inception. Payout ratio is over 100%, which is usually a negative. Put itself up for sale unsuccessfully last year. Expect someone will take the business out as it has good assets. Hard to tell if there will be a cut in distributions.

2008-01-29

BUY

Progress Energy Resources

PRQ-T

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

DON'T BUY

Trilogy Energy Trust

TET.UN-T

7.200

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

2008-01-29

BUY

UTS Energy

UTS-T

5.190

Have done a good job with some good partners and taking their project up to the next level. Have also started some leases on their own outside of their partnership with PetroCanada (PCA-T). A good name to own if you are looking for exposure to oil sands.

2008-01-29

DON'T BUY

Superior Plus Corp

SPB-T

11.260

Sold most of his holdings near its highs. Original CEO, one of the best in the trusts, is back in the saddle and focused on the business. This won't be a high yield investment.

2008-01-29

BUY

Nexen Inc

NXY-T

32.470

This is a buying opportunity. Large cap blue chip player. Has natural gas, oil sands producer. Lots of upside in this name. Just be patient, it will do well in the long term.

2007-06-14

HOLD

Baytex Energy Trust

BTE.UN-T

20.900

Heavy oil player. Higher costs. The management team has done a really good job on de-risking it.

2007-06-14

BUY

Uranium Focused Energy Fund

UF.UN-T

9.350

Excited about this uranium, because the only viable long term solution for electrical power generation is nuclear, and the only commercial fuel for a nuclear reactor is uranium. Canada is in a good position since it is the worlds leading producer of uranium. Think we are in the very early stages of high prices. (5 to 10 years).

2007-06-14

BUY

UTS Energy

UTS-T

5.750

Be careful and look at each of these projects. UTS is a good way to get exposure to the oil sands business.

2007-06-14

BUY

Yellow Pages Income Fund

YLO.UN-T

14.180

You've seen some softness in the market right across the board. If you are interested in income, this company is as good as it gets. Their strategy is that they will continue to maintain their 1.09 distribution and increasing their cash flow, so that by 2011, they will be able to pay the new taxes, and still maintain their 1.09 distribution. Are making efforts to grow their online business.

2007-06-14

PAST TOP PICK

34.510

Oct 6 2006 Then $33.20 There is a continuity of management. Still likes them.

2007-06-14

PAST TOP PICK

22.740

Then $25.39 Continues to be a great company. Pay out high yields.

2007-06-14

PAST TOP PICK

20.180

Then $17.60 At the time they were in the middle of their transaction to buy Mission Oil and gas. That has concluded now, and he feels that this is still a good entry point for this stock.

2007-06-14

BUY

Pengrowth Energy Trust (A)

31.810

Not a takeover target. Have owned it for about 10 years now. If you are in this for the long haul, buy it and put it away.

2007-06-14

BUY

PGF.A-T

25.300

The name has been around for a long time. Have recently hired on some good people and made some good acquisitions, and are now positioned to make some good organic growth.

2007-06-14

DON'T BUY

Bellatrix Exploration Ltd.

BXE-T

6.250

One of the lower quality trusts. Post Halloween tried to convert back into a corporation, but because of a nasty proxy battle, they were forced to remain as a trust and continue to pay out the high yield. Stems from disappointment of investors, in the management teams.

2007-06-14

TOP PICK

Mullen Group Ltd

MTL-T

18.380

Has been hit by about 15% since Oct 31, but continues to be one of the dominant logistics players in Alberta. Will be a primary player in the western sedimentary basin.

2006-11-10

TOP PICK

29.650

35 year plus reserve life. Just completed stage 3 expansion. Q3 numbers show production levels of close to 125,000 barrels a day. Expects to see cash flow ramp up here.

2006-11-10

TOP PICK

IESI-BFC Ltd.

BIN-T

24.850

(A Top Pick June 23/06. Down 7.2%.) A good quality business trust. 4th or 5th largest waste management in North America. Q3 numbers show a 12% increase in Canada and 10% in the US.

2006-11-10

PAST TOP PICK