Uneven performance was a hallmark of dividend-paying Canadian stocks in 2011 as well as stocks markets around the world. And if January is any indication, we’re heading for more of the same in 2012.

Already this year, we’ve seen crashing natural gas prices drag down the price of Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–last year’s top performing producer in the Canadian Edge Portfolio–by nearly 24 percent. Meanwhile, TransForce Inc (TSX: TFI, OTC: TFIFF) is up nearly 34 percent. And we’ve captured a 21 percent gain in Provident Energy Ltd (TSX: PVE, NYSE: PVX), thanks to a takeover offer from fellow Conservative Holding Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF).

I highlighted the divergence trend in a Jan. 18 Flash Alert. And if anything the action has intensified ever since, in many cases with last year’s laggards becoming this year’s leaders.

Just Energy Group Inc (TSX: JE, NYSE: JE), for example, finished last year in the red by 17.7 percent, as many investors fretted low gas prices would reduce its ability to attract and hold electricity and gas customers. That risk hasn’t shown up in the numbers and management has consistently maintained it isn’t so. But given the plunge in gas prices this year, it’s something I’ll be looking at closely when the company reports its numbers on Feb. 9.

So far this year, however, Just Energy stock is up about 12 percent. The stock still yields nearly 10 percent but is nearly 40 percent above its October 2011 low. And now listed on the New York Stock Exchange (NYSE), it appears to be attracting a bit of momentum buying as well.

Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF), meanwhile, is up about 11 percent this year, after finishing 2011 with a loss of 11.8 percent. Rounding out current CE Portfolio holdings that finished last year underwater, Bird Construction Inc (TSX: TSX: BDT, OTC: BIRDF) is up roughly 13 percent, Colabor Group Inc (TSX: GCL, OTC: COLFF) is up about 7 percent, Extendicare REIT (TSX: EXE-U, OTC: EXETF) is up 5 percent and Ag Growth International Inc (TSX: AFN, OTC: AGGZF) is slightly ahead, after a 22.5 percent dip last year.

Even Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE) is up more than 12 percent, erasing most of last year’s 12.8 percent showing. In fact the only Portfolio losers in the red this year are Enerplus Corp (TSX: ERF, NYSE: ERF) and PHX Energy Services Corp (TSX: PHX, OTC: PHXHF), which are down 3.8 and 1.9 percent, respectively, largely in reaction to falling natural gas prices.

In stark contrast, we’ve seen a -4.5 percent retreat at last year’s biggest CE Portfolio winner, AltaGas Ltd (TSX: ALA, OTC: ATGFF). Keyera Corp (TSX: KEY, OTC: KEYUF), a 45.7 percent gainer, is off 4.2 percent to start the year. And Pembina Pipeline, a 43.1 percent winner, is off 3.8 percent, all of it before announcing its merger with Provident Energy.

Get Out and Stay Out

Of course, investors haven’t abandoned all the winners or loaded up on all the losers. Enercare Inc (TSX: ECI, OTC: CSUWF), for example, is off to a good start in 2012, up 6.8 percent, after posting returns of 95.6 percent and 44.8 percent the past two years. The stock has in fact at least temporarily outrun my buy target but would be a bargain on dips to USD8.50.

Conversely, Yellow Media Inc (TSX: YLO, OTC: YLWPF)–which I took a big loss on last year–looks more like a bankruptcy candidate than ever after it shut down the print operations of its Canpages unit. The company will keep Canpages’ online business running but will shed an as yet undetermined number of jobs. Those who didn’t sell last year will get a chance to assess the company’s survival prospects when fourth-quarter and full-year results are announced Feb. 9.

Perpetual Energy Inc (TSX: PMT, OTC: PMGYF), another stock I unloaded for a sizeable loss last year, also continues to crash and burn, shedding another 32 percent thus far this year. Management has yet to release guidance on the damage from the recent slide in natural gas prices. But until it does, we can only assume it’s going to have a hard time raising enough cash to service debt and shift production to liquids. The company has CAD98.07 million drawn on a credit line that expires May 29, 2012, as well as CAD75 million on a convertible bond that matures Jun. 30, 2012.

