Opinions

David Cockfield Viking Energy Royalty Trust VKR.UN-T HOLD Jan 23, 2006

In the process of being merged into a larger trust.

David Cockfield

Owned

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$9.530

Stock price when the opinion was issued

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PAST TOP PICK

(A Top Pick July 4/05. Up 30% plus distributions.) Had a target of $10, so when it came close to that, he took some profits. Has a very good payout. A little high on the payout and is in a bit of a downtrend right now. Wouldn't buy right now, but is probably a hold.

SELL

Has agreed to merge with Harvest Energy (HTE.UN-T). Sold his holdings because he thought it was too heavy in oil and for defensive purposes decided to own more natural gas oriented trusts.

BUY

Has announced a merger with Harvest Energy (HTE.UN-T). Will be a very good merger. It will be the 4th largest royalty trust in Canada.

HOLD

Merging with Harvest Energy Trust (THE.UN-T). Because Viking pays out more in distributions, Holders of Harvest Energy will get less in distributions. We'll probably become a better run trust because of the merger. If you own, wait until it gets listed on the exchange and then take some profits, probably in the first quarter.

BUY

Merging with Hardest Energy (HTE.UN-T) giving them a much larger land-base. Management has a great track record in heavy oil. Feel there will be good upside.

HOLD

Merging with Harvest Energy. Right now, bigger is better. With all these trusts, the question is reserve life and the percentage of cash flow that is going out the door in distributions. Would continue holding it until after the merger.

HOLD

This one is merging with Harvest Energy (HTE.UN-T). The combined trust will be attractive to large institutional investors which will create an improved valuation. It is possible they could get a US listing that would improve the valuation. On Mergers, there is always integration risks but in 6/9 months, it will be a good trust.

DON'T BUY

Would look at Bonavista Energy (BNP.UN-T), Trilogy Energy (TET.UN-T) and other names before he would recommend this. Reduced its payout by 21%. Has an increasing percentage of heavy oil and a declining reserve life.

HOLD

Would rank as a tear 2/3 player. Good quality people are running the trust. Has a lot of heavy oil exposure. Management has good heavy oil experience.

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David Cockfield Viking Energy Royalty Trust VKR.UN-T HOLD Jan 23, 2006

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