Hi Pat: I would appreciate your opinion on NAL Oil & Gas Trust. In particular, I would like to know whether it is advisable to sell before the conversion date.
NAL Oil & Gas Trust, $10.99, symbol NAE.UN on Toronto (Units outstanding: 145.6 million; Market cap: $1.6 billion), is a royalty trust that develops, produces and sells crude oil, natural gas and natural-gas liquids, mainly in southeastern Saskatchewan (in the Bakken, Mississippian and Tilston formations) and Sylvan Lake, Alberta (in the Cardium and Mannville formations).
NAL’s average daily production of 30,120 barrels of oil equivalent (including natural gas) is weighted 52% toward natural gas and 48% to oil. At current production rates, the trust has proven oil and natural-gas reserves that should last 6.5 years.
In the three months ended March 31, 2010, NAL’s cash flow was $0.46 a unit. The units trade at 5.5 times the trust’s forecast 2010 cash flow of $2.02 a share. The trust’s long-term debt of $423.3 million is a reasonable 26.5% of its $1.6-billion market cap.
NAL pays out just 53% of its cash flow as distributions. The units yield 9.8%.
The trust plans to convert to…
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