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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: Goldberry who wrote (1361)	9/9/2001 4:44:24 PM
From: Lorne Larson	Read Replies (1) of 11633

Empress NG prices for the 1st 8 days of September averaging $2.15 Cdn. Anyone figuring yields would be wise not to concern themselves with trailing distributions. My guess is NG prices will go lower over the next 2-3 months. The hedges put in place by many of the trusts expire at the end of the year. The big question is whether NG prices will recover by the time the hedges start coming off. Will be very interesting to see what distribution is announced by SHN later this month for October payment. This trust is about 75% gas, does very little hedging, and pays out quarterly rather than monthly. Distributions for April and July were $1.10 each. I'm guessing around .65-.70 for October, decreasing to .35-.40 for January if NG prices don't improve. I'm going to short it after the X-dividend date this month. Still long AY, VKR and PVE, which are more oil-weighted.

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