Hello Patrick: Could you please comment on the recent Argent Energy Trust unit issue? The yield is attractive, but would this also involve a return of capital? Is this a worthwhile investment?
Argent Energy Trust, $10.00, symbol AET.UN on Toronto (Units outstanding: 21.8 million; Market cap: $218.0 million; www.argentenergytrust.ca), aims to acquire and develop oil and natural gas properties, mainly in the U.S.
The trust began trading on the Toronto exchange on August 10, 2012, at $10 per unit.
Argent’s public offering raised $212.3 million, which was scaled back from its original $325-million proposal. Due to low oil prices, investor interest in the trust’s offering was not as strong as originally anticipated.
The trust had no operations prior to its recent initial unit offering. However, it has used the funds it just raised to buy the Denali Assets in Texas for $168.4 million. This purchase includes 1,755 oil and gas leases that consist of 143,765 acres, plus an interest in 69 wells. The Denali Assets cover a number of producing regions, including the Austin Chalk and Eagle Ford Shale oil formations; and the South Texas natural gas assets, including the South Escobas Field.
Argent believes that…
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