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

To: Dennis Roth who wrote (151781)	6/1/2011 8:55:32 AM
From: Dennis Roth	3 Recommendations Read Replies (1) \| Respond to of 206093

CS Take on MLPs Weekly Analysis MLPs Are Garnering More Attention 23 pages, 35 exhibits Download Link: sendspace.com NAPTP Takeaways: 1) Strong interest remains in MLPs – conference had a record of about 700 attendees, 2) No near-term tax law changes likely, 3) Opportunities around NGL infrastructure development remain strong, 4) NGL supply/demand dynamics should remain in balance, as petrochemical demand keeps pace with increasing supplies, 5) More crude oil infrastructure is needed, especially around the Eagle Ford shale, 6) Additional midstream infrastructure opportunities may be provided by the development of the Niobrara Shale, 7) Longer-term, demand for natural gas could accelerate, given liquefied natural gas export opportunities and coal to gas switching at utilities (2015+ events). Bottom Line: We continue to like MLPs with exposure to the NGL markets and those well-positioned to participate in the continued NGL infrastructure build-out. Top picks under coverage exposed to these themes include EPD and DPM (investment grade) and NGLS. Another notable NGL player under coverage is OKS, rated Neutral. OKS Dinner Takeaways: Last Wednesday, we hosted a dinner in Connecticut with OKS management. 1) More infrastructure opportunities to emerge from the Bakken Shale, 2) NGL market should remain in balance even in 2013 after several Mont Belvieu fractionators come online, 3) Conway to Mont Belvieu E/P price spread should remain wide until OKS’s pipeline projects come on stream, 4) OKS continues to realize better margins as it re-contracts bundled midstream services. ===== OT: FUNDamental Insights CEF Highlights 31 May 2011 ¦ 28 pages citigroupgeo.com In this report, we aim to provide investors with a regular update and our latest views of the closed-end fund (CEF) sector.

To: Dennis Roth who wrote (151781)	9/9/2011 10:52:21 AM
From: Dennis Roth	2 Recommendations Read Replies (2) \| Respond to of 206093

ECA Marcellus Trust I (ECT) Drilling Program on Track to be Completed in 2011; Maintain Buy 8 September 2011 ¦ 15 pages citigroupgeo.com Drilling Program Ahead of Schedule — At the end of 2Q11, 31 wells (14 PDP’s and 17 PUD’s) were online and producing, which was in-line with management projections. Current expectations are for the drilling program to be complete in 2011. For instance, to date, ECA has drilled 32 PUD wells in total. As a result of lateral lengths, these 32 PUD wells are equal to 41.2 net PUD wells to ECT. These equivalent PUD wells drilled count towards the 52 equivalent PUD wells ECA has committed to drill. Though the drilling program will be complete in ‘11, due mainly to pipeline capacity constraints, the remaining drilled wells aren’t expected to be online and producing until mid 2012. Projected Yield of 12.7% on 2012 Cash Flows — Based on our production profile updates, we expect cash flow to unit holders as well as production volumes to peak in 2012. In addition, we estimate that the trust has the potential to raise distributions at an average quarterly growth rate of 1.7% between 3Q11 and 4Q13. This equates to projected yields of 9.2%, 12.7% and 11.3% for ’11, ’12 and ’13, respectively. Near-Term Volatility Remains a Concern — Looking ahead, we expect unit prices and distributions to unit holders to closely follow changes in natural gas prices and production volumes. Moreover, in the near term, we believe that the combination of the recent U.S. debt downgrade, the European sovereign debt crisis, and growing concerns over slowing global economic growth should lead to further volatility and possibly some notable pullbacks (i.e. increased aversion to risk in the broader market). Maintain Buy/High Risk Rating — In the long term, we urge investors able to sustain some volatility, to strategically add to/build positions. This suggests that cash flow growth and potential price appreciation is supported mainly by: 1) strong development drilling program, 2) cash flow stream protected by 3-year hedging program, and 3) continued interest in yield-oriented Investments. Raising Target Price — We are raising our 12-month target price by $1.50 to $34.00 per unit. Our target price assumes applying an 11.0x trailing P/DCF multiple to our