Sound Energy Trust announces increase to exchangeable share ratio


    CALGARY, Aug. 1 /CNW/ - Sound Energy Trust ("Sound" or the "Trust")
announces the increase to the exchange ratio of the Series A Exchangeable
Shares of SET Resources Inc. from 1.75785 to 1.78197, Series B Exchangeable
Shares of SET Resources Inc. from 1.73169 to 1.75545, and Series D
Exchangeable Shares of SET Resources Inc. from 1.18079 to 1.19699. These
increases are effective August 15, 2007.
    The following table sets out the details of the calculation of the
Exchange Ratio for each of the Series A, Series B and Series D Exchangeable

             Record            Sound
             Date of           Energy  Five-day           Effective
             Sound             Trust   Weighted  Increase  Date of   Exchange
             Energy            Distri-  Average     in     Increase   Ratio
             Trust    Opening  bution   Trading  Exchange    in       as of
             Distri-  Exchange  per    Price of    Ratio   Exchange Effective
             bution    Ratio    Unit   SND.UN(xx)  (xx)     Ratio      Date
    Series A   July                                        August
              31/07   1.75785  $0.055  $4.008909  0.02412   15/07    1.78197
    Series B   July                                        August
              31/07   1.73169  $0.055  $4.008909  0.02376   15/07    1.75545
    Series D   July                                        August
              31/07   1.18079  $0.055  $4.008909  0.01620   15/07    1.19699

    (xx) The increase in the applicable exchange ratio is calculated by
    multiplying the Sound Energy Trust distribution per Unit by the
    applicable exchange ratio immediately prior to the Record Date and
    dividing the result by the five-day weighted average trading price of the
    Trust Units prior to the first business day following the Record Date.

    A holder of SET Resources Inc. Exchangeable Shares can exchange all or a
portion of their holdings into Sound Energy Trust Units at any time by giving
notice to their investment advisor or Computershare Trust Company of Canada at
its principal transfer office at 710, 530 - 8th Avenue SW, Calgary AB T2P 3S8,
in the case of the Series A, Series B and Series D Exchangeable Shares.

    Sound is a Calgary-based, open-end oil and gas income trust whose Trust
Units trade on the Toronto Stock Exchange (the "TSX") under the symbol SND.UN.
Debentures issued by Sound trade on the TSX under the symbols SND.DB and

    ADVISORY: Certain information regarding Sound Energy Trust including
management's assessment of future plans and operations, may constitute
forward-looking statements under applicable securities law and necessarily
involve risks associated with oil and gas exploration, production, marketing
and transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers and ability to access sufficient capital from
internal and external sources; as a consequence, actual results may differ
materially from those anticipated in the forward-looking statements.

    %SEDAR: 00020262E

For further information:

For further information: Anne-Marie Buchmuller, Manager, Investor
Relations, Phone: (403) 218-3664, Toll-free: 1-888-414-4144, Cell: (403)

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