Lawrence Asset Management Inc. Intends to Vote in Favour of Dissident Proxy Circular

    TORONTO, March 19 /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.
    On March 8, 2007, Lawrence Asset Management Inc. ("LAMI"), a leading
Toronto-based investment manager with a significant ownership in True,
announced its intention to vote against the Current Restructuring and
suggested an alternative value-maximizing restructuring which was presented to
the Board of Directors of True on March 12, 2007. On March 13, 2007, the Board
of True reaffirmed its support of the Current Restructuring and its intention
to proceed with the March 30, 2007 vote.
    On March 16, 2007, a group of Calgary-based concerned unitholders (the
"Concerned Unitholders") filed a dissident proxy circular (the "Dissident
Proxy Circular") recommending, among other things, that unitholders vote
against the Current Restructuring in favour of a slate of new directors for
    LAMI believes that the Current Restructuring plan is not in the best
interest of unitholders. LAMI further believes that the existing Board of
Directors of True is unsuitable to build unitholder value going forward, as
evidenced by True's substantial underperformance since the trust's formation
on November 5, 2004. Since formation and as at March 16, 2007, True's total
return is -62.6% (including dividends and distributions reinvested in True
units) compared to the S&P Capped Energy Trust Total Return Index total return
of +46.0% during the same period.
    LAMI will therefore be voting against the Current Restructuring and will
be voting in full support of the Concerned Unitholders on March 30, 2007.

For further information:

For further information: Marc Robinson, Vice President, Lawrence Asset
Management Inc., (416) 362-8282,,

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