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Ketch Resources Trust (KER.UN.TO)

TOP PICK
(A Top Pick Apr 1/05. Down 2.5%.) Gas weighted. Payout ratio of about 70%. Trading at a decent discount to its peers. Trading at a price to cash flow of 4.5 X's compared to the average of 5.5 X's. Good price.
BUY
Very gas weighted. He's constructive on gas prices. Canadian gas supply has now peaked. IGood for an RRSP account for capital gains.
TOP PICK
Trades at about a 12% yield and is about 75% gas weighted. Reserve life is a little lower than they would normally invest in, but they have a slew of properties that they are going to be drilling so they'll be growing internally which is a cheaper way to grow.
HOLD
Initially were a little shy of a production level, but brought out about 1,000 BOE's a dayof production that was behind pipe. That made them very solid for the rest of the year. Payout ratio is probably in the range of 60/65% which is excellent.
TOP PICK
Good quality management team. Trades at a discount to its gas weighted peers partly due to a shorter reserve life (7.5 years), but sees a very attractive development growing program over the next 1/2 years.
BUY
Sustainable model. Shorter life asset base.
SELL
A trust spinoff, along with explorecos Bear Ridge and Kereco from Ketch Resources. Was interested in the parts, but everyone charged into this and they are all trading at surprising premiums. Wait for the dust to settle. If you own, take some profits.
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