TRUE ENERGY TRUST $0.81 (Toronto symbol TUI.UN; SI Rating: Speculative) (403-264-8875; www.trueenergy.ab.ca; Units outstanding: 78.5 million; Market cap: $63.6 million) produces oil and gas in Alberta and Saskatchewan. Gas makes up about 62% of its output.
In the three months ended March 31, 2009, production fell 26.3%, to 9,981 barrels of oil equivalent per day from 13,552 a year earlier. True cut its capital spending to conserve cash and pay down its $196.3-million debt, which is a high 291% of its market cap. The cut was the main reason for the production drop.
True also suspended its monthly distribution with the March 2009 payment.
Production growth is unlikely to resume while the trust cuts back on capital spending. However, it trades at just 2.3 times its forecast 2009 cash flow of $0.35 per unit. It will use much of that to pay down debt.
True Energy is still a hold.
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