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True Energy Trust Announces Increase to Exchangeable Share Ratio & Provides Correction to Q1 2008 Ex-Distribution Dates

View All News Releases December 18, 2007


    CALGARY, Dec. 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 0.83998
to 0.86040. This increase is effective on December 17, 2007.

    The following are the details used in the calculation of the Exchange
Ratio:Record Date of Distribution                            November 30, 2007
    Opening Exchange Ratio                                           0.83998
    True Energy Trust distribution per unit paid
     December 17, 2007                                                 $0.08
    5-day weighted average trading price
     (the "Current Market Price")                                   $3.29050
     (including the last business day prior to
     distribution payment date)
    Increase in Exchange Ratio                                       0.02042
    Effective Date of increase in Exchange Ratio           December 17, 2007
    Exchange Ratio as of the Effective Date                          0.86040The 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.
    As stated in the press release dated December 17, 2007 True confirmed
that the cash distribution for the month of December will be $0.08 per unit,
to be paid on January 15, 2008 to all unitholders of record as at December 31,
2007. The ex-distribution date for this payment is December 27, 2007. This
distribution announcement was consistent with the guidance provided in the
news release dated October 15, 2007.
    True also announced that the Board of Directors has set the distribution
policy of the Trust for the first quarter of 2008 at a monthly distribution
rate of $0.04 per unit, subject to monthly confirmation by the Board of
Directors, based on current commodity prices, hedging program, anticipated
production volumes and market conditions. Due to a typographical error, the
February 2008 and March 2008 ex-distribution dates were incorrectly stated as
being in 2007. Correct dates are as follows:Distribution       Record Date    Ex-distribution Date    Payable Date
    $0.08 per unit     Dec. 31, 2007  Dec. 27, 2007           Jan. 15, 2008
    $0.04 per unit(2)  Jan. 31, 2008  Jan. 29, 2008(1)        Feb. 15, 2008
    $0.04 per unit(2)  Feb. 29, 2008  Feb. 27, 2008(1)        Mar. 17, 2008
    $0.04 per unit(2)  Mar. 31, 2008  Mar. 27, 2008(1)        Apr. 15, 2008

    (1) Anticipated ex-distribution dates for January, February and March.
        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,
        anticipated production volumes and market conditions and subject to
        change based on actual conditions.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.

    Forward Looking Statements: Certain information set forth in this news
release, including management's assessments of the future plans and operations
and True's distribution policy and expected distributions may contain
forward-looking statements, and necessarily involve 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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