SHININGBANK ENERGY INCOME FUND $23 (Toronto symbol SHN.UN; SI Rating: Speculative) focuses on natural gas production in west-central Alberta.
Shiningbank’s revenues rose 32.3% in the three months ended March 31, 2006, to $106 million from $80.1 million a year earlier. Cash flow per unit rose 12.3%, to $0.91 from $0.81.
Shiningbank’s average daily production of 21,828 barrels of oil per day equivalent is weighted 23% toward oil and liquids and 77% natural gas. In the latest quarter, the company’s average realized price for oil was $59.43 U.S. and $8.83 U.S. for gas.
The trust lowered its distribution by 16.7%, to $0.25 from $0.30 with the April, 2006 payment. The trust is gas-weighted, so it lowered its distributions as natural gas prices fell. The trust now yields 13.0%. It paid out 81% of its cash flow as distributions in the latest quarter.
Shiningbank’s debt remains low at 33% of shareholders’ equity. The company is spending around $94 million this year on drilling and development.
Shiningbank Energy Income Fund is still a buy.
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