Daylight Energy Trust
TSX : DAY.UN

Daylight Energy Trust

April 05, 2006 16:01 ET

Daylight Energy Trust Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(CCNMatthews - April 5, 2006) - 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 1.20280 to 1.21655. This increase is effective on April 17, 2006.



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 Apr 3, Exchange Exchange Effective
Distribution Ratio per Unit 2006(1) Ratio(1) Ratio Date
------------------------------------------------------------------------

March 31, April 17,
2006 1.20280 $0.14 12.25 0.01375 2006 1.21655

(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 April 3, 2006 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.

Daylight Energy Trust is a Calgary-based open-ended unincorporated investment trust with a high quality balanced natural gas and oil 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 63.0 million trust units and 0.9 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