Daylight Energy Ltd (DAY.TO) Buy, Sell or Hold

Daylight Energy Ltd (DAY.TO)

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BUY

Acquiring Highpine (HPX-T), which is generally perceived as a good move as it gives them light oil. Solid management, which has hedged when it should and is defensive. 11.3% distribution.

TOP PICK

Becoming increasingly positive on gas. Struggled a little with leverage over the last couple of years but have assembled an excellent land base in western Alberta and are chasing some pretty large gas targets that will give them a substantial drilling inventory. Some pretty good hedging. Acquiring Highpine (HPX-T) giving them a cash flow generating, oil weighted asset.

BUY

Making a transition from a conventional producer to more of an unconventional producer. Getting some very good plays in the Cadomin area of the deep basin in Alberta. Debt is reasonable and 11.6% distribution is sustainable. About a 60% payout ratio. Well positioned for a conversion in 2011.

HOLD

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.

BUY

One of the more exciting oil/gas trusts. Production profile going forward unfortunately is more related to natural gas but they have been very successful through the drill bit.

WAIT

About 70% gas weighted. Have good hedges in place in the short-term. There is talk they will convert to a Corp and become growth oriented because of some good development prospects. He'd like a clarification of this before he buys, as they may have to cut distributions.

HOLD

(Market Call Minute.) Looks like they are making a good transition to becoming a more growth oriented trust but they do have quite a bit of gas exposure.

PARTIAL BUY

(Market Call Minute.) Not a bad chart. The downtrend is a bit worrying. Has come to a support level. Possible potential for a takeover. Doesn't like the chart very much but it is in the right sector. Take a partial position.

TOP PICK

Essentially operate in central and west central Alberta with about 24,000 barrels a day of production. We'll continue to make tuck in acquisitions. Hedged a lot of this year's production so are not at risk of any price deterioration. In good shape with tax pools.

TOP PICK

By 2010-2011 Natural Gas prices will be higher, distribution will come down anyway.

BUY

Purchased this morning because they announced an issue to raise some money.

BUY

Gas weighted. Looking out 2 years at future curves on natural gas prices are very much higher. 40% hedged for oil/gas this year at much higher prices than they are today. Enterprise value per BOE per day is around 45. Production is around 24,000 barrels. Consolidation in the industry must come and this'll be one of the ones grabbed. Expecting a cut in distributions.

PAST TOP PICK

(Past Top Pick Apr 16/08 Down 28%)

BUY

Maybe not the strongest Buy in the space but it is a Buy. Hedged 43% of its oil and 42% of its gas production in 09 at very favourable prices of $8 Cdn for gas and $100 Cdn oil.

WATCH

Most analysts are turning favourable as a result of some of the resource potential they see. Early days on drilling up some of their plays and the upside is looking quite favourable. Some good long-term potential.

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Daylight Energy Ltd (DAY.TO)