True Energy Trust Confirms June Distribution & Announces Increase to Exchangeable Share Ratio

Thu May 15, 4:05 PM

TSX: TUI.UN

CALGARY, May 15 /CNW/ - True Energy Trust ("True" or the "Trust") confirms that the cash distribution for the month of May will be $0.04 per unit, to be paid on June 16, 2008 to all unitholders of record as at May 30, 2008. The ex-distribution date for this payment is May 28, 2008. This distribution announcement is consistent with the guidance provided in the news release dated April 8, 2008.

True also announces an increase in the ratio for exchanging Exchangeable Shares of True Energy Inc. into trust units of the Trust (the "Exchange Ratio") from 0.91128 to 0.92014. This increase is effective on May 15, 2008.

The following are the details used in the calculation of the Exchange Ratio:

    
    Record Date of Distribution                               April 30, 2008
    Opening Exchange Ratio                                           0.91128
    True Energy Trust distribution per unit paid
     May 15, 2008                                                      $0.04
    5-day weighted average trading price
     (the "Current Market Price")                                   $4.11414
    (including the last business day prior to distribution
     payment date)
    Increase in Exchange Ratio                                       0.00886
    Effective Date of increase in Exchange Ratio                May 15, 2008
    Exchange Ratio as of the Effective Date                          0.92014

The 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.

Contacts

Wayne M. Chorney
President
CEO & COO
(403) 750-2420

Edward Brown
Vice President
Finance & CFO
(403) 750-2655

Sacha Ravelli
Manager
Investor Relations
(403) 750-7085

Scott Koyich
Investor Relations Consultant
(403) 750-2428

Troy Winsor
Investor Relations Consultant
(800) 663-8072