That’s roughly CAD173 million in debt maturing in less than five months versus market capitalization that’s fallen to just CAD114.93 million. In addition, Moody’s has cut the credit rating to Caa1, which very likely puts the cost of issuing new debt capital out of reach.

The upshot is, barring a massive and fast recovery in gas prices, Perpetual is very likely going to have to recapitalize, almost certainly at the expense of current stockholders. There’s the possibility that the company’s de facto parent Paramount Resources (TSX: POU, OTC: PRMRF) will come to the rescue. But given that Perpetual pays no dividend, it’s no wonder buyers for its stock are scarce.

My advice remains to sell Perpetual Energy and Yellow Media if you still own them. I did ride both down last year for a large loss, and both are down a good bit more since. But at this point getting anything is better than getting nothing. And that’s a distinct possibility if these companies really do sink into oblivion.

On Solid Ground

As for the current CE Portfolio, I’m optimistic and confident about all of them here on the verge of earnings season. Note that I’m adding Dundee REIT (TSX: D-U, OTC: DRETF) to the Conservative Holdings.

A February High Yield of the Month, the real estate investment trust is the largest holder of office properties in Canada and pays a monthly dividend with a yield of 6.5 percent. A pending merger with Whiterock REIT (TSX: WRK-U, OTC: WRKUF) will further extend its reach and profits. Dundee REIT is a buy up to USD35.

Note that US investors should sell Whiterock before the merger, as the units trade right at takeover value and the terms call for non-Canadians to be cashed out after consummation. Dundee investors will see no change to their units and so will not be subject to any cash out.

Aside from Shaw Communications (TSX: SJR/B, NYSE: SJR), we’re still waiting on earnings from Canadian Edge recommendations. I recapped Shaw’s numbers–the company reports on a slightly different schedule than most companies–in a Jan. 12 Flash Alert, Shaw Reports, Raises Dividend.

The 5 percent dividend increase was the highlight of the numbers but hardly the only good news for this company, which continues to reap a rising stream of cash flows from its broadband offerings. The stock is now in the black for the year after inking a new CAD1 billion credit facility on favorable terms. Yielding roughly 5 percent, Shaw’s a buy up to USD22.

As the list at the end of this article shows, the next companies to announce earnings and guidance will be Cineplex Inc (TSX: CGX, OTC: CPXGF) and Just Energy, both on Feb. 9. I’ll have a Flash Alert recapping both reports next week.

The last reports will come in mid to late March. This is the unfortunate consequence of tighter financial reporting regulation, which has lengthened the time needed to submit reports. And it does inevitably diminish the value of certain numbers, particularly balance sheet items that really just represent a snap shot of companies’ financial health.

Where earnings information will be valuable is in dynamic numbers that reflect the performance, efficiency and growth of key operations. Payout ratios are still a key figure, as they indicate the margin for error for dividends in the current quarter and coming year. And I’ll of course be looking closely at the combination of debt on the balance sheet and news about company actions in the capital market that will increase, decrease or roll it over.

Aside from that, earnings releases will be most interesting for management’s guidance about the health and growth of its operations during accompanying conference calls. As we’ve seen in the past, for example with the demise of Yellow Media, just because management says something doesn’t make it so. To be sure, cases of out-and-out fraud in company reporting are thankfully rare. But even the best-laid plans can go awry.

What’s important is management’s consistency in presenting a company to investors. Mainly, have their assumptions voiced in prior calls played out, and if not did they prove too aggressive or too conservative. I certainly don’t blame executives of a natural gas producer for falling gas prices. I do, however, worry if they were wholly unprepared for it, particularly if they leveraged their fortunes to the opposite trend.

The greatest sin, in my opinion, is when management reverses prior guidance by introducing factors and details it’s previously omitted. This was my major beef with the sharply revised negative guidance Capstone Infrastructure Corp (TSX: CSE, OTC: MCQPF) issued in early December.

That the company faced uncertainty re-contracting the Cardinal power plant was nothing new. In fact, the low expectations built into Capstone’s price last year reflected this uncertainty and a lot more, meaning that even a modestly positive output was likely to give a big lift to the share price.

