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True Energy Trust suspends March distribution & provides hedging update

View All News Releases February 9, 2009


    CALGARY, Feb. 9 /CNW/ - True Energy Trust ("True" or the "Trust")
announces that as a result of the continued deterioration in economic
conditions, including the significant decline in crude oil prices, a weakening
outlook for natural gas demand and a heightened risk in the credit markets at
the start of 2009, True has deemed it prudent to suspend distributions to
maintain corporate liquidity during the current financial turmoil and
prevailing commodity price environment. Accordingly, no distributions will be
paid in March 2009 to unitholders of record as at February 27, 2009. The
previously declared distribution of $0.02 per unit payable on February 17,
2009 to all unitholders of record as at January 30, 2009 is unaffected by the
    Distributions are to be reviewed monthly in the context of commodity
prices, among other factors, and are subject to revision by the Board of
    True further announces that it has recently entered into six additional
natural gas price risk management contracts. The following natural gas fixed
price swaps of 5,000 GJ per day each settle against the AECO 7A Monthly Index
each month:Period                                                             Price

    March 1, 2009 to June 30, 2009                   $4.89 CAD/GJ ($5.37/mcf)
    March 1, 2009 to December 31, 2009               $5.90 CAD/GJ ($6.48/mcf)
    July 1, 2009 to September 30, 2009               $5.41 CAD/GJ ($5.94/mcf)
    October 1, 2009 to December 31, 2009             $6.26 CAD/GJ ($6.88/mcf)
    January 1, 2010 to March 31, 2010                $7.16 CAD/GJ ($7.87/mcf)
    April 1, 2010 to June 30, 2010                   $6.59 CAD/GJ ($7.24/mcf)True also sold a call on 5,000 GJ per day for 2010 at a price of $8.05
CAD per GJ ($8.85/mcf) to assist in funding one of the 2009 natural gas fixed
price swaps.
    With these additional contracts, approximately 50% of True's estimated
2009 natural gas production for the balance of the year is hedged at an
average fixed price of $6.60 CAD per GJ ($7.25/mcf) and approximately 18% of
True's estimated natural gas production is hedged for the first half of 2010
at an average price of $7.25 CAD per GJ ($7.96/mcf). True maintains an active
commodity price risk management program focused on maintaining sufficient cash
flow to fund its operations.
    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.

    %SEDAR: 00021401E

Bellatrix Exploration Ltd.
1920, 800 5th Avenue SW
Calgary, Alberta T2P 3T6
Main: 403-266-8670
Fax: 403-264-8163
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