TRUE ENERGY TRUST $3.87 (Toronto symbol TUI.UN; SI Rating: Speculative) (403-264-8875; www.tketrust.com; Units outstanding: 79.2 million; Market cap: $306.5 million) produces oil and gas mostly in Alberta and Saskatchewan. About 65% of its production is gas.
In the three months ended June 30, 2008, Trilogy’s production fell 30.4%, to 11,922 barrels of oil equivalent per day, from 17,122 barrels. The decline came as the company sold its oil and gas assets in Saskatchewan to focus its operations in Alberta. Cash flow per unit was $0.33, down 29.8% from $0.47. The shares now trade at 2.9 times cash flow.
True’s monthly distribution of $0.04 gives it a yield of 12.4%. It flows about 59% of cash flow through to its unitholders. The company used the proceeds of its asset sales to cut its debt to $205.7 million, or 67% of market cap, from 81% at the end of 2007.
True Energy is still a buy for aggressive investors.
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