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True Energy Trust Announces the Close of Previously Announced Trust Unit Offering & The Exercise of the Over-Allotment Option

View All News Releases May 31, 2007

    THE U.S./


    CALGARY, May 31 /CNW/ - True Energy Trust ("True" or the "Trust")
announces that it has completed its offering of 8,200,000 trust units at $6.10
per trust unit for gross proceeds of $50,020,000, as announced on May 9, 2007.
 The syndicate of underwriters was co-led by Scotia Capital Inc. and CIBC
World Markets Inc. and included Canaccord Capital Corporation, FirstEnergy
Capital Corp. and National Bank Financial Inc.
    True also announces that the underwriters have fully exercised the
over-allotment option granted as part of the above mentioned financing of
trust units. As a result, an additional 1,230,000 trust units have been issued
at $6.10 per trust unit for additional gross proceeds of $7,503,000. 
Including the trust units issued under the over-allotment option, an aggregate
of 9,430,000 trust units were issued for total gross proceeds of $57,523,000.
    Net proceeds from the financing will be used to reduce outstanding
indebtedness under True's credit facilities, which may be redrawn to fund
True's 2007 capital program, and for working capital purposes.

    The securities offered have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act"),
and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in certain transactions exempt from
the registration requirements of the U.S. Securities Act.

    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.  True is powered by a diverse asset base
and is focused on sustainable growth both in its people and in its properties.
 True has a multi-year drilling inventory of 400 net locations in Alberta,
Saskatchewan and British Columbia.
    True's approach to providing value to its securityholders with superior
returns is based on combining its commitment to fiscally conservative
management with a disciplined but opportunistic approach to
technically-focused exploration and high quality acquisitions.  True supports
a culture of positive teambuilding, emphasizing the value of human capital,
working to exceed industry expectations, keeping True at the forefront of
today's competitive market.

    Advisory: The intended use of the net proceeds of the offering by True
might change if the board of directors of True Energy Inc., the administrator
of True, determines that it would be in the best interests of True to deploy
the proceeds for some other purpose.

    The forward-looking statements contained in this press release are made
as of the date hereof and True undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.

    %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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