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Glenn MacNeill, P.Eng. Esprit Energy Trust EEE.UN-T PAST TOP PICK Jan 18, 2006

(A Top Pick Sept 2/05. Down 12%.) Very disappointed in this one. Bought it on a valuation basis. The company has not been able to meet its production targets. Has sold all his holdings. Assets are not as good as other companies.

Glenn MacNeill, P.Eng.

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$12.590

Stock price when the opinion was issued

oil gas

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HOLD

Natural gas focused. Has had a bit of a rough go in terms of operating fundamentals. Natural gas prices have come off substantially. A likely takeover candidate.

TRADE

Heavily into natural gas, and although oil prices have gone up natural gas has declined. Also has more debt, and has some operational problems. 2006 will probably see more mergers and acquisitions.

DON'T BUY

About 70% gas weighted. Over the last two years, they have missed on their production numbers. Because of this, it's not popular in the market.

DON'T BUY

Was a bit disappointing. Thought they had some reasonable assets but they are mostly natural gas with quicker declining assets, so they've had trouble keeping their production numbers up.

BUY

Had some troubles over the last year by having a higher production declining then he liked. Reserve life is over 10 years. Payout ratio is low enough that it does not have to cut distributions.

DON'T BUY

About 74% of its production is in gas. Relatively cheap because a lot of their assets are gas, which has high, declines associated with gas. Possibly a takeover target. 72% payout ratio, which is high.

DON'T BUY

He prefers the $1 billion trusts and this one is too small for him. There is a limited amount of production out of a limited spread of fields. They have had problems.

DON'T BUY

70% of production is natural gas. This company has had a history of production shortfalls and disappointments. Have quite high debt. It may not be a bad time to be buying gas-weighted names but there are a better names of there.

SELL

Merging with Pengrowth Energy (PGF.UN-T). Sold his holdings. Geology in their properties is such that it is difficult for them to hit wells accurately.

SELL

Merging with Pengrowth (PGF.A/PGF.B-T). If you own, continue holding until you get your distribution and then sell. A good alternate choice would be Penn West Energy (PWT.UN-T).

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Glenn MacNeill, P.Eng. Esprit Energy Trust EEE.UN-T PAST TOP PICK Jan 18, 2006

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