This, in a nutshell, is why I held the stock up to the guidance change–and it may well still happen.

What I didn’t like, however, was the sudden introduction of other factors, including charges and lower-than-expected revenue from other assets. None of these were mentioned during the third-quarter earnings call just three weeks earlier.

This is a real red flag and it’s why I continue to rate Capstone Infrastructure a sell.

I’m certainly not anticipating anything of the sort for any of the Canadian Edge Portfolio companies as they report numbers in coming weeks. But I won’t hesitate to dump any from the Portfolio if they do, even if it means taking a loss or incurring a tax from a winner.

Four Key Trends

The most interesting takeaway from fourth-quarter and full-year 2011 results and guidance is going to be how companies are coping and/or taking advantage of several market and economic trends that appeared to intensify in the second half of 2011. These are:

• record low corporate borrowing costs;
• tumbling natural gas prices, coupled with rising underlying demand (factoring out weather) and soaring production;
• signs of accelerating economic growth in the US; and
• how news affects increasing momentum investing in dividend paying stocks.

That borrowing rates are so low has been the single biggest positive for Canadian companies over the past two years-plus, just as it’s been in other countries. Just a few months ago Atlantic Power Corp (TSX: ATP, NYSE: AT) had to pay 9 percent to issue USD460 million in seven-year bonds in order to close its takeover of Capital Power LP.

This week the company was able to announce its first acquisition since that deal closed, a USD23 million investment to buy a 51 percent stake in an Oklahoma wind project. The plant is set for startup in November and will immediately begin boosting cash flow under a long-term contract and ahead of the expiration of the wind power tax credit.

Such a deal would simply not have been possible without low interest rates. And the same is true of last month’s drop-down of wind power assets from Brookfield Asset Management (TSX: BAM/A, NYSE: BAM) to Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF). That deal will trigger an immediate 2.2 percent distribution increase for Brookfield Renewable Energy owners, the second boost in as many quarters. It also gets in ahead of the deadline, ensuring favorable tax treatment.

When Brookfield Renewable Energy merged its renewable energy assets with those of its parent last fall, it stated its intention to list its partnership units on the New York Stock Exchange (NYSE) to facilitate US ownership. To date this hasn’t occurred, and some readers–in particular customers of Fidelity–have recently been told they can’t buy Brookfield Renewable Energy’s units.

That’s the policy of NFS, the clearing corporation for Fidelity. And it very likely is due to Brookfield Renewable Energy’s debt and equity offerings last month. The company was able to sell CAD400 million in notes due February 2022 at an interest rate of just 4.79 percent. It also announced a secondary offering of 11.43 million partnership units, which are currently held by Brookfield Asset Management.

Brookfield Asset Management (BAM) now holds 73 percent of Brookfield Renewable Energy (BEP). This sale will take its share down to 68 percent.

Obviously, if and when BEP does list on the NYSE, even NFS will be able to clear buys and sells. But even if that doesn’t happen, there’s no legal prohibition for buying and holding BEP on either side of the border, just as there isn’t for any other Canadian company trading over the counter (OTC) in the US.

In this case the stumbling block for NFS seems to be the boilerplate language in one section of the offering. This states that the units offered “will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold into the United States…” It also states “there shall not be any public offering of the L.P. units in the United States.”

What that means is these shares being offered by parent BAM to the public can’t be purchased by US investors. But this has no impact on the other 132.827 million shares already traded here, which continue to trade under the OTC symbol BRPFF as before.

Given our convoluted and highly litigious system of securities regulation, I don’t expect NFS to change its view. And, by extension, Fidelity won’t budge, either. The saving grace, however, is the prohibition about offerings does eventually wear off, typically after 45 trading days. At that time investors are likely to able to buy BEP through Fidelity. Alternatively, they can switch brokers.

My advice for those who don’t already own the stock is to buy Brookfield Renewable Energy Partners up to USD28. That’s a boost from the prior buy target of USD26 and reflects recent distribution growth.

