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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: seriousinvestor who wrote (96742)	2/13/2008 10:57:30 AM
From: zebra4o1	Respond to of 206323

Thanks for that intro to MLPs - lots of good info.

To: seriousinvestor who wrote (96742)	2/13/2008 12:25:31 PM
From: cyesp	Read Replies (1) \| Respond to of 206323

Serious and Ed, I believe you should include DMLP in your list of E&P MLPs. They are an extremely low overhead MLP (very few employees) owning a big chunk of minerals (roughly 350,000 net acres) along the gulf coast plus gas royalty and WI in Hugoton. Market cap is under $600 million, no debt. In 2006 they leased out 10,000 acres of minerals in the Fayetteville shale play that gives them a 25% royalty and the option to participate for a WI, and a bonus of $7 million. Disclosure, I own a bunch. Cheers, Cy BTW, Here is a link to last year's 10k, most of the meat is on pages 17-25. yahoo.brand.edgar-online.com

To: seriousinvestor who wrote (96742)	2/14/2008 8:14:52 AM
From: Ed Ajootian	Read Replies (2) \| Respond to of 206323

serious, thanks, great post. I believe you have identified most if not all of the other MLP E&P's. The latest presentation on Linn's website shows some graphs comparing Linn to all the other MLP E&P's, you might want to check it out. Another one that I like is Legacy Resources (LGCY), they appear to be well-managed and are oily. VNR is another one that looks good and is favorably priced at this time. Re: Dorchester Minerals (DMLP), thanks for the tip Cy, I looked at it briefly and it looks intriguing. In order to really get an understanding of their situation it would take me some time, which I unfortunately do not have a lot of at this point. I have put it on the radar screen and hope to look into it further at some point.

To: seriousinvestor who wrote (96742)	2/14/2008 11:26:34 AM
From: Fugitive Pauper	Read Replies (1) \| Respond to of 206323

Great info on upstream MLPs, but one small correction: BBEP is not saddled with IDRs to its GP. See the presentation page 5 at files.shareholder.com I too am a canroy refugee and own several upstream MLSs (ENP, BBEP, LINE, LGCY) and none of them have significant IDRs. ENP does provide small incentive distribution rights to its senior management, but at a tolerable level (max of about 5% I believe). With the exception of ENP, which was late to the party, all of these have been under substantial pressure for the past several months, presumably due to the transient reasons you cite. The yields have become very attractive (about 9% to 13%). I have been operating under the assumption that the falling prices are a short-term buying opportunity without fundamental cause. Hope I'm right about that. I also own several midstream MLPs (EPE, ETP, ETE, MGG), most of which are GP MLPs. The yields of GP MLPs are currently lower than those of the operating MLPs, but their earnings are growing much faster because they are on the receiving end of those generous IDRs (typically 50% of all cash above a threshold level which was exceeded long ago). Where else can you find a security yielding 4-5% with earnings increasing at 25+% per annum?