Uranium Focused Energy Fund - Rights Offering (TSX: UF.UN)



    TORONTO, April 23 /CNW/ - Middlefield Group, on behalf of Uranium Focused
Energy Fund (the "Fund") is pleased to announce that it has filed a
preliminary prospectus in connection with an offering of Rights to its
unitholders to subscribe for Units. One Right will entitle the holder to
purchase one Fund Unit at a price of $9.90. The subscription price represents
a 2.5% discount to the market price of $10.15 on April 19, 2007. The Fund is
valued weekly every Thursday and on April 19, 2007 the Net Asset Value was
$9.68. Holders of Rights who fully exercise their Rights are entitled to
subscribe pro rata for additional Units, if available, that were not
subscribed for initially, on or before the expiry date.
    The record date and Rights expiration date have not yet been determined.
The Fund will make a further announcement subsequent to the filing of the
final prospectus. The Rights Offering is subject to receipt of all regulatory
approvals, including the approval of the Toronto Stock Exchange. The net
proceeds of the Rights Offering will be invested by the Fund in accordance
with the investment objectives of the Fund.

    Uranium Focused Energy Fund is a TSX-listed fund focused predominantly on
the securities of issuers that operate in or have exposure to the uranium
sector, supplemented with securities of other energy related issuers. The Fund
has been designed to capitalize on the view of the Advisor, Middlefield
Capital Corporation, that the uranium sector will continue to provide
attractive opportunities for investment over the next several years. The
strong fundamentals underlying the uranium business include rising demand for
nuclear power on the back of concerns over carbon emissions from coal-based
power generation as well as the high cost of alternative fuels like natural
gas.

    Global Fuel Solutions, an independent uranium industry consultant based
in Los Altos, California, has been engaged to provide Middlefield with
analysis and opinion regarding uranium market supply-demand fundamentals and
associated pricing implications. Mr. Clark M. Beyer, Global Fuel's principal,
has over 20 years experience in trading, marketing and consulting in the
international markets for uranium and nuclear fuel. His experience and
expertise includes: analysis of uranium market supply, demand and price
trends; uranium production investment opportunities; fuel market forecasts and
studies; sales and/or purchasing strategies; contract portfolio optimization;
development of international sales and marketing channels; and import/export
and regulatory support.

    The Fund trades on the Toronto Stock Exchange under the symbol UF.UN.

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    TOP FIFTEEN (As At April 12, 2007)

    Cameco Corporation
    Paladin Resources Ltd.
    Denison Mines Corp.
    UrAsia Energy Ltd.
    Uranium Particpation Corporation
    BHP Billiton Limited
    Energy Metals Corporation
    First Uranium Corporation
    UEX Corporation
    Areva CI
    Rio Tinto PLC
    SXR Uranium One Inc.
    Energy Resources of Australia Ltd.
    Ur-Energy Inc.
    Major Drilling Group International

    SECTOR ALLOCATION

    Uranium Companies 78%
    Uranium Related 5%
    Other Energy 12%
    Net Cash 5%

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    A preliminary prospectus relating to these securities has been filed with
securities commissions or similar authorities in all of the provinces of
Canada and the Yukon Territory but has not yet become final for the purpose of
a distribution to the public. This material shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale or
any acceptance of an offer to buy these securities in any province of Canada
or the Yukon Territory prior to the time a receipt for the final prospectus or
other authorization is obtained from the securities commission or similar
authority in such province or territory.





For further information:

For further information: please visit our website at www.middlefield.com
or contact Nancy Tham, Senior Vice-President, at (416) 847-5349 or toll-free
at 1-888-890-1868

Organization Profile

URANIUM FOCUSED ENERGY FUND

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