Daylight Energy Trust
TSX : DAY.UN

Daylight Energy Trust

November 04, 2005 17:00 ET

Daylight Energy Trust Announces Increase to Exchangeable Share Ratio and Meeting of Trust Securityholders to be Held on November 28, 2005

CALGARY, ALBERTA--(CCNMatthews - Nov. 4, 2005) - Daylight Energy Trust (TSX:DAY.UN) ("Daylight") is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Daylight Energy Ltd. from 1.13610 to 1.14923. This increase is effective on November 15, 2005.



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

------------------------------------------------------------------------
Effective
Current Date of
Daylight Market the Exchange
Record Date Energy Price Increase Increase Ratio as
of Daylight Opening Trust as at in in of
Energy Trust Exchange Distribution Nov 1, Exchange Exchange Effective
Distribution Ratio per Unit 2005(1) Ratio(1) Ratio Date
------------------------------------------------------------------------
October 1.13610 $0.14 12.11 0.01313 November 1.14923
31, 2005 15, 2005
------------------------------------------------------------------------
------------------------------------------------------------------------

(1) The increase in the Exchange Ratio is calculated by multiplying the
Daylight Energy Trust Distribution per Unit by the Exchange Ratio
immediately prior to the Record Date and dividing by the "current
market price" of Daylight Energy Trust Units on November 1, 2005 as
determined in accordance with the share provisions governing the
Exchangeable shares.


As disclosed in our November 1, 2005 press release, Daylight announced the mailing of its joint information circular and proxy statement with respect to the plan of arrangement (the "Arrangement") with Tempest Energy Corp. and the related meeting of Trust Securityholders to consider the proposed Arrangement on November 28, 2005 at 9:30 a.m. (Calgary time).

Pursuant to the Arrangement, Daylight Exchangeable Shareholders will receive for each Daylight Exchangeable Share held on the closing date (expected to be November 30, 2005):

- 0.10 of an Open Range Energy Corp. Common Share for each Trust Unit that would be issuable if the Daylight Exchangeable Shares held by such holder were converted into Trust Units in accordance with their terms immediately prior to the effective time of the Arrangement; and

- 0.02 of an Open Range Energy Corp. Arrangement Warrant for each Trust Unit that would be issuable if the Daylight Exchangeable Shares held by such holder were converted into Trust Units in accordance with their terms immediately prior to the effective time of the Arrangement.

We look forward to seeing you at the Meeting, which will be held at the Conference Room, Sun Life Plaza, 140 - 4th Avenue S.W., Calgary, Alberta, on November 28, 2005 at 9:00 a.m. (Calgary time), or in the event you are unable to attend, receiving your support by proxy.

A holder of Daylight Energy Ltd. Exchangeable Shares can exchange all or a portion of their holdings into Daylight Energy Trust Units, at any time, by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office, Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.

Daylight Energy Trust is a Calgary-based open-ended unincorporated investment trust with a high quality natural gas weighted property base, extensive prospect inventory and a large undeveloped land base. Daylight's properties are focused in the high potential areas of the Peace River Arch and West Central Alberta and expanding into our new East 5 area. Daylight has approximately 51.3 million trust units and 1.7 million exchangeable shares currently outstanding.

ADVISORY: Certain information regarding Daylight Energy Trust including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Contact Information

  • Daylight Energy Trust
    Steve Nielsen
    Vice-President, Finance & CFO
    (403) 213-5312 or Toll Free: 1-877-266-6901
    (403) 266-6988 (FAX)
    Email: snielsen@daylightenergy.ca
    or
    Daylight Energy Trust
    Scott Daniel
    Manager, Investor Relations and Treasury
    (403) 218-6885 or Toll Free: 1-877-266-6901
    (403) 266-6988 (FAX)
    Email: sdaniel@daylightenergy.ca
    Website: www.daylightenergy.ca