As for the rest of the CE Portfolio, low rates mean there should be little or no problem refinancing maturing debt this year. And most have little or nothing to roll over in any case.

That’s a huge plus for dividend growth, which is the ultimate catalyst for higher share prices.

Tumbling natural gas prices are a definite negative for Canadian energy producers, though the degree of exposure ranges widely. Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF), for example, derives 91 percent of cash flow from oil, virtually insulating it from falling gas prices.

The company also continues to utilize its high share price–which is largely thanks to high oil prices–to boost production without incurring new debt.

That’s the case with the all-stock purchase of Wild Stream Exploration. Crescent will pick up an additional 5,400 barrels of oil equivalent in oil output, 91 percent of which is contiguous with its existing assets in the Shaunavon and Battrum/Cantaur light oil producing areas of southwest Saskatchewan. That pushes up the company’s expected exit production to 90,000 barrels of oil equivalent per day and at the same time reduces needed capital spending. Crescent will assume CAD50.8 million of Wild Stream debt but will realize immediate accretion on the CAD610.9 million deal by offering 0.17 of its own shares per Wild Stream share.

This deal further increases the value of Crescent Point through upwardly revised financial and production guidance as well as enhanced balance sheet strength. Projected average net debt for 2012 will be less than annualized cash flow. And there’s no debt due until the CAD1.6 billion (CAD455.35 million drawn) must be rolled over Jun. 10, 2014. Buy Crescent Point–which is currently yielding more than 6 percent–up to USD48 if you haven’t yet.

Vermilion Energy Inc (TSX: VET, OTC: VEMTF) is similarly not exposed to rock-bottom North American natural gas prices, with 83 percent of output in fact tied to Brent Crude, which remains well above the West Texas Intermediate crude price most Canadian producers are pegged to. Penn West Exploration is also in very good shape, with a low risk development program expected to lift output 4 to 6 percent this year.

On the other side of the table are ARC Resources Ltd (TSX: ARX, OTC: AETUF), Enerplus Corp and Peyto Exploration, all of which rely heavily on natural gas production as I noted in that Jan. 18 Flash Alert. Obviously, the further gas slides, the greater the impact on profits will be. But my view is still that fourth-quarter results will show that low costs and production gains–coupled with liquids output and hedging–will offset at least most of the damage.

Meanwhile, neither company faces debt pressure, either from sheer volume or needed refinancing. And payout ratios are extremely low, providing a lot of margin for error. We’ll know more when the numbers are announced. But at this point both companies have maintained guidance for production and distributions as well.

ARC boosted its year-end 2011 proven reserves by 8 percent and proved plus probable by 18 percent, thanks to the success of its aggressive exploration program in shale rich areas. Production hit a record 92,021 barrels of oil equivalent per day in the fourth quarter and was up 13 percent from last year.

Moreover, oil and liquids production rose to 38 percent of output. And the company replaced 385 percent of 2011 output with new reserves at a cost of just CAD10.84 per barrel of oil equivalent, one of the lowest in the industry. It’s also anticipating a robust capital spending program for 2012, though with more focus on liquids.

As for Peyto, the stock continues to be pressured, though most analysts are holding their bullish outlook. Management confirmed dividends for the first quarter, but we won’t know until on or about Mar. 9 just how much falling gas prices are affecting operations. The good news is financial and operating policies are so conservative–operating costs per million British thermal units produced are barely 30 cents–that it’s hard to see even a plunge under USD2 for gas really hurting.

Investors should expect further volatility and downside in the stock should that occur. But this is no Perpetual Energy, and the stock has proven many times it will recover from even the deepest near-term plunge, as it did in 2008-09. My advice for those who don’t own ARC Resources is still to buy up to USD22.

Finally, Enerplus has announced several pieces of good news this year that all point to the sustainability of its dividend. One was its successful equity offering, which lay to rest concerns that the company will exhaust its credit line as it carries out plans to develop liquids production. Another is a CAD800 million capital spending plan to boost production 10 percent next year overall, with a focus on Bakken light oil and liquids-rich shale gas in the US and Canada. The third was affirmation that the company had achieved its exit production guidance for 2011, a strong sign it is executing from an operating standpoint.

