Mullen Group Income Fund closes private placement debt financing



    CALGARY, June 1 /CNW/ - (TSX - MTL.UN) Mullen Group Income Fund ("Mullen"
or the "Fund") announced that its subsidiary MT Investments Inc. has closed
its previously announced debt financing with a group of institutional
investors in the United States and Canada providing for the issuance by way of
private placement of US $85 million of Series E Notes and Cdn. $20 million of
Series F Notes. The Series E Notes and Series F Notes will mature in 10 years.
MT Investments Inc. has the right to draw down the proceeds of this financing
at any time up to September 27, 2007, at which time the funds must be drawn.
    The net proceeds from this offering will be used to fund corporate
acquisitions, internal growth opportunities and for other general corporate
purposes. Any unallocated proceeds will be invested in money market
instruments.

    This press release may contain forward-looking statements that are
subject to risk factors associated with the oil and gas business and the
overall economy. The Fund believes that the expectations reflected in this
press release are reasonable, but results may be affected by a variety of
variables. The Fund relies on litigation protection for "forward-looking"
statements.

    Mullen is an open-ended income fund that owns a network of independently
operated businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil and
natural gas industry in western Canada and as one of the leading suppliers of
trucking and logistics services in Canada - two sectors of the economy in
which the Fund has strong business relationships and industry leadership.
Administration of the Fund is delegated to Mullen Group Inc. which, in
addition to managing the Fund, provides management and financial expertise,
technology and systems support to its independent businesses.
    Mullen is a publicly traded income trust listed on the Toronto Stock
Exchange under the symbol "MTL.UN". Additional information is available on our
website at www.mullen-group.com.

    %SEDAR: 00022408E




For further information:

For further information: Mr. Murray K. Mullen - Chairman and Chief
Executive Officer, Mr. Stephen H. Lockwood - President and Co-Chief Executive
Officer, Mr. David E. Olson - Chief Financial Officer and Vice President,
Finance, P.O. Box 87, 1 Maple Leaf Road, Aldersyde, Alberta, Canada, T0L 0A0,
Tel: (403) 652-8888, Fax: (403) 601-8301

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Mullen Group Ltd.

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