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True Energy Trust Sets Second Quarter Distribution Policy, Confirms May Distribution & Provides Disposition Update

View All News Releases April 8, 2008


    CALGARY, April 8 /CNW/ - True Energy Trust ("True" or the "Trust")
announces that the Board of Directors has set the distribution policy of the
Trust for the second 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. This distribution level is consistent with the first
quarter policy.
    True confirms that the cash distribution for the month of April will be
$0.04 per unit, to be paid on May 15, 2008 to all unitholders of record as at
April 30, 2008. The ex-distribution date for this payment is April 28, 2008.Distribution          Record Date   Ex-distribution Date    Payable Date

    $0.04 per unit     April 30, 2008   April 28, 2008          May 15, 2008
    $0.04 per unit(1)    May 30, 2008   May 28, 2008(2)        June 16, 2008
    $0.04 per unit(1)   June 30, 2008   June 26 2008(2)        July 15, 2008

    (1) Based on True's current commodity prices, hedge positions,
        anticipated production volumes and market conditions and subject to
        change based on actual conditions.

    (2) Anticipated ex-distribution dates for May and June 2008. These dates
        are subject to change and/or confirmation by the Toronto Stock
        Exchange and will be confirmed by monthly press releases.Dispositions

    On December 17, 2007, True announced its intention to divest of its
Saskatchewan assets as part of a new strategic direction for the Trust. Any
proceeds from the proposed divestiture will be utilized to reduce True's bank
indebtedness and to provide additional financial resources to develop its
Alberta light oil and natural gas plays. Scotia Waterous Inc. ("Scotia
Waterous") has been selected to act as True's exclusive advisor in this
process. Bids were received on March 4, 2008 in respect of the assets and
various portions of the assets included in the proposed asset divestiture and
are continuing to be evaluated by True with the assistance of Scotia Waterous
and discussions and negotiations are continuing. There is no assurance that
True will enter into definitive agreements with respect to all or a portion of
the assets proposed to be disposed of, or if entered into, which portion of
the assets will be sold.
    True continuously reviews and optimizes its portfolio, divesting of
non-core and high cost properties. On April 2, 2008, True was successful in
completing the divestiture of a small non-core property in the Northeast area
of Alberta for net proceeds after adjustments of $5.8 million. The proceeds
were used to pay down debt.
    On March 31, 2008, True's borrowing base re-determination was
re-scheduled for renewal on or before June 2, 2008, while the Saskatchewan
asset divestiture is being finalized. Subject to finalization of satisfactory
bids in the second quarter of 2008, it is anticipated that True's borrowing
base will be reduced from the current $190 million as at March 31, 2008 to
within a range of $175 million to $100 million depending on the extent of
property dispositions completed in the second quarter of 2008. The revolving
period on the term credit facility is also subject for renewal on June 28,

    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 the future plans and
operations, True's planned disposition of Saskatchewan properties, the timing
thereof, the use proceeds and the effect of the disposition on True's
continuing operations and on True's borrowing base under its credit facility
and distribution 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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