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True Energy Trust announces change to January distribution, Senior Management Appointment & provides Hedging Update

View All News Releases December 12, 2008


    CALGARY, Dec. 12 /CNW/ -

    Change to January Distribution

    True Energy Trust ("True" or the "Trust") announces that in light of the
continuing weak commodity price environment the Board of Directors has
determined that the cash distributions for the month of December will be $0.02
per unit, to be paid on January 15, 2009 to all unitholders of record as at
December 31, 2008. The ex-distribution date for this payment is December 29,
2008. True believes that it is prudent to manage the level of distributions to
maintain corporate liquidity during the current financial turmoil and to
better align distributions with the prevailing commodity price environment.
Distributions are reviewed regularly in the context of commodity prices, among
other factors, and are subject to revision by the Board of Directors. The
Trust will continue to take a balanced approach to the priority use of cash
flow between level of distributions and size of its 2009 capital program.

    Senior Management Appointment

    The Board of Directors of True announces that Mr. Duncan A. Chisholm has
joined True in the capacity of Vice President, Operations effective December
15, 2008. Mr. Chisholm brings with him 32 years of industry experience.
Throughout his career Mr. Chisholm has worked in many capacities within
management and the operational departments of several junior and intermediate
oil and gas companies. Mr. Chisholm holds a Bachelor of Science degree.
    This appointment, along with the appointment of Mr. Russell G. Oicle as
Vice President, Exploration announced November 24, 2008, completes True's
senior executive team and positions the Trust to enter 2009 with the technical
expertise and leadership experience necessary for True's success.

    Hedging Update

    True further announces that it has entered into a natural gas price risk
management contract. True entered into a natural gas fixed price swap of 5,000
GJ per day for the period of January 1, 2010 to March 31, 2010 at a fixed
price of $8.00CAD per GJ or $8.79CAD per mcf. This contract will be settled
against the AECO 7A Monthly Index each month.
    True Energy Trust is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada.

    %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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