Daylight Energy Trust

Daylight Energy Trust

August 09, 2005 18:33 ET

Daylight Energy Trust Announces September Cash Distribution Amount and Initiates Distribution Reinvestment Plan

CALGARY, ALBERTA--(CCNMatthews - Aug. 9, 2005) - Daylight Energy Trust (TSX:DAY.UN) ("Daylight") announces that the cash distribution to be paid on September 15, 2005, for unitholders of record on August 31, 2005 will be $0.12 per trust unit. The ex-distribution date is expected to be August 29, 2005.

Daylight is also pleased to announce the implementation of its Distribution Reinvestment and Optional Trust Unit Purchase Plan (the DRIP Plan) for eligible unitholders of the Trust. Daylight has received all necessary regulatory approvals, effective July 27, 2005, in respect of its DRIP Plan. Furthermore, the DRIP Plan is available for the September, 2005 distribution to be paid on September 15, 2005 to Daylight unitholders of record on August 31, 2005. Unitholders who wish to participate in the DRIP Plan must send a properly completed enrolment form to Valiant Trust Company no later than five (5) business days prior to a distribution record date (August 24, 2005 for the September, 2005 distribution).

The DRIP Plan provides eligible holders of trust units of Daylight the advantage of accumulating additional trust units by reinvesting their cash distributions paid by Daylight or by making optional cash payments. Where Daylight issues trust units from treasury under this DRIP Plan, the price of such trust units to participants shall be equal to (i) in the case of investment by optional cash payments, the weighted average closing price of the trust units ("Treasury Purchase Price") on the Toronto Stock Exchange ("TSX") for each of the ten (10) trading days immediately preceding the date on which Daylight will pay a cash distribution to unit holders, and (ii) in the case of reinvestment of cash distributions, 95% of the Treasury Purchase Price. Where Daylight Energy Ltd. determines to reinvest cash distributions or invest optional cash payments through the purchase of trust units through the facilities of the TSX rather than issue trust units from treasury, the price of the trust units to participants will be the average price of all the trust units acquired pursuant to the DRIP Plan during the period beginning on the Cash Distribution Date (as defined in the DRIP Plan) and ending on the date that is three (3) business days prior to the next applicable record date with respect to cash distributions. Generally, Daylight Energy Ltd. expects that trust units will be issued from Daylight from treasury to satisfy the requirements of this DRIP Plan.

The DRIP plan is presently available to Canadian registered holders. Non-residents of Canada, including residents of the United States, may not participate in the DRIP Plan. Residents of the United States may not participate in the DRIP Plan, as Daylight is not a registrant with the United States Securities and Exchange Commission. No commissions, service charges or brokerage fees are payable by participants in connection with the purchase of additional trust units under the DRIP Plan.

Detailed information about the DRIP Plan can be obtained from the Daylight website at Information and enrolment forms are also available from Valiant Trust Company at 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1, Attention: Manager, Income Trusts (403) 233-2801 or facsimile: (403)233-2857.

Daylight is a natural gas weighted energy trust, committed to maintaining its emphasis on building value through the exploration and development of high quality gas properties. Daylight Energy Trust is a Calgary-based open-ended unincorporated investment trust with a natural gas weighted high quality 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 45.5 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.


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)
    Daylight Energy Trust
    Scott Daniel
    Manager, Investor Relations and Treasury
    (403) 218-6885 or Toll Free: 1-877-266-6901
    (403) 266-6988 (FAX)