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

View All News Releases January 15, 2009


    CALGARY, Jan. 15 /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 1.02179
to 1.03759. This increase is effective on January 15, 2009.The following are the details used in the calculation of the Exchange

    Record Date of Distribution                            December 31, 2008
    Opening Exchange Ratio                                           1.02179
    True Energy Trust distribution per unit paid
     January 15, 2009                                                  $0.02
    5-day weighted average trading price
     (the "Current Market Price")                                   $1.29379
     (including the last business day prior to
     distribution payment date)
    Increase in Exchange Ratio                                       0.01580
    Effective Date of increase in Exchange Ratio            January 15, 2009
    Exchange Ratio as of the Effective Date                          1.03759The 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 also announces that the employment of Mr. Ian Ross as Vice
President, Land ended effective January 12, 2009.

    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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