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

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To: Scott Mc who wrote (2781)	3/8/2002 1:09:51 AM
From: Lorne Larson	Read Replies (1) of 11633

Scott: I remember the old days with MXT very well. MXT was on the verge of folding, but was saved by $10.00 NG and $35.00 oil. They played the rebound very smartly - used their cash-flow to pay down debt rather than making distributions. However because they were not making distributions the stock price remained depressed. It was an easy call for anyone who looked at cash-flow rather than funds distributed. I made more money on MXT than on any other stock I've ever bought. I got out when they changed management and I couldn't get decent answers in a few telephone calls to their new management. Recently got in again at $4.50. This one is not going to participate like some of the others in a rebound in energy prices, because they are pretty much fully hedged. However they're a bit unique because they have low-producing long-life wells. I believe they have easily the longest reserve life of any conventional oil and gas trust. At my buy-in of $4.50 they're paying 16%, and I see no reason why this can't continue for a very long time. I'll take it. Regards

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