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True Energy Trust Announces Third Quarter 2007 Cash Distributions & Increase in Exchangeable Share Ratio

View All News Releases July 18, 2007


    CALGARY, July 18 /CNW/ - True Energy Trust ("True" or the "Trust"),
announces that the Board of Directors has set the distribution policy of the
Trust for the third quarter of 2007 at a monthly distribution rate of $0.08
per unit, subject to monthly confirmation by the Board of Directors, based on
current commodity prices, hedging program, production volumes and market
conditions. The cash distribution for the month of July will be $0.08 per
trust unit, to be paid on August 15, 2007 to all unit-holders of record as of
July 31, 2007. The ex-distribution date for this payment is July 27, 2007.
Based on the July 17, 2007 closing price of $6.03 this represents an
annualized yield of 15.9%.Distribution        Record          Ex-distribution     Payable
                        Date            Date                Date

    $0.08 per unit      July 31, 2007   July 27, 2007       August 15, 2007
    $0.08 per unit(2)   Aug. 31, 2007   Aug. 29, 2007(1)    Sept. 17, 2007
    $0.08 per unit(2)   Sept. 28, 2007  Sept. 26, 2007(1)   October 15, 2007

    (1) Anticipated ex-distribution dates for August and September. 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

    True is pleased to announce an increase in the ratio for exchanging
Exchangeable Shares of True Energy Inc. into trust units of the Trust (the
"Exchange Ratio") from 0.77486 to 0.78523. This increase is effective on
July 16, 2007.

    The following are the details used in the calculation of the Exchange

    Record Date of Distribution                                June 29, 2007

    Opening Exchange Ratio                                           0.77486

    True Energy Trust distribution per unit paid
     July 16, 2007                                                     $0.08

    5-day weighted average trading price
     (the "Current Market Price")
     (including the last business day prior to
     distribution payment date)                                     $5.97828

    Increase in Exchange Ratio                                       0.01037

    Effective Date of increase in Exchange Ratio               July 16, 2007

    Exchange Ratio as of the Effective Date                          0.78523The 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 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 450 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.

    Forward Looking Statements: Certain information set forth in this news
release, including management's assessment of True's future distributions 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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