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4 Reasons To Be Bullish on Chesapeake Energy

That is substantially correct. US trusts can continue to drill on their own land but can not add to their land holdings. In the case of SJT, I think the article is a bit misleading: it receives royalties from ConocoPhilips (owner of Burlington Resources) to distribute and does not actually have its own company management or plans to expand its business. (I think it technically has just one employee).

Jim Cramer's Mad Money In-Depth, 3/5/08: Killinger Makes a Killing

The question of how the depleting resource might affect the US Trusts is a real key. The Trusts publish their "proven reserves" and are generally thought to be conservative. An investor should pay look for long-term reserves - I think it's about 12 years for SJT. However, they have to run out sometime and then the investment is worthless. An investment adviser friend of mine said the rate on SJT seems about right for a 20 year bond.
BTW I own SJT, PWE, HTE, PGH, and COSWF (which seems to just mint money) term

Jim Cramer's Mad Money In-Depth, 3/5/08: Killinger Makes a Killing

Excellent income investments; but not as simple as they might sound! For starters, US Trusts distribute royalties, not dividends, and they are taexed as ordinary income. They do provide a depreciation allowance, though that compensates for the taxes, but theis depreciation (over the life of one's holding) must be re-paid to the IRS if one sells the shares. Canadian trusts can make acquisitions, as noted, but they are highly volatile and the tax politics in Canada are making it difficult to know where they will be beyond a couple of years. jmho term