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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: David Alon who wrote (3086)	3/31/2002 3:15:46 AM
From: Peter W. Panchyshyn	Respond to of 11633

---- Some interesting points to consider in this news item -------- """"""""""""In the past month, the Toronto Stock Exchange’s index of oil and gas stocks rose to an all-time high of 10,633, which is a 34-per-cent gain from the bear market low, set in late September. A bull market rally for sure.''''''''''''''''''''' ---- Bear market low in late sept not in early feb where some doom and gloomers finally changed their tunes. Well after the fact. ----------- Over the past twenty years, the annual decline in the index from its high one year to its low the next year is 25 per cent. And the average increase in the index from its low in one year to its high the next year is a gain of more than 50 per cent. ------- Now where have we all on this board heard this before """""""average increase in the index from its low in one year to its high the next year is a gain of more than 50 per cent ''''''''''''''''' THIS IS EXACTLY THE SAME SORT OF DATA I GAVE OUT FOR THE TRUSTS THEMSELVES. MUCH EARLIER IN MY PAST POSTS. I guess this confirms my data and its source after all. GO FIGURE. I guess concerning me and mine whether its 16 years or near 20 or near 2 decades really isn't of the gravest concerns after all as to what the real past historical data does show. And more importantly what that means to trust unit holders. ------------------------------

To: David Alon who wrote (3086)	3/31/2002 9:36:18 AM
From: Lorne Larson	Read Replies (1) \| Respond to of 11633

Big article in the Saturday Globe and Mail on how a "looming change in disclosure rules" will force a number of oil and gas companies to downgrade their estimations of reserves. Both Paramount and Rio Alto were hit hard because of these new guidelines. I'm wondering if the oil and gas trusts might also get slammed because of this. As we all know the the reserve life index is a number that a lot of analysts look at very closely when it comes to the trusts. Anyone aware as to whether the trusts have traditionally taken a more conservative approach in this regard? Anyone wanting an historical lesson on the impact of a major restating of reserves on the price of an oil and gas trust might want to go back and look at Maximum (now Ultima).

To: David Alon who wrote (3086)	3/31/2002 1:28:36 PM
From: Lorne Larson	Read Replies (2) \| Respond to of 11633

Interesting to compare what PVE paid for their recent acquisition vs what was being paid for acquisitions in mid-2001. Investors Digest indicates that at that time the average cost was $15.79 per proven BOE reserves; PVE paid $6.82. Average price per BOE/day production was $40,221, whereas PVE paid $18,055. I realize it's difficult to compare straight across because of other factors. However the lowest prices paid in mid-2001 (excluding the PVE Maxx acquisition which was heavy oil) were $12.23 and $24,216. Interesting to note that the highest price paid by a trust for an acquisition was PWI for Cypress at $20.09 and $52,529! Some of the trusts went a little crazy in 2001. Wonder what PWI could have got Cypress for if they had waited for 6 months?