Daylight Resources Trust
TSX : DAY.UN
TSX : DAY.DB
TSX : DAY.DB.B
TSX : DAY.DB.C

Daylight Resources Trust

October 22, 2009 17:15 ET

Daylight Resources Trust Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2009) - Daylight Resources Trust (TSX:DAY.UN) (the "Trust" or "Daylight") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 17,102,157 of its 174,214,074 currently issued and outstanding Trust Units (being no greater than 10% of the public float, which public float as at October 21, 2009 is 171,021,570 Trust Units) on the open market through the facilities of the TSX. In accordance with the rules of the TSX governing normal course issuer bids, the total number of Trust Units the Trust is permitted to purchase is subject to a daily purchase limit of 248,175 Trust Units representing 25% of the average daily trading volume of Daylight Trust Units on the TSX calculated for the six month period ended September 30, 2009 in accordance with the TSX rules, provided however that the Trust may make one block purchase per calendar week which exceeds the daily repurchase restriction. The price that the Trust will pay for any Trust Units acquired under the Bid will be the prevailing market price on the TSX at the time of such purchase. The Trust Units acquired under the Bid will be cancelled.

The Bid will commence on October 26, 2009 and will terminate on October 25, 2010 or such earlier time as the Bid is completed or terminated at the option of the Trust.

Daylight purchased an aggregate 386,200 Trust Units under its previous NCIB, which expired on July 29, 2009, at a weighted average price per Trust Unit of $9.93.

Daylight believes that from time to time the market price of the Daylight Trust Units may not reflect their underlying value and that, at such times, the purchase of Trust Units for cancellation will increase the proportionate interest of, and be advantageous to, all remaining unitholders. In addition, the purchases by the Trust under the Bid may increase liquidity to the Trust's unitholders wishing to sell their Trust Units.

Daylight is a growing intermediate oil and natural gas producing company with a high quality suite of assets in Western Canada. Our highly focused team utilizes our technical expertise in exploration, development and acquisitions to create long-term value for our Unitholders. Our team has developed a multi-year inventory of repeatable, low risk exploitation resource play projects with substantial potential reserve additions on assets we currently own and control in the premier Deep Basin area of Alberta.

Daylight Trust Units trade on the TSX under the symbol DAY.UN. Daylight Series A, Series B, and Series C convertible debentures trade on the TSX under the symbols DAY.DB, DAY.DB.B and DAY.DB.C respectively.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "guide", "will", "should", "believe", "plans" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning the market price of Daylight Trust Units, the underlying value of Trust Units and the liquidity of Trust Units.

The forward-looking statements in this press release are based on certain key expectations and assumptions made by Daylight, including expectations and assumptions concerning: prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, reserve and resource volumes, the performance of existing and acquired wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, and the availability and cost of labour and services. Although Daylight believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Daylight can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to reserves, production, costs and expenses, health, safety and environmental risks, commodity price and exchange rate fluctuations, marketing and transportation of petroleum and natural gas and loss of markets, environmental risks, competition, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, ability to access sufficient capital from internal and external sources and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Daylight are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release are made as of the date hereof and Daylight undertakes no obligation to update publicly or revise any forward-looking statements whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information