True Energy Trust Announces Renewal of Normal Course Issuer Bid for its Trust Units



    TSX: TUI.UN

    CALGARY, Aug. 13 /CNW/ - True Energy Trust ("True" or the "Trust")
announced today that the Toronto Stock Exchange ("TSX") has accepted True's
Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase
for cancellation, from time to time, as True considers advisable, up to a
maximum of 7,811,950 trust units of the Trust ("Trust Units"). The maximum
number of Trust Units to be purchased pursuant to the Bid represents
approximately 10% of the issued and outstanding Trust Units, which are not
held by insiders of the Trust, on the date hereof. At the date hereof, there
are 79,031,999 Trust Units issued and outstanding of which 912,499 Trust Units
are held by senior officers or directors of True or any persons or companies
who beneficially own, or exercise control or direction over, more than 10% of
the issued and outstanding Trust Units. Purchases of Trust Units will be made
on the open market through the facilities of the TSX. The price which True
will pay for any Trust Units purchased by it will be the prevailing market
price of the Trust Units on the TSX at the time of such purchase. The actual
number of Trust Units that may be purchased for cancellation and the timing of
any such purchases will be determined by True; however, the maximum Trust
Units that the Trust may purchase for cancellation per trading day is 62,569,
which is equal to 25% of the average daily trading volume for the six months
ended July 31, 2008. The average daily trading volume for the six months ended
July 31, 2008 was 250,277 (Trust Units purchased pursuant to the Trust's
Current NCIB (as defined below) were excluded from the calculation of the
average daily trading volume).
    The Bid will commence on August 28, 2008 and will terminate on August 27,
2009 or such earlier time as the Bid is completed or terminated at the option
of True. Blackmont Capital Inc. has agreed to act on the Trust's behalf to
make purchases of Trust Units pursuant to the Bid.
    The Bid is a renewal of the normal course issuer bid (the "Current Bid")
commenced by the Trust on August 28, 2007, which is set to expire on August
27, 2008. Under the Current Bid the Trust has purchased for cancellation
699,200 Trust Units to the date hereof as a weighted average price of $3.54
per Trust Unit.
    Management of True believes that, from time to time, the market price of
the Trust Units may not fully reflect the underlying value of the Trust Units
and that at such times the purchase of Trust Units would be in the best
interests of True. Such purchases will increase the proportionate interest of,
and may be advantageous to, all remaining unitholders. In addition, the
purchases by True may increase liquidity to unitholders wishing to sell their
Trust Units.
    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.

    %SEDAR: 00021401E




For further information:

For further information: please contact Wayne M. Chorney, President, CEO
& COO, (403) 750-2420; Edward Brown, Vice President, Finance & CFO, (403)
750-2655; Sacha Ravelli, Manager, Investor Relations, (403) 750-7085; Scott
Koyich, Investor Relations Consultant, (403) 750-2428; Troy Winsor, Investor
Relations Consultant, (800) 663-8072


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