Daylight Energy Trust

Daylight Energy Trust

March 15, 2005 09:30 ET

Daylight Energy Trust Announces Increase to Exchangeable Share Ratio


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DAYLIGHT ENERGY TRUST

TSX SYMBOL: DAY.UN
TSX SYMBOL: DAY.DB

MARCH 15, 2005 - 09:30 ET

Daylight Energy Trust Announces Increase to
Exchangeable Share Ratio

CALGARY, ALBERTA--(CCNMatthews - March 15, 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
1.03737 to 1.04890. This increase is effective on March 15, 2005.



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

------------------------------------------------------------------------
Record Effective
Date of Date
Daylight Daylight Current of the Exchange
Energy Energy Market Increase Increase Ratio
Trust Opening Trust Price as in in as of
Distri- Exchange Distribution at March Exchange Exchange Effective
bution Ratio per Unit 1, 2005(1) Ratio(1) Ratio Date
------------------------------------------------------------------------
------------------------------------------------------------------------
February March
28, 2005 1.03737 $0.12 10.80 0.01153 15, 2005 1.04890
------------------------------------------------------------------------
------------------------------------------------------------------------
(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 March 1, 2005 as
determined in accordance with the share provisions governing the
Exchangeable shares.


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.

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.

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