Lawrence Asset Management Inc. Intends to Vote Against True Energy Trust Restructuring

    TORONTO, March 8 /CNW/ - On January 15, 2007 True Energy Trust ("True")
(TSX:TUI.UN) announced its intention to convert from a royalty trust into an
intermediate exploration and production company ("Current Restructuring").
Since that announcement True's units have fallen approximately 20% in value.
On March 5, 2007 True released an information circular outlining the details
of the Current Restructuring and articulating the support of management and
the board of directors. Unitholders will be asked to vote on the Current
Restructuring at an annual and special meeting on March 30, 2007.
    Lawrence Asset Management Inc. ("LAMI") is a leading Toronto-based
investment manager with a significant ownership in True. LAMI believes that
the Current Restructuring plan is not in the best interest of unitholders as,
among other things, it involves converting to a corporation before the income
trust taxation legislation has been formalized. LAMI believes this approach is
highly premature. LAMI has proposed to True an alternative restructuring plan
("LAMI Restructuring") which LAMI believes is significantly more advantageous
to unitholders. Under the LAMI Restructuring, True would remain a royalty
trust, fully exploit its mature assets in a modified blow-down strategy, and
spin-out a high-growth exploration company. LAMI believes that execution of
this strategy would result in a total per unit value of $8.25-$10.00, which
LAMI believes is greater than the potential value under the Current
Restructuring. True units closed on March 7, 2007 at $5.06.
    LAMI firmly believes that the Current Restructuring plan is not in the
best interest of unitholders. Therefore, Lawrence Asset Management Inc. will
be voting against the Current Restructuring on March 30, 2007.

For further information:

For further information: Investor Relations, Marc Robinson, (416)

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