Bellatrix Exploration Ltd.
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True Energy Trust Announces Increase to Exchangeable Share Ratio & Provides Hedging Update

View All News Releases February 18, 2009


    CALGARY, Feb. 18 /CNW/ - True Energy Trust ("True" or the "Trust")
announces an increase in the ratio for exchanging Exchangeable Shares of True
Energy Inc. into trust units of the Trust (the "Exchange Ratio") from 1.03759
to 1.06272. This increase was effective on February 17, 2009.The following are the details used in the calculation of the Exchange

    Record Date of Distribution                            January 30, 2009
    Opening Exchange Ratio                                          1.03759
    True Energy Trust distribution per unit paid
     February 17, 2009                                                $0.02
    5-day weighted average trading price
     (the "Current Market Price")                                  $0.82584
     (including the last business day prior to
      distribution payment date)
    Increase in Exchange Ratio                                      0.02513
    Effective Date of increase in Exchange Ratio          February 17, 2009
    Exchange Ratio as of the Effective Date                         1.06272The increase in the exchange ratio is calculated by multiplying the True
Energy Trust distribution per trust 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 the
Retraction Request Form located on the back of the exchangeable certificate.
Questions regarding Exchangeable Shares should be directed to Computershare
Trust Company of Canada at 1-800-564-6253.
    True further announces that it has recently entered into one additional
natural gas and one crude oil price risk management contracts. True entered
into a natural gas fixed price swap for 4,500 GJ per day for the period of
March 1, 2009 to September 30, 2009 at a price of CAD $5.00 per GJ
($5.49/mcf). This natural gas fixed price swap settles against the AECO 7A
Monthly Index each month. For the period of March 1, 2009 to December 31, 2009
True entered into a crude oil collar for 500 bbl/d with a floor price of USD
$42.50/bbl and a ceiling price of USD $65.60/bbl. This crude oil collar
settles against the WTI monthly average price.
    With these additional contracts, approximately 60% of True's estimated
2009 natural gas production is hedged for the period of March 1, 2009 to
September 30, 2009 and 49% is hedged for the fourth quarter of 2009 at a
combined average fixed price of $6.42 CAD per GJ ($7.06/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). The
addition of the crude oil price collar effectively hedges approximately 13% of
True's estimated 2009 crude oil production. True maintains an active commodity
price risk management program focused on maintaining sufficient cash flow to
fund its operations.

    An updated corporate presentation will be posted at 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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