Bonterra Energy Corp

BNE-T

(A Top Pick July 10/06. Down 14.6%.) One of the worst royalty trusts in terms of performance, but ironically one of the best in terms of metrics. Still a Buy.

(A Top Pick June 28/06. Down 15.4%.) Got slaughtered with the government’s stand on trusts. Long reserve life.

(A Top Pick June 28/06. Down 10.8%.) Because it’s a little bit small, it might be a little negative as it will be hard to see how they can acquire and grow much beyond where they are.

Expensive, but expensive because it has good assets.

Pays 8.5%. In declining rate is about 5% compared to the industry average of 22%. To maintain its production, it is spending about 22/23% of its cash flow versus 65% for the industry.

One of the smaller names. They are depleting their resource base at only 5/7% per year. The industry average is 22%. The replacement cost for the incremental barrel is 22% of available cash flow versus an average of 67%.

Likes the trusts that hold back a lot of their cash and can grow by the drill bit and increase their production. Their growth is my acquisition which can be very expensive.

Pretty fully priced. Has some very interesting assets. Good management team.

A relatively long reserve life. Wants to see a good a few good quarters under its belt.

Has had a reasonably good run. Thinks it has pretty well peaked out. Limited liquidity.

Doesn't have a big following, so has limited liquidity.

(Was a top pick on Apr 17. Up 4%) Yield of 15%. Loves it.

( Was a TOP pick on April 17. Up 5.3%) Still likes. 15% yield.

13.3% yield. 12/13 oil revenue life. Good management.