CALGARY, July 15 /CNW/ - True Energy Trust ("True" or the "Trust")
announces that the Board of Directors has set the distribution policy of the
Trust for the third quarter of 2008 at a monthly distribution rate of $0.04
per unit, subject to monthly confirmation by the Board of Directors, based on
current commodity prices, hedging program, anticipated production volumes and
market conditions. This distribution level is consistent with the first and
second quarter policies.
True confirms that the cash distribution for the month of July will be
$0.04 per unit, to be paid on August 15, 2008 to all unitholders of record as
at July 31, 2008. The ex-distribution date for this payment is July 29, 2008.
Distribution Record Date Ex-distribution Date Payable Date
$0.04 per unit July 31, 2008 July 29, 2008 Aug. 15, 2008
$0.04 per unit(1) Aug. 29, 2008 Aug. 27, 2008(2) Sept. 15, 2008
$0.04 per unit(1) Sept. 30, 2008 Sept. 26, 2008(2) Oct. 15, 2008
(1) Based on True's current commodity prices, hedge positions,
anticipated production volumes and market conditions and subject to
change based on actual conditions.
(2) Anticipated ex-distribution dates for August and September 2008.
These dates are subject to change and/or confirmation by the Toronto
Stock Exchange and will be confirmed by monthly press releases.
True also announces an increase in the ratio for exchanging Exchangeable
Shares of True Energy Inc. into trust units of the Trust (the "Exchange
Ratio") from 0.92824 to 0.93745. This increase is effective on July 15, 2008.
The following are the details used in the calculation of the Exchange
Record Date of Distribution June 30, 2008
Opening Exchange Ratio 0.92824
True Energy Trust distribution per unit paid
July 15, 2008 $0.04
5-day weighted average trading price $4.03197
(the "Current Market Price")
(including the last business day
prior to distribution payment date)
Increase in Exchange Ratio 0.00921
Effective Date of increase in Exchange Ratio July 15, 2008
Exchange Ratio as of the Effective Date 0.93745
The increase in the exchange ratio is calculated by multiplying the True
Energy Trust distribution per trust unit by the previous month's exchange
ratio and dividing by the Current Market Price of TUI.UN. A holder of True
Energy Inc. Exchangeable Shares can exchange all or a portion of their
holdings at any time for the True Energy Trust Units by completing the
Retraction Request Form located on the back of the exchangeable certificate.
Questions regarding Exchangeable Shares should be directed to Computershare
Trust Company of Canada at 1-800-564-6253.
True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.
Forward Looking Statements: Certain information set forth in this news
release, including distribution levels may contain forward-looking statements,
and necessarily involve risks and uncertainties, certain of which are beyond
True's control including, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets and other economic and industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental
risks, competition from other producers, inability to retain drilling
services, incorrect assessment of value of acquisitions and failure to realize
the benefits therefrom, delays resulting from or inability to obtain required
regulatory approvals, the lack of availability of qualified personnel or
management, risks related to closing of dispositions, stock market volatility
and ability to access sufficient capital from internal and external sources,
economic or industry condition changes or the inability to dispose of the
Saskatchewan properties for the anticipated proceeds or delay in doing so.
Actual results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits that True or its securityholders will derive therefrom.
Additional information on these and other factors that could affect True are
included in reports on file with Canadian securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com), at True's
website (www.trueenergytrust.com). Furthermore, the forward-looking statements
contained in this news release are made as of the date of this news release,
and True does not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be expressly required
by applicable securities law.
For further information:
For further information: 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