Glenn MacNeill, P.Eng. Petrofund Energy Trust PTF.UN-T BUY Apr 29, 2005

Has been a reasonably good performer, especially over the last Jan/Feb period. Have had a problem of getting their costs too high in the production and G&A side, but these are being reduced.

Glenn MacNeill, P.Eng.

Owned

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$17.560

Stock price when the opinion was issued

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SELL

A sector underperform.

BUY

Has had really good growth in the last little while. Good merger with Ultima which reduces US ownership. Overhead expenses were high but expected to be reduced. Good assets.

HOLD

!00% of their capital expansion is supported by their operating cash flow meaning they do not have to borrow. Great business model. A little expensive, but over the next year they have a positive rate of return.

BUY

Had a premium valuation early last year, and underperformed, so is now back to about an average value. Going forward, it's probably fine and expects a fairly flat price for the year, but with distribution you probably get 10% for the year which isn't bad.

DON'T BUY

Owns in an index fund because they have no choice. Has some pretty high costs. Reserve life is around the 10 year mark. Growing by acquisition and prefers the ones growing by internal growth, such as Arc Energy (AET.UN-T), Ketch (KER.UN-T), Bonavista (BNP.UN-T), Focus (FET.UN-T), Peyto (PEY.UN-T). They pay out less of their cash flow in order to keep and grow their reserve life.

BUY

Very large and very well diversified. More geared to the conservative investor who is looking to increase their exposure to the oil/gas sector, but at the same time is nervous about high payouts. One of the lowest payout ratios.

BUY

Recently made an aquisition. Getting its costs down. Increasing its production through reasonably good acquisitions.Has a very high % of foreign ownership.

BUY

Made a very astute purchase in buying Ultima to acquire the Wayburn property which gives them positive reserve positions. One of the few companies that has a less than 100% AFFO payout ratio. Well managed.

WEAK BUY

The earnings growth looks pretty good. There is a reasonable opportunity for the company.

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Glenn MacNeill, P.Eng. Petrofund Energy Trust PTF.UN-T BUY Apr 29, 2005

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