Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: energyplay who wrote (32875)	5/2/2003 1:46:32 AM
From: Cogito Ergo Sum	Read Replies (1) of 74559

Hi ep, A company that hedges production selling gas forward funny I tend to prefer these simple hedges as opposed to swaps et al which sometimes break my head. PWI got a mild case of Enronitis as you may recall on about 5% of their hedging (which provided a buying opp). Appreciation of the Canadian dollar vs. the US will tend to hurt a little. More of a concern for us Canucks no ? That same appreciation is mitigated by the dividends being paid in loonies, no ? Assuming of course an inverse trajectory for the USD vs the Loonie and our interest rates (which look set to rise more BTW). like Advantage Energy (AVN.to, CA:AVN.un on Big Charts) tend to have a higher dividend than dual lsited stocks like ERF and NCN. Is it really the dual listing ? ERF is pretty conservative in my view as is Arc energy (AET.UN I own a lot) and both are not barn burners in the dividend department 15%?? Advantage (18%) has a lower dividend than say Acclaim (19%) or Paramount (25%) but PWI and NCF both interlisted are 18 and 19 respectively. I find the interlisted to be more volatile and there is also Provident (interlisted) PVX at almost 22%. A last thing on Advantage, I think they have one of the best managements and I don't mind paying a slight premium to Acclaim or Paramount. Arc (I could say ERF here too) I'm willing to pay a premium for the track record. stock prices tend to be about 10-20% lower than the US for the equivalent property Sadly but there may be new legislation that hopefully will ease that for the trusts, to do with the liability of unitholders in the event that the trust is sued (That should make Jay nervous ;o) and did we get this one in ? oilpatchupdates.com regards Kastel

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