CALGARY, ALBERTA--(Marketwire - May 28, 2009) -
NOT FOR RELEASE OVER UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NAL Oil & Gas Trust (the "Trust" or "NAL") (TSX:NAE.UN)
announced today that it had completed its previously announced bought
deal offering of 9,602,500 Trust Units at a price of $9.00 per Trust
Unit for gross proceeds of $86,422,500, which included the exercise, in
full, of the over-allotment option granted to the underwriters under the
offering. RBC Capital Markets and BMO Capital Markets co-led the
syndicate for the offering which also included CIBC World Markets Inc.,
Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation,
National Bank Financial Inc., Raymond James Ltd. and Peters & Co.
Limited.
On the completion of the offering, Mr. Andrew Wiswell, President and
CEO stated: "I am encouraged by the significant institutional
participation in this financing as it supports our team's strategy of
building upon our strong asset base and adding quality opportunities to
our portfolio as we move toward an E&P corporate structure by 2011".
The net proceeds from the offering will be added to the working
capital of the NAL Group and will be used for the general corporate
purposes. The offering enhances the financial flexibility of the Trust
to fund growing opportunities in its internal development program, and
to pursue additional corporate and property acquisition opportunities in
the market.
Cautionary Statement Regarding Forward-Looking Information
Statements about the Trust's expectations and all other statements
in this news release, other than historical facts, are "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information relies on a number of
assumptions concerning future events and is subject to a number of
uncertainties and factors, many of which are outside of the Trust's
control, which could cause actual results to differ materially from such
statements. Forward-looking information in this news release include,
but are not limited to, the use of the proceeds from the offering and
the ability of the Trust to fund growing opportunities in its internal
development program and to pursue additional corporate and property
acquisition opportunities in the market. No assurance can be given that
any of the events anticipated by the forward-looking information and
statements will transpire or occur or, if any of them does so, what
benefits the Trust will derive from them.
About the Trust
NAL Oil & Gas Trust provides investors with a yield-oriented
opportunity to participate in the Canadian Upstream Conventional Oil and
Gas Industry. The Trust generates monthly cash distributions for its
Unitholders by pursuing a strategy of acquiring, developing, producing
and selling crude oil, natural gas and natural gas liquids from pools in
southeastern Saskatchewan, central Alberta, northeastern British
Columbia and Lake Erie, Ontario. Trust units trade on the Toronto Stock
Exchange under the symbol "NAE.UN".
Contact Information:
NAL Oil & Gas Trust
Clayton Paradis
Manager, Investor Relations
(403) 294-3620 or Toll Free: 1-888-223-8792
(403) 515-3407 (FAX)
Email: investor.relations@nal.ca
Website: www.nal.ca