Pengrowth Energy Trust (PGH)

[Teflon2Insults]

OOPs - (ignore previous - typos & omitted link to Financials)

OOPs ---

2nd Qtr loses more than 1st quarter plus.....actually loses more than it had in revenue! Even after cost savings and perhaps operational actions (like hedging - which while a loss - mitigated it perhaps) and Foreign Exchange being a great benefit - it lost more than it could generate in gross). Astounding.

The show only 52M debt paydown on the Billions owed virtually meaningless.

The addressing financing by saying it has a committed credit line it hasn't used (apparently able to be used for temporary replacement of LT debt...albeit costing much much more and making a default to lender even more simple)...(And consider - as an energy trust where the benefit is not taxing corp earnings (hence better to NOT reduce by paying tax deductible interest) in exchange for taxing dividends paid...but by losing money there can be no actual benefit (say accruing to future) to paying interest anyway which they do) - while not paying the dividends (which can be paid other ways (use stock not cash for example)) financially getting the worst of all worlds...least to equity.

Followed by a conference call with absolutely no well formatted guide to a plan for the future.......

With absolutely no structual or presented reason to think there can be any rational upside the question really must be.. how fast and how far to short it?

The report:
http://www.pengrowth.com/assets/reports/16-Pengrowth-Q2-FULL-Report.pdf