NAL Oil & Gas Trust

NAL Oil & Gas Trust

May 19, 2009 16:35 ET

NAL Oil & Gas Trust Announces $75 million Equity Offering

CALGARY, ALBERTA--(Marketwire - May 19, 2009) -


NAL Oil & Gas Trust (the "Trust" or "NAL") (TSX:NAE.UN) today announced that it has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets and BMO Capital Markets, under which they have agreed to purchase from NAL and sell to the public 8,350,000 Trust Units.

The purchase price of $9.00 per Trust Unit will result in gross proceeds of approximately $75 million. The net proceeds of the offering will be used by NAL for general corporate purposes.

NAL has also granted the underwriters an option to purchase up to an additional 1,252,500 Trust Units at a price of $9.00 per Trust Unit at any time up to 30 days following the closing of the offer.

The Trust Units will be issued by way of a prospectus supplement that will be filed with securities regulatory authorities in Canada under NAL's short form base shelf prospectus dated May 15, 2009, which was previously filed with securities regulatory authorities in each province in Canada.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

NAL Oil & Gas Trust provides investors with a yield-oriented opportunity to participate in the Canadian Upstream Conventional Oil and Gas Industry. The Trust generates monthly cash distributions for its Unitholders by pursuing a strategy of acquiring, developing, producing and selling crude oil, natural gas and natural gas liquids from pools in southeastern Saskatchewan, central Alberta, northeastern British Columbia and Lake Erie, Ontario. Trust units trade on the Toronto Stock Exchange under the symbol "NAE.UN".

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