None of these facts guarantees  Enerplus will be able to continue paying its dividend of CAD0.18 per month if natural gas prices continue to plunge. And we’ll have to wait until Feb. 24 to learn what impact falling gas had on fourth-quarter results. But given this news and the fact that Enerplus is just one stock in a diversified portfolio, I’m willing to hold on and collect the dividend of nearly 9 percent.

As for falling gas prices’ impact on the non-producers in the Portfolio, I’ve got my eye particularly on results for Just Energy and energy services firm PHX Energy Services Corp (TSX: PHX, OTC: PHXHF). The latter’s business depends on demand for its rigs, which could slip this year if gas producers pull in their horns.

The company’s focus on directional drilling and long-term contracts should reduce the impact. But we can expect to see volatility in the stock, at least until early March, when it’s expected to announce fourth-quarter earnings.

Again, this is an Aggressive Holding. But with such conservative financials and the low payout ratio in the third quarter (21 percent), I continue to rate PHX Energy Services a buy up to USD14 for those who don’t already own it.

Note the impact of low gas prices should be beneficial for power generator Atlantic Power Corp, which relies heavily on the fuel and is selling power mostly under long-term contracts. It should also help our energy midstream infrastructure picks such as AltaGas Ltd (TSX: ALA, OTC: ATGFF), Keyera Corp (TSX: KEY, OTC: KEYUF) and Pembina, which benefit from throughput and fees rather than price and which are now focused on liquids rather than dry gas.

In the June 2011 Feature Article I highlighted Canadian companies that were defying conventional wisdom of a US decline to invest south of the border.

Since then all of the highlighted companies have benefited to some extent, as US economic growth has continued despite a range of factors that have threatened to derail it.

This includes chemicals firm Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF), engineering and construction firm IBI Group Inc (TSX: IBG, OTC: IBIBF) trucking firm TransForce and power producers Atlantic Power and Algonquin Power & Utilities Corp (TSX: AGN, OTC: AQUNF). It also includes real estate investment trusts Artis REIT (TSX: AX-U, OTC: ARESF) and RioCan REIT (TSX: REI-U, OTC: RIOCF).

We’ll know when these companies report earnings just how much the US has helped. But with industrial production rising here and unemployment falling to 8.3 percent in January, it’s looking more and more like the economy south of the border could provide a major upside surprise for many Canadian companies. And Canadian companies have also learned how to hedge exposure to the US dollar.

Finally, there’s the matter of increasing momentum investing in dividend-paying stocks and how that will be affected by news that gets reported in coming weeks. Momentum investors use a range of technical indicators to time purchases of stocks when they’re rising, and they sell or go short the momentum seems to stall.

Income momentum investing is basically buying rising stocks on the supposition that they’re safer than dividend-paying stocks that are falling. The result is extreme volatility in stocks not known for it, as income investors rush to rising stocks and run from falling ones.

Most of the time, the best thing investors can do in the face this action is just to stand pat. So long as a falling stock is still backed by a strong underlying business, the selling momentum will eventually stall out as all the weak hands fold. At that point value buyers will come back, the stock will start rising and, if it goes on long enough, it will actually start to benefit from positive momentum.

That’s definitely what’s going on with the Canadian Edge Portfolio stocks cited early in this article as going from laggards last year to leaders this year. And stalling momentum almost surely accounts for the pullback in some of last year’s leaders.

There is a way to take advantage of this folly, however. First, don’t be afraid to take some profit off the table this year in stocks that really run–that is, a surge well past my buy targets. I advised doing this at the end of 2011 to rebalance portfolios, with the idea that selling laggards would offset tax liabilities.

This remains a good strategy. Portfolio balance means different things to different readers. But, in general, any stock trading well above buy target or which has become an over-sized piece of your portfolio is a good candidate for partial profit-taking. Note that I emphasize “partial”–these are all good stocks and we want to keep positions in them, just not stakes large enough to sink us on an unexpected problem.

