Robert Toole

About 75% oil and would normally not be one he would be truly interested in. He is looking past the commodity price to their ability to grow their underlying production, reserves and cash flow. Very strong management team. Very strong balance sheet.

Very strong natural gas exposure. Now is the time you want to get involved with gas companies when they are at their low. Very strong management. Grows both by drilling success and prudent acquisitions. There is no premium built into the stock price now because of management.

(A Top Pick Oct 27/06. Down 2.4%.) Hit by soft natural gas prices. Continues to have solid underlying growth in its production. Very strong portfolio of medium risk natural gas exploration and development properties but it also has some very high impact, deeper gas drilling targets in western Alberta.

(A Top Pick Oct 27/06. Down 17.5%.) Has done a good job growing its production, but with crude selling off like it has, share price has suffered. Has a play in the Pembina Nisku area and have been very successful in expanding their reserves and production.

(A Top Pick Oct 27/06. Up 4.5%.) A relatively small business and has a tremendous ability to grow, generating increases in revenue and cash flow.

Acquired a refinery in Newfoundland last year. Have been successful in financing this but probably have a little bit more equity financing to go. The refinery benefits from lower crude prices.

Quite negative on this stock. The company has a debt problem Natural gas prices are quite low right now and it is having to sell assets at lower prices to pay down its bankers.

He is not encouraging people to go into energy trusts at this time. If you are interested in them, this one has a nice broad asset base with some strong undeveloped land potential. Converting back to a corporation would be relatively easy for them. Very high payout ratio.

Not familiar with this particular company. Situated in Colombia, which represents a big opportunity for companies, but was significant risks. The area is prolific for crude oil. The big issue is the guerrillas.

One of the worst performing trusts through this last period. Trades at about a 13% yield. Quite leveraged to natural gas. He is bullish on natural gas for the next 1 to 1.5 years but it is a junior expiration companies is a better way to play the sector.

Expected to start production in 2009. Very leveraged to crude prices. The more leverage, the better performance on higher crude prices and vice versa. Prefers the more conventional producers that can grow their production and cash flow in the near-term.

This one is right in the middle of its peer group in terms of payout ratio and its yield of about 14/15 percent. There is risk of continued further cuts.

One of the more successful exploration companies. Had a “company maker” discovery last year. In cases such as this, a lot of the potential value gets capitalized very quickly and as the company exploits the discovery, things can go sideways. This is one of the better regarded and more successful exploration companies. Higher risk.

This is a trust that he would sell sooner as opposed to later. Payout ratio of over 160% using cash flow and its capital expenditure.

Has about the highest payout ratio out there. Has reached its growth limit in its asset base.