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

Daylight Resources Trust

February 27, 2008 18:00 ET

Daylight Resources Trust Provides 2007 Tax Information for Canadian Unitholders

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) - Daylight Resources Trust (TSX:DAY.UN) ("Daylight") is pleased to provide 2007 tax information for its Canadian unitholders.

2007 TAX INFORMATION FOR CANADIAN UNITHOLDERS

The information contained herein is intended to provide general guidance to assist in 2007 income tax reporting for Canadian resident individual holders of Daylight units. It is not intended to constitute legal or tax advice to any holder or potential holder of Daylight trust units. Readers should consult their own legal or tax advisors as to their particular tax consequences of holding Daylight units.

Daylight qualifies as a mutual fund trust under the Income Tax Act (Canada) and therefore trust units of the Trust are qualified investments for Registered Retirement Savings Plans ("RRSPs"), Registered Retirement Income Funds ("RRIFs"), Registered Education Savings Plans ("RESPs"), and Deferred Profit Sharing Plans ("DPSPs").

Daylight is a legal entity and is subject to Canadian income tax on a similar basis to that of an individual. Daylight files a Canadian income tax return and any taxable income therein is allocated to unitholders. Distributions paid by Daylight can be either tax-deferred (return of capital) or taxable (income). The allocation between return of capital and income is dependent on the tax deductions Daylight may claim against the taxable income earned by Daylight for the year. The income is reported on a T3 return and is allocated to unitholders via T3 Supplementary slips prepared by Daylight's transfer agent, brokers or other intermediaries. Unitholders are generally required to include in income their pro-rata share of any taxable income earned by Daylight in that year. The return of capital portion of distributions reduces the unitholders adjusted cost base ("ACB") of their units. The ACB of a unit generally equals the purchase price of the unit (including commissions) less any return of capital (tax deferred) distributions received or receivable from the date of acquisition. To the extent the ACB is reduced below zero, such amount will be deemed to be a capital gain to the unitholder in that year and the unitholder's ACB will be nil. Unitholders should maintain a record of all distributions that are classified as partially or entirely tax-deferred distributions while holding Daylight trust units.

Units Held outside RRSPs, RRIFs, RESPs or DPSPs

During 2007, Daylight made cash distributions totaling $1.55 per unit. Daylight has determined that the distributions of Daylight are 100% taxable (income) with no tax-deferred return of capital.

Units Held within RRSPs, RRIFs, RESPs or DPSPs

Unitholders who held Daylight units in RRSPs, RRIFs, RESPs or DPSPs should not report any amount on their 2007 Income Tax Return.

2007 Summary of Canadian Tax Information

The following table summarizes, on a per unit basis, the taxability of distributions paid and related to 2007, which include distributions with record dates of January 31, 2007 to December 31, 2007.



2007 DISTRIBUTION INFORMATION FOR CANADIAN UNITHOLDERS ($/UNIT)

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Return of
Total Taxable Capital
Record Date Payment Date Distribution Amount Amount
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Daylight Resources Trust
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January 31, 2007 February 15, 2007 $0.15 $0.15 $0.00
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February 28, 2007 March 15, 2007 $0.15 $0.15 $0.00
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March 30, 2007 April 16, 2007 $0.15 $0.15 $0.00
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April 30, 2007 May 15, 2007 $0.15 $0.15 $0.00
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May 31, 2007 June 15, 2007 $0.15 $0.15 $0.00
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June 29, 2007 July 16, 2007 $0.15 $0.15 $0.00
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July 31, 2007 August 15, 2007 $0.15 $0.15 $0.00
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August 31, 2007 September 17, 2007 $0.10 $0.10 $0.00
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September 28, 2007 October 15, 2007 $0.10 $0.10 $0.00
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October 31, 2007 November 15, 2007 $0.10 $0.10 $0.00
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November 30, 2007 December 17, 2007 $0.10 $0.10 $0.00
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December 31, 2007 January 15, 2008 $0.10 $0.10 $0.00
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Total Cash $1.55 $1.55 $0.00
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Daylight Resources Trust is a Calgary-based open-ended, unincorporated investment trust with a high quality balanced natural gas and crude oil property base, extensive prospect inventory and large undeveloped land base that is managed by a team of highly skilled technical professionals. Daylight's properties include focused high potential assets in the Peace River Arch and West Central Alberta complemented by stable production and repeatable opportunities in Southern and Eastern Alberta. Daylight's prospect inventory is balanced across natural gas and crude oil with near, medium, long-term and high impact opportunities. Daylight's large undeveloped land base provides additional prospects to create value through our highly skilled technical teams as well as through selective farm outs to targeted industry partners. Daylight has approximately 78 million trust units currently outstanding which trade on the TSX under the symbol DAY.UN. Daylight Series A and Series B convertible debentures trade on the TSX under the symbols DAY.DB and DAY.DB.B respectively.

ADVISORY:

Forward Looking Statements: This press release contains forward-looking statements as to the internal projections, expectations, estimates or beliefs relating to future events or future performance of Daylight Resources Trust ("Daylight"), including Daylight's guidance for 2008 and the amount and type of 2008 budgeted capital expenditures set forth herein. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "believes", "expects", "intends", "projects", "plans", "anticipates", "estimates" or "contains" or similar words or the negative thereof. These statements represent management's expectations or beliefs concerning, among other things, future capital expenditures and future operating results and various components thereof or the economic performance of Daylight and include, without limitation, statements with respect to the future financial position, business strategy, budgets, projected costs and plans, objectives of or involving Daylight or any of its respective affiliates; amounts to be retained by Daylight for growth; the amount and timing of the payment of distributions of Daylight; payout ratios; access to credit facilities; capital taxes; income taxes; commodity prices; administration costs; commodity price risk management activities; expectation of future production rates and components of cash flow and earnings. Actual events or results may differ materially. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions and assumptions at the time the statements were made including assumptions relating to the production performance of Daylight's oil and gas assets, the cost and competition for services throughout the oil and gas industry in 2007 and 2008 and the continuation of the current regulatory and tax regime in Canada, and necessarily involve known and unknown risks and uncertainties which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. Daylight does not undertake to update any forward-looking information contained in this press release whether as to new information, future events or otherwise except as required by securities rules and regulations.

Barrels of Oil Equivalency: Barrels of oil equivalent (BOE's) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 Mcf:1bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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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