A Comment -- General Comments From an Expert (A Commentary)

If oil/gas prices are going to stay at current levels, then distributions should continue at their current rate for the next two years. Does not favor this trust.

(Past top pick Sept 24/03. Up 27%.) Rumored to be for sale or some catalytic event is going to take place. Pretty fully valued at this price.

Recently merged with Impact, a high risk/high reward Company. Probably has another year of drilling in it. One of the exciting things is its coalbed methane. Reasonably priced.

Higher risk/high reward. Management owns 14.5%. Current production is 2100 barrels per day but expects to end the year with over 3000. Goals of over 5000 for 2005.

(Past top pick May 27/04. Up 6.3%.) Chosen because of a potential on the corporate development side which is still a possibility. The company is potentially for sale.

(Past top pick June 18/04. No change.) Possible merger with Coor's.

Has had a little bit of trouble getting going. Rumors have it going into an income trust.

A fairly good trust. Have some good prospects. Trades at a slight discount to some of the larger cap oil/gas income trusts so it's tougher for them to maintain their production levels through acquisitions. Could be a takeover in 2/3 years.

(Past top pick May 21/04. Up 8.5%.) Currently on an up trend line. Still likes.

A tremendous company. Has sold off with the retreat in the market. Good price.

Concerned about the housing/auto side as the consumer gets squeezed by higher interest rates. Expectation is for a very slow decline in housing starts.

$4.50 target. Many exploration programs. Have home run potential

Target of $5.00. Great potential in exploration. Keep on exceeding my numbers.

The company is up for sale. Probably won't go for more than $4, so a pretty thin spread to work with.

A very good company. Lack of liquidity is a problem for institutional investors. Expects to significant slowdown in spending which will affect auto sales.