AGS Energy 2007-1 Limited Partnership Rollover and Dissolution

    TORONTO, May 1 /CNW/ - AGS Energy 2007-1 Limited Partnership (the
"Partnership") is pleased to announce the transfer of the assets of the
Partnership to AGS Lawrence Resource Fund Ltd., an open-end mutual fund
corporation (the "Mutual Fund") on occurred April 30, 2009.
    The assets of the Partnership were transferred to the Mutual Fund in
exchange for shares of the Mutual Fund having an aggregate net asset value
equal to the value of the transferred assets. These transfers occurred on a
tax-deferred basis. As of April 30, 2009, the final net asset value per
Partnership unit was $11.3855 and the net asset value per Mutual Fund share
was $12.4049. Each Limited Partner will receive 0.9178 Mutual Fund shares for
each Partnership unit held. The Partnership will be dissolved and Limited
Partners will automatically become shareholders of the Mutual Fund effective
    Shares of the Mutual Fund are redeemable by shareholders at their net
asset value on the last business day of each week commencing on May 15, 2009
under the fund code LAW301. Investors who want to redeem their Mutual Fund
shares must contact their brokers or dealers to exercise the redemption
option. The redemption price for Mutual Fund shares will be paid within three
business days. There is no redemption fee.

    Lawrence Asset Management Inc. is manager and AGS Resource Management
Inc. is consultant to the Mutual Fund. The Mutual Fund's investment objective
is to achieve long-term capital growth by investing primarily in equity
securities of Canadian resource issuers engaged in oil and gas exploration and
to a lesser extent, mining exploration. The manager and the consultant will
assist the Mutual Fund in selecting investments in common shares and other
securities of resource issuers, including junior resource issuers, in
accordance with the investment strategies that may include short selling of
securities. The Mutual Fund is not a reporting issuer.

    %SEDAR: 00024713E

For further information:

For further information: Investor Relations, Catherine Stretch, (416)

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