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Glenn MacNeill, P.Eng. TKE Energy Trust TKE.UN-T BUY Sep 02, 2005

Good sized trust. President of True Energy (TUI-T) will take over as president which is a good move.

Glenn MacNeill, P.Eng.

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$11.140

Stock price when the opinion was issued

oil gas

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BUY

Have interesting slate of plays in front of them.

COMMENT

Doesn't know it well. Yield is pretty high at 14.5%. Would have to do a lot more homework on as he would be suspicious with the size of the yield. He also thinks there's a large number of exchangables outstanding which could result in some dilution.

BUY

Heavily weighted towards natural gas. Payout ratio to the end of the 1st quarter was 78%, but with the prodcution coming on it will be closer to 52% which is where the company wants it. Debt free. Good reserve life. Low coverage, but as it matures, will be discovered by the street.

DON'T BUY

Has a reasonably good slate of prospects in front of it. Debt is a little high. Distribution arrangement is a little high. Pretty illiquid for his holdings.

BUY

A major natural gas player. Yields about 14%. The payout ratio is going to drop to close to 60% this year. The major problem is that only one broker covers it and he is negative. Consolidation is going on and it could get taken out.

BUY

For pure gas income trust plays, prefers TKE Energy Trust (TKE.UN-T), Progress Energy (PGX.UN-T), Thunder Energy (THY.UN-T) and Peyto (PEY.UN-T). In the producer area Storm Exploration (SEO-T) because it was incredibly cheap at $4.60. Would sell when it gets near $7.

BUY

Has gone through a transformation through its merger with True Energy (TUI-T). Buying for new accounts. The merger increases their current production rate from 4,000 BOE's to 15,000. Yield of 12%.

HOLD

TKE Energy Trust (TKE.UN-T) and True Energy (TUI-T) are entering into a merger. Would buy the new exploreco that will be spun out. Expects production will triple. Hopefully the street will pick up coverage on that.

BUY

True Energy (TUI-T) and TKE Energy (TKE.UN-T) are merging and he likes the deal. TKE by itself is about a 4,000 equivalent per day and this will go to about 14,000.

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Glenn MacNeill, P.Eng. TKE Energy Trust TKE.UN-T BUY Sep 02, 2005

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