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Garth Jestley Shiningbank Energy Income Fund SHN.UN-T BUY Oct 29, 2004

Has done well. Good management. Reserve life of about 10 years.

Garth Jestley

Owned

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$22.370

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BUY

Highly leveraged to natural gas. His feeling is that natural gas will do quite well over the next couple of years.

COMMENT

Heavily natural gas oriented. Natural gas is at the lower part of its traditional price range. On average, prices will probably be higher going forward.

COMMENT

Very gas oriented. Price to cash flow, Price to book value and management capabilities, it could be worth a look. They have some interesting tax pools.

WAIT

Good management. About 77% of production is natural gas. Once the income trust legislation is settled, it could well be a buy. One of the cheapest. Have a very impressive set of tax pools.

BUY

One of his favourite gas trusts. If he were going to own a trust right now, this would be it. First-class management. Interesting acreage. Cheapest of the bunch in terms of price to NAV and cash flow.

DON'T BUY

Sold his holdings when they made an acquisition, which levered up the balance sheet. Have cut their payout a couple of times. Balance sheet is not pristine.

WEAK BUY

Time to wade out, but stay fairly close to shore on some of the gas names. Has been very beaten up. There are some cost pressures going forward which may be a bit of an issue. OK to buy a little.

DON'T BUY

Favourite Natural gas story, but there are better alternatives.

BUY ON WEAKNESS

Mainly gas production and tends to move quickly with natural gas prices. Expect it to be relatively quiet over the next 6 months, with a rebound in the winter. Assets are not top-quality, but are above average. Treat as a trading stock.

BUY

Likes the longer-term outlook for natural gas.

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Garth Jestley Shiningbank Energy Income Fund SHN.UN-T BUY Oct 29, 2004

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