NAL Oil & Gas Trust
TSX : NAE.UN

NAL Oil & Gas Trust

September 10, 2007 11:21 ET

NAL Oil & Gas Trust Announces an Increase in Its Line of Credit

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2007) - NAL OIL & Gas Trust (TSX:NAE.UN) ("NAL") today announces an increase in its line of credit by $75 million to $400 million.

NAL Energy Trust previously announced it had successfully closed its bought deal financing and the acquisition of Seneca Energy Canada Inc. on August 26 and 31, 2007 respectively. In conjunction with the acquisition, NAL requested its lending group led by the Bank of Montreal to review its credit capacity.

The new credit line was granted on Sept 6, 2007 and leaves NAL with approximately $125 million in undrawn committed credit capacity.

Keith Steeves CFO and Vice President Finance stated, "We believe this acquisition fits well with NAL's current operations and positions NAL for future growth. The bought deal financing maintains our strong balance sheet and the incremental credit capacity provides additional flexibility to manage fluctuations in commodity prices and enhances our ability to pursue future acquisition opportunities."

FORWARD LOOKING INFORMATION AND READER ADVISORY

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, many of which are beyond NAL's control, including: the impact of general economic conditions in Canada and in the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified operating or management personnel, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof, and the ability to obtain required approvals from regulatory authorities. NAL's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that NAL will derive therefrom.

NAL Oil & Gas Trust is an open-end investment trust that generates distributions through the acquisition, development, production and marketing of oil, natural gas and natural gas liquids. The Trust owns high quality assets in Western Canada and Ontario. Trust units trade on the Toronto Stock Exchange under the symbol "NAE.UN".

Contact Information

  • NAL OIL & Gas Trust
    Gordon Currie
    Manager, Investor Relations
    (403) 294-3620 or Toll Free: 1-888-223-8792
    (403) 515-3407 (FAX)
    Email: investor.relations@nal.ca
    Website: www.nal.ca