Bellatrix Exploration Ltd.
  • Stock Quote

True Energy Trust Announces Normal Course Issuer Bid for its Trust Units

View All News Releases August 27, 2007


    CALGARY, Aug. 27 /CNW/ - August 27, 2007- True Energy Trust ("True" or
the "Trust") announced today that the Toronto Stock Exchange ("TSX") has
accepted True's Notice of Intention to make a Normal Course Issuer Bid (the
"Bid") to purchase for cancellation, from time to time, as True considers
advisable, up to a maximum of 7,846,240 trust units of the Trust (the "Trust
Units"). The maximum number of Trust Units to be purchased pursuant to the Bid
represents approximately 10% of the issued and outstanding Trust Units, which
are not held by insiders of the Trust, on the date hereof. At the date hereof,
there are 79,715,595 Trust Units issued and outstanding of which 1,253,194
Trust Units are held by senior officers or directors of True or any persons or
companies who beneficially owns, or exercises control or direction over, more
than 10% of the issued and outstanding Trust Units. Purchases of Trust Units
will be made on the open market through the facilities of the TSX. The price
which True will pay for any Trust Units purchased by it will be the prevailing
market price of the Trust Units on the TSX at the time of such purchase. The
actual number of Trust Units that may be purchased for cancellation and the
timing of any such purchases will be determined by True; however, the maximum
Trust Units that the Trust may purchase for cancellation per trading day is
109,301, which is equal to 25% of the average daily trading volume for the six
months ended July 31, 2007. The average daily trading volume for the six
months ended July 31, 2007 was 437,203.
    The Bid will commence on August 28, 2007 and will terminate on August 27,
2008 or such earlier time as the Bid is completed or terminated at the option
of True. Blackmont Capital Inc. has agreed to act on the Trust's behalf to
make purchases of Trust Units pursuant to the Bid.
    Management of True believes that, from time to time, the market price of
the Trust Units may not fully reflect the underlying value of the Trust Units
and that at such times the purchase of Trust Units would be in the best
interests of True. Such purchases will increase the proportionate interest of,
and may be advantageous to, all remaining unitholders. In addition, the
purchases by True may increase liquidity to unitholders wishing to sell their
Trust Units.

    True is an oil and gas trust powered by a diverse asset base, focused on
sustainable growth, both in its people and in its properties. True's approach
of providing value to its unitholders 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 team building,
emphasising the value of human capital, working to exceed industry
expectations, keeping True at the forefront of today's competitive market.

    %SEDAR: 00021401E

Bellatrix Exploration Ltd.
1920, 800 5th Avenue SW
Calgary, Alberta T2P 3T6
Main: 403-266-8670
Fax: 403-264-8163
Twitter Facebook LinkedIn
Bellatrix Exploration
Investor Relations
Emergency Contact