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True Energy Trust announces March Distribution and Increase to Exchangeable Share Ratio

View All News Releases February 15, 2007


    CALGARY, Feb. 15 /CNW/ - True Energy Trust ("True" or the "Trust"),
announces that the cash distribution for the month of February will be
$0.12 per unit, to be paid on March 15, 2007 to all unitholders of record as
at February 28, 2007. The ex-distribution date for this payment is February
26, 2007.
    As announced in its press release of February 13, 2007 an annual and
special meeting (the "Meeting") of unitholders and exchangeable shareholders
of True (collectively, "True Securityholders") has been scheduled to be held
on March 30, 2007 at 10:00 AM (Calgary time) for the purposes of, among other
matters, voting upon the previously announced reorganization of the Trust into
a growth oriented, dividend paying intermediate E&P company (the
    The Board of Directors has determined that no distribution will be
declared for the month of March 2007, which would normally have been paid on
April 16, 2007 to unitholders of record as at March 30, 2007, pending the
consideration of the Reorganization at the Meeting.
    Combined with a capital efficient growth strategy, True intends to
establish a dividend policy to take effect following the completion of the
Reorganization of True into a corporation. The initial dividend proposed by
True as a corporation is to be set at $0.02 per month to be paid quarterly.
    Should the Reorganization not be approved by True Securityholders, the
Board of Directors will meet in April 2007 to determine the level of
distribution to be paid by the Trust.
    True Energy Trust is pleased to announce an increase in the ratio for
exchanging Exchangeable Shares of True Energy Inc. into units of the Trust
(the "Exchange Ratio") from 0.72355 to 0.73832. This increase is effective on
February 15, 2007.The following are the details used in the calculation of the Exchange

    Record Date of Distribution                             January 31, 2007

    Opening Exchange Ratio                                           0.72355

    True Energy Trust distribution per unit paid February 15, 2007     $0.12

    5- day weighted average trading price
     (the "Current Market Price")                                   $5.87836
     (including the last business day prior to
     distribution payment date)

    Increase in Exchange Ratio                                       0.01477

    Effective Date of increase in exchange Ratio           February 15, 2007

    Exchange Ratio as of the Effective Date                          0.73832The increase in the exchange ratio is calculated by multiplying the True
Energy Trust distribution per 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 a Retraction Request form
which can be obtained by contacting Computershare Trust Company of Canada at
(403) 267-6894.

    Forward Looking Statements: Certain information herein including
management's assessment of future plans and operations, the proposed
Reorganization, the date of the Meeting and the dividend policy following
completion of the Reorganization may constitute forward-looking statements
under applicable securities laws and necessarily involve risks including,
without limitation, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required regulatory
approvals, ability to access sufficient capital from internal and external
sources, capital markets volatility, general business and industry conditions
and the risk that the requisite securityholder and other regulatory approvals
for the Reorganization are not obtained by the time specified or at all. As a
consequence, actual results may differ materially from those anticipated in
the forward-looking statements. Readers are cautioned that the foregoing list
of factors is not exhausted. Additional information on these and other factors
that could affect True's operations and financial results 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 at 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 required by
applicable securities laws.

    %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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