Bellatrix Exploration Ltd.
  • Stock Quote

True Energy Trust Reports Saskatchewan Properties Year-End Reserves

View All News Releases January 21, 2008


    CALGARY, Jan. 21 /CNW/ - True Energy Trust ("True" or the "Trust")
announces its Saskatchewan 2007 year-end reserves as evaluated by GLJ
Petroleum Consultants Ltd. ("GLJ"), the independent reserves evaluator,
prepared in accordance with National Instrument 51-101 ("NI 51-101").
    True plans to release its full 2007 year-end reserves and announce its
2007 audited financial results on or about March 6, 2008.
    On December 17, 2007, True announced the intention to divest its
Saskatchewan portfolio of assets as part of a new strategic plan for the
Trust. Further to the announcement of December 17, 2007, detailed information
with respect to the assets being offered for sale is now available through
Scotia Waterous.
    Production from the Saskatchewan asset sale portfolio averaged 5,596
boe/d in December 2007; 62% oil weighted (97% heavy oil/3% light oil). The
intended divestiture includes a large geographically focused land position
including 156,000 net acres of undeveloped land.
    The following table summarizes the reserves attributable to True's
Saskatchewan properties, as at December 31, 2007, as evaluated by GLJ, and the
net present value of the future net revenue of such reserves using forecast
prices and costs.Net Present Values of
                                                       Future Net Revenue
                              Reserves               (Before Income Taxes)
                  -------------------------------- --------------------------
                       Liquids       Natural Gas          Discounted at
                  ---------------- --------------- --------------------------
    Category       Gross     Net    Gross     Net
    (NI51-101)    (Mbbls)  (Mbbls)  (MMcf)  (MMcf)      8%      10%      12%
    ------------- ------- -------- ------- ------- -------- -------- --------
     Producing     6,188    5,249  19,141  16,494  142,070  135,256  129,196
     Non-Producing     3        2     643     569    2,307    2,192    2,086
    Undeveloped     1413    1,210     470     414   16,534   15,271   14,146
                  ------- -------- ------- ------- -------- -------- --------
    Total Proved   7,604    6,461  20,254  17,477  160,912  152,718  145,427
    Probable       6,250    5,372   8,975   7,680   92,565   84,304   77,249
                  ------- -------- ------- ------- -------- -------- --------
     Proved Plus
     Probable     13,853   11,835  29,229  25,157  253,477  237,023  222,676
                  ------- -------- ------- ------- -------- -------- --------
                  ------- -------- ------- ------- -------- -------- --------


    (1)  Price forecast used in engineering report: INCO (Industry
         Consensus), January 2008.
    (2)  Liquids includes oil, condensate and NGLs and is approximately 97%
         heavy oil based on gross reserves.
    (3)  Gross and net reserves are as defined in NI 51-101.
    (4)  It should not be assumed that the estimates of future net revenue
         presented above represent the fair market value of the reserves and
         there is no assurance that the price received in respect of the sale
         of the Saskatchewan properties (if adequate offers are received and
         accepted, of which there is no assurance) will attain these levels
         and the differences could be material.
    (5)  The estimates of the reserves and future net revenue for True's
         Saskatchewan properties as set forth above may not reflect the same
         confidence level as estimates in reserves and future net revenue for
         all properties, due to the effects of aggregation. True's full 2007
         year-end reserves are not yet available.An updated corporate presentation is now available on True's website

    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 assessment of True's future plans and
operations and matters relating to the sale of Saskatchewan properties may
contain forward-looking statement, and necessarily involves risks and
uncertainties, certain of which are beyond True's control including, without
limitation, 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, 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.

    BOE: Disclosure provided herein in respect of barrels of oil equivalent
("boe") 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.

    %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