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True Energy Trust Confirms March Distribution, Announces Increase to Exchangeable Share Ratio & Provides Hedging Update

View All News Releases February 19, 2008


    CALGARY, Feb. 19 /CNW/ - True Energy Trust ("True" or the "Trust")
confirms that the cash distribution for the month of February will be $0.04
per unit, to be paid on March 17, 2008 to all unitholders of record as at
February 29, 2008. The ex-distribution date for this payment is February 27,
2008. This distribution announcement is consistent with the guidance provided
in the news release dated December 18, 2007.
    True also announces an increase in the ratio for exchanging Exchangeable
Shares of True Energy Inc. into trust units of the Trust (the "Exchange
Ratio") from 0.88085 to 0.89142. This increase was effective on February 15,
2008.The following are the details used in the calculation of the Exchange

    Record Date of Distribution                          January 31, 2008

    Opening Exchange Ratio                                        0.88085

    True Energy Trust distribution per unit paid
     February 15, 2008                                              $0.04

    5-day weighted average trading price
     (the "Current Market Price")                                $3.33413
     (including the last business day prior to
     distribution payment date)

    Increase in Exchange Ratio                                    0.01057

    Effective Date of increase in Exchange Ratio        February 15, 2008

    Exchange Ratio as of the Effective Date                       0.89142The 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.
    In order to actively manage its risk management program and in response
to the continued volatility in the natural gas markets, further to the risk
management contracts announced in the November 8, 2007 news release, True has
entered into seven additional fixed natural gas price risk management
contracts as follows:-------------------------------------------------------------------------
                                                 Price      Price
    Type            Period           Volume      Floor     Ceiling     Index
    Fixed  Apr. 01/08 - Oct. 31/08 5,275 GJ/d  $6.64 CDN  $6.64 CDN  AECO - C
    Fixed  Apr. 01/08 - Oct. 31/08 3,500 GJ/d  $6.90 CDN  $6.90 CDN  AECO - C
    Fixed  Nov. 01/08 - Dec. 31/08 3,500 GJ/d  $7.58 CDN  $7.58 CDN  AECO - C
    Fixed  Nov. 01/08 - Mar. 31/09 5,275 GJ/d  $7.61 CDN  $7.61 CDN  AECO - C
    Fixed  Jan. 01/09 - Mar. 31/09 5,275 GJ/d  $7.86 CDN  $7.86 CDN  AECO - C
    Fixed  Apr. 01/09 - Jun. 30/09 5,275 GJ/d  $7.01 CDN  $7.01 CDN  AECO - C
    Fixed  Apr. 01/09 - Jun. 30/09 5,275 GJ/d $7.015 CDN $7.015 CDN  AECO - C
    -------------------------------------------------------------------------With these additional price risk management contracts, approximately 33%
of current natural gas production is hedged through the first quarter of 2008.
Assuming the previously announced sale of the Trust's Saskatchewan assets is
completed at the end of Q1 2008, approximately 53% of estimated natural gas
production is hedged through the balance of 2008 and approximately 23% is
hedged through the first half of 2009. Please refer to the current corporate
presentation available at for more information.
    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.

    Forward Looking Statements: Certain information set forth in this news
release, including management's assessments of True's planned disposition of
Saskatchewan properties, the timing thereof, and the effect of the disposition
on True's hedging levels, 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 or the inability to dispose of the
Saskatchewan properties for the anticipated proceeds or delay in doing so.
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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