Argent Energy Trust (TSX: AET-U, OTC: ANGYF), one of four “new” income trusts organized to capitalize on a loophole in Canada’s specified investment flow-through (SIFT) rules by focusing on U.S.-based assets, announced on October 1 that it needs to make some changes.

The oil and gas producer recently plumbed its lowest level since it started trading on the Toronto Stock Exchange in August 2012. The trust once topped $10 a share, and now it is around $1.90. On the plus side, it’s now yielding 11.4%.

Management says the trust is undervalued and isn’t getting credit for a new direction started in April 2014 that has led to stabilized production and a big reduction in debt. Options include selling assets, a merger, a joint venture or farming-out of a large portion of assets, or an outright company sale.

In its announcement, Argent said that the monthly distribution of CAD0.02 per unit remains intact. The trust cut the payout by 77.1% as part of the new direction announced in April. Hold.

The official word at Atlantic Power is that a sale or merger isn’t in the “best interests of the company or its stakeholders at this time.” But that’s probably a tactful way of saying Atlantic (TSX: ATP, NYSE: AT) didn’t get any decent buyout offers during its recently concluded strategic review.

And Atlantic has once again slashed its dividend, from CAD0.40 per share on an annualized basis to CAD0.12. The merchant power outfit will now pay CAD0.03 per quarter as opposed to CAD0.03333 per month, a 70% reduction. Management said it will use the saved cash to step up its efforts to cut debt.

Also, founder and CEO Barry Welch left all of his roles with the company. Board member Ken Hartwick has been named interim CEO. Standard & Poor’s placed Atlantic on Creditwatch, saying that the review is driven by the decision to cut its payout for the second time in two years and the departure of Welch.