True Energy Trust Announces Increase to Exchangeable Share Ratio


    CALGARY, March 20 /CNW/ - True Energy Trust ("True" or the "Trust") is
pleased to announce an increase in the ratio for exchanging Exchangeable
Shares of True Energy Inc. into units of the Trust (the "Exchange Ratio") from
0.73832 to 0.75516. This increase was effective March 15, 2007.
    The following are the details used in the calculation of the Exchange

    Record Date of Distribution                            February 28, 2007

    Opening Exchange Ratio                                           0.73832

    True Energy Trust distribution per unit paid March 15, 2007        $0.12

    5-day weighted average trading price
     (the "Current Market Price")                                   $5.26208
     (including the last business day prior to
      distribution payment date)

    Increase in Exchange Ratio                                       0.01684

    Effective Date of increase in exchange Ratio              March 15, 2007

    Exchange Ratio as of the Effective Date                          0.75516

    The increase in the exchange ratio is calculated by multiplying the True
Energy Trust distribution per unit by the previous month's exchange ratio and
dividing by the Current Market Price of TUI.UN. A holder of True Energy Inc.
Exchangeable Shares can exchange all or a portion of their holdings at any
time for the True Energy Trust Units by completing a Retraction Request form
which can be obtained by contacting Computershare Trust Company of Canada at
(403) 267-6894.

    %SEDAR: 00021401E

For further information:

For further information: Paul Baay, President and CEO, (403) 750-1272;
Edward Brown, Vice President, Finance and CFO, (403) 750-2655

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