Good addition for Pengrowth

Article Excerpt

PENGROWTH ENERGY TRUST $9.97 (Toronto symbol PGF.UN; Units outstanding: 291.3 million; Market cap: $2.9 billion; SI Rating: Average; Dividend yield: 8.4%) has agreed to buy the 82% of Monterey Exploration (Toronto symbol MXL) that it doesn’t already own for $366 million in Pengrowth units. Monterey produces oil and natural gas at properties in Alberta and B.C. Pengrowth is particularly interested in Monterey’s unconventional gas holdings in northeastern B.C. Monterey should increase Pengrowth’s average daily production by 9% by the end of 2010. Moreover, Monterey’s reserves should last 10.8 years. Pengrowth Energy Trust is a buy. buy…

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