Ms. Betanski: First, to give you some background, at a previous firm, my work focused exclusively on the oil and gas royalty trust sector. I moved over to Desjardins recently, and my coverage list now includes large cap Canadian E&P companies as well as the oil and gas trust sector. Right now among the large cap Canadian E&Ps, I cover EnCana (ECA), Talisman (TLM), Canadian Natural Resources (CNQ), Nexen (NXY) and Petro-Canada (PCZ). Among the royalty trusts, I cover ARC Energy Trust (AET_UN:TSX) and NAL Energy Trust (NAE_UN:TSX) formally. However, I continue to ramp up my formal coverage list on companies as we go forward.
TWST: Is that change in your coverage indicative of a change in how
people feel about these royalty trusts?
Ms. Betanski: No. Actually it's more of a personal career move. I think
my coverage is fairly unique within the Canadian oil patch. Many
analysts exclusively cover the trust sector or the E&P sector; I'm one
of the very few analysts looking at both. There's a lot of interplay
between the two groups. Also, I'm able to look across the sectors and do
some good comparative analysis. One of the primary differences that I
see in the two groups is the investor base. Interest in the royalty
trusts is much higher in the retail segment and, of course, the
institutional investor base is higher in the E&Ps.
Tickers included in this excerpt: AET_UN:TSX, CNQ, ECA, NAE_UN:TSX, NXY, PCZ, TLM
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