True Energy Trust Announces Renewal of Credit Facility



    TSX: TUI.UN

    CALGARY, April 23 /CNW/ - True Energy Trust ("True" or the "Trust"),
announces that its lenders have completed their semi annual review of its
borrowing base and that True has received an extension of the revolving period
of its credit facility until June 30, 2010.
    True received approval from its lending syndicate on April 23, 2009. The
amount of the renewed credit facility is $140 million, a decrease of $12
million from the expiring facility. The facility is subject to review on June
29, 2009 with the next scheduled semi annual review to be completed on
September 30, 2009. The credit facility consists of a $13.8 million demand
operating facility provided by one Canadian bank and $126.2 million revolving
term credit facility provided by a syndicate of two Canadian chartered banks,
a Canadian financial institution, one institutional lender and a US bank.
    True's total net debt, excluding unrealized commodity contract assets and
liabilities, future income taxes and asset retirement obligations, as at March
31, 2009, was $213.9 million, representing $131.6 million outstanding on the
credit facility, $81.6 million in convertible debentures (liability component)
and a $0.7 million working capital deficiency. Based on the renewed credit
facility amount and net debt as at March 31, 2009, True had approximately $8.4
million available under the renewed credit facility to assist in managing its
operations and capital program. True is fully compliant with all of its debt
covenants.

    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.





For further information:

For further information: Raymond Smith, President & CEO, (403) 750-2420;
Edward Brown, Vice President, Finance & CFO, (403) 750-2655; Sacha Ravelli,
Manager, Investor Relations, (403) 750-7085


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890