In a market where all energy sectors are reaping the benefits of high commodity prices and growing demand, the Canadian juniors were no exception in the second quarter, according to Calgary-based Iradesso Communications' quarterly report. The investor-relations firm covers 77 juniors and 33 trusts in its latest review. Among the juniors, "some of the returns achieved in the oil and gas sector during the summer months, not to mention the past couple years, have been spectacular," says Peter Knapp, president. Total daily production for the juniors in the second quarter was 193,000 barrels of oil equivalent (BOE). The leading juniors were Real Resources Inc. (Toronto: RER) at 10,600 BOE per day, Duvernay Oil Corp. (Toronto: DDV) at 9,900 and True Energy Inc. (Toronto: TUI) at 8,500. "Although we include companies with production up to 15,000 BOE per day, our comparison of juniors is often weighted towards smaller [companies] as there are many more of them," the firm reports. "As junior companies get larger, they are often acquired or converted to trusts." Among the trusts, Penn West Petroleum Ltd. (Toronto: PWT.UN) was the leading producer at 99,900 BOE per day, Enerplus Resources (Toronto: ERF. UN) was No. 2 at 75,500 and Pengrowth Energy Trust (Toronto: PGF.B) came in third at 57,900. Size matters. Large trusts may have more stability, better market recognition and access to capital, while small trusts have the ability to act quickly and grow production without needing to replace substantial declines, the firm reports. Juniors' share prices climbed an average 3% during the second quarter, and grew a sharp 23% on average during July and August. Stock-price appreciation in the five- month period was an average 27%. For more on this, see the November issue of Oil and Gas Investor. For a subscription, call 713-993-9320, ext. 126.