Sandy McIntyre Sequoia Oil & Gas Trust SQE.UN-T DON'T BUY Jul 28, 2006

Not one of his favourites. The property slate is not as interesting as some others.

He is careful with new conversions because a lot of times management thinks they can keep production high even as it's paying out a lot of its cash flow and not putting as much into exploration and then a few months later management realizes production's not as high as expected. Would let this one mature a little bit.

Merging with Daylight Energy Trust and will be known as Evergreen Energy Trust. It looked like a good deal at the beginning but terms have been changed because of production problems. That is disquieting.

Merging with Daylight Energy Trust (DAU.UN-T). Price is dropping because it keeps missing its production targets. Had lower guidance this week. There are better values than these 2 trusts.