Second, don’t be afraid to step up to the plate and buy a company you don’t own that’s dropped. So long as the underlying business is sound, the dividend will hold. And so long as the dividend holds, the share price will eventually recover, as selling momentum wanes.

A lot of people counted the likes of Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF) and Parkland Fuel Corp (TSX: PKI, OTC: PKIUF) good as dead, as they were caught up in momentum selling last year. Those that sold missed out on a complete recovery and then some. Conversely, those who took Davis’ dividend increase as a sign of strength are up more than 30 percent since mid-December.

That’s a pretty good testament to the value of being a momentum watcher, but not a follower. And it’s certain to work just as well this year as it did in 2011.

The Next Numbers

Here’s when to expect the next round of numbers from Canadian Edge Portfolio Holdings. Note that Shaw Communications reported its earnings on Jan. 12 and I highlighted them in a Flash Alert later that day.

I’ll provide my analyses of these companies in Flash Alerts over the coming weeks as they appear as well as in the regular March issue of CE. Note that these are full-year as well as fourth-quarter results for the vast majority, which accounts for the extraordinary length of this reporting season. As many as a dozen companies may not report in time for the March issue, which will be posted on Friday, Mar. 9.

As for the rest of the Canadian Edge coverage universe, I won’t send Flash Alerts. Rather, I’ll recap those that have reported by Mar. 9 in the regular March issue, along with payout ratios, in How They Rate. The rest will be addressed in the April issue.

Spring, summer and autumn earnings seasons are generally half as long, meaning the reported numbers are considerably fresher. Winter reporting season, however, is generally more valuable for full-year guidance, against which further results are measured.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Mar. 8, 2012 (estimate)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Mar. 14, 2012 (confirmed)
• Atlantic Power Corp (TSX: ATP, NYSE: AT)–Feb. 29, 2012 (confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–Mar. 2, 2012 (estimate)
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPUF)–Feb. 13, 2012 (confirmed)
• Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF)–Feb. 28, 2012 (confirmed)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Feb. 9, 2012 (confirmed)
• Colabor Inc (TSX: GCL, OTC: COLFF)–Mar. 8, 2012 (estimate)
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Mar. 8, 2012 (estimate)
• Dundee REIT (TSX: D-U, OTC: DRETF)–Feb. 22, 2012 (confirmed)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Feb. 23, 2012 (estimate)
• IBI Group Inc (TSX: IBG, OTC: IBIBF)–Mar. 21, 2012 (estimate)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Mar. 23, 2012 (estimate)
• Just Energy Group Inc (TSX: JE, OTC: JUSTF)–Feb. 9, 2012 (confirmed)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Feb. 16, 2012 (confirmed)
• Northern Property REIT (TSX: NPR-U, OTC: NPRUF)–Mar. 13, 2012 (confirmed)
• Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF)–Mar. 9, 2012 (estimate)
• Provident Energy Ltd (TSX: PVE, NYSE: PVX)–Mar. 9, 2012 (estimate)
• RioCan REIT (TSX: REI-U, OTC: RIOCF)–Feb. 14, 2012 (confirmed)
• Shaw Communications (TSX: SJR/B, NYSE: SJR)–Jan. 12 Flash Alert
• Student Transportation Inc (TSX: STB, OTC: STUXF)–Feb. 14, 2012 (estimate)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–Feb. 29, 2012 (confirmed)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN, OTC: ACAZF)–Feb. 6, 2012 (confirmed)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–Mar. 14, 2012 (estimate)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–Feb. 10, 2012 (estimate)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Feb. 23, 2012 (estimate)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–Mar. 16, 2012 (estimate)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Feb. 24, 2012 (estimate)
• Extendicare REIT (TSX: EXE-U, OTC: EXETF)–Feb. 29, 2012 (confirmed)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Mar. 2, 2012 (estimate)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–Feb. 17, 2012 (estimate)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Mar. 14, 2012 (estimate)
• Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE)–Feb. 23, 2012 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–Mar. 9, 2012 (estimate)
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–Mar. 7, 2012 (estimate)
• Vermilion Energy Inc (TSX: VET, OTC: VEMTF)–Feb. 29, 2012 (estimate)