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True Energy Trust Provides Disposition Update

View All News Releases April 17, 2008


    CALGARY, April 17 /CNW/ - Further to the press release dated April 8,
2008; True Energy Trust ("True") announces that it has entered into a
definitive purchase and sale agreement for the sale of its Dodsland-Stranraer
property in Saskatchewan. Effective March 1, 2008, closing is expected in the
second quarter of 2008, subject to standard closing conditions.
    Proceeds of approximately $40 million, prior to closing adjustments, will
be utilized to reduce True's bank indebtedness.
    Dodsland-Stranraer is 1 of 5 packages of Saskatchewan assets that True
announced its intention to divest on December 17, 2007. As at December 31,
2007 reserves attributable to the Dodsland-Stranraer properties were 2,846
Mboe proven + probable, approximately 92% natural gas. Current production from
the properties is approximately 750 boe/d, again 92% natural gas.
    With the assistance of Scotia Waterous Inc., True continues to evaluate
bids received for the remainder of the Saskatchewan divestiture assets and
discussions and negotiations are continuing. There is no assurance that True
will enter into further definitive agreements with respect to all or a portion
of the remaining assets proposed to be disposed of, or if entered into, which
portion of the remaining assets will be sold.
    An updated corporate presentation will be posted at

    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 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.

    Barrels of Oil Equivalent (boes): boes may be misleading, particularly if
used in isolation. A boe conversion ratio of 6:1 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
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