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True Energy Trust Announces Second Quarter 2007 Cash Distributions & 2007 Capital Program

View All News Releases April 17, 2007


    CALGARY, April 17 /CNW/ - True Energy Trust ("True" or the "Trust"),
announces that the Board of Directors has set the distribution policy for the
second quarter of 2007 at a monthly distribution rate of $0.08 per unit,
subject to monthly confirmation, based on current commodity prices, hedging
program, production volumes and market conditions. The cash distribution for
the month of April 2007 will be $0.08 per unit, to be paid on May 15, 2007 to
all unit-holders of record as of April 30, 2007. Based on the April 16, 2007
closing price of $5.84 this represents an annualized yield of approximately
    Paul Baay, President & CEO of the Trust says "this go forward strategy
reflects the outcome of our recently held special and annual meeting" he went
on to say that "this level of distribution provides income to unitholders and
allows for the Trust to further develop its large land base".
    True plans to focus on maintaining sufficient cash flow to provide a
balance between distributions and the funding of True's 2007 capital program.
As part of this balanced utilization of cash flow, True is setting its planned
2007 drilling and development capital program at $80 million which will result
in anticipated 2007 average production between 18,000 -19,000 boe/d. To date
True has spent approximately $50 million of the $80 million capital program
and the majority of the remaining funds will be spent in the third and fourth
quarters of 2007 focused on tie ins and completions of first quarter new
production that totalled 4,700 boe/d. True also intends to enhance the value
of its large land base through farmouts and joint venture activities. The
Trust continues with its divestiture program having completed $19 million of
dispositions to date. With the dispositions, distributions and capital program
True is targeting a year end net debt of $120 million and $80 million of
convertible debentures resulting in year end total debt of $200 million.Distribution       Record Date      Ex-distribution Date   Payable Date
    $0.08 per unit     April 30, 2007   April 26, 2007         May 15, 2007
    $0.08 per unit(2)    May 31, 2007     May 29, 2007(1)     June 15, 2007
    $0.08 per unit(2)   June 29, 2007    June 27, 2007(1)     July 16, 2007

    (1) Anticipated ex-distribution dates for May and June. These dates are
        subject to change and/or confirmation by the Toronto Stock Exchange
        and will be confirmed by monthly press releases.
    (2) Based on True's current commodity prices, hedge positions, production
        volumes and market conditions and subject to change based on actual
        conditions.As the Trust made no distribution in April 2007, the exchangeable share
ratio for converting the exchangeable shares of True Energy Inc. into trust
units of True is unchanged from the March 15, 2007 exchange ratio of 0.75516.
The adjustment to the exchangeable share ratio resulting form the distribution
payable May 15, 2007, to unitholders of record as of April 30, 2007 will be
announced following the May 15, 2007 payment date.

    Reader Advisor: BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

    Forward Looking Statements: Certain information set forth in this news
release, including management's assessment of True's future plans and
operations, future distributions, timing of tie-in of wells and expected
production therefrom, guidance of production, targeted debt levels and capital
expenditure budgets and the results of the expenditure thereof may contain
forward-looking statements, and necessarily involves risks and uncertainties,
certain of which are beyond True's control including, risks associated with
oil and gas exploration, development, exploitation, production, marketing and
transportation, loss of markets and other economic and industry conditions,
volatility of commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, inability to
retain drilling services, incorrect assessment of value of acquisitions and
failure to realize the benefits therefrom, delays resulting from or inability
to obtain required regulatory approvals, the lack of availability of qualified
personnel or management, risks related to closing of dispositions, stock
market volatility and ability to access sufficient capital from internal and
external sources, economic or industry condition changes. Actual results,
performance or achievements could differ materially from those expressed in,
or implied by, these forward-looking statements and, accordingly, no assurance
can be given that any events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits that True or
its securityholders will derive therefrom. Additional information on these and
other factors that could affect True are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the
SEDAR website (, at True's website (
Furthermore, the forward-looking statements contained in this news release are
made as of the date of this news release, and True does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be expressly required by applicable securities law.
    %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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