Bellatrix Exploration Ltd.
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True Energy Trust Announces Increase to Exchangeable Share Ratio

View All News Releases December 16, 2008


    CALGARY, Dec. 16 /CNW/ - True Energy Trust ("True" or the "Trust")
announces an increase in the ratio for exchanging Exchangeable Shares of True
Energy Inc. into trust units of the Trust (the "Exchange Ratio") from 0.99741
to 1.02179. This increase was effective on December 15, 2008.The following are the details used in the calculation of the Exchange

    Record Date of Distribution                            November 28, 2008
    Opening Exchange Ratio                                           0.99741
    True Energy Trust distribution per unit
     paid December 15, 2008                                            $0.04
    5-day weighted average trading price
     (the "Current Market Price")                                   $1.63669
     (including the last business day prior to
     distribution payment date)
    Increase in Exchange Ratio                                       0.02438
    Effective Date of increase in Exchange Ratio           December 15, 2008
    Exchange Ratio as of the Effective Date                          1.02179The 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.

    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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