NAL Oil & Gas Trust
TSX : NAE.UN

NAL Oil & Gas Trust

May 28, 2009 08:43 ET

NAL Oil & Gas Trust Announces Closing of $86 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - May 28, 2009) -

NOT FOR RELEASE OVER UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

NAL Oil & Gas Trust (the "Trust" or "NAL") (TSX:NAE.UN) announced today that it had completed its previously announced bought deal offering of 9,602,500 Trust Units at a price of $9.00 per Trust Unit for gross proceeds of $86,422,500, which included the exercise, in full, of the over-allotment option granted to the underwriters under the offering. RBC Capital Markets and BMO Capital Markets co-led the syndicate for the offering which also included CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, National Bank Financial Inc., Raymond James Ltd. and Peters & Co. Limited.

On the completion of the offering, Mr. Andrew Wiswell, President and CEO stated: "I am encouraged by the significant institutional participation in this financing as it supports our team's strategy of building upon our strong asset base and adding quality opportunities to our portfolio as we move toward an E&P corporate structure by 2011".

The net proceeds from the offering will be added to the working capital of the NAL Group and will be used for the general corporate purposes. The offering enhances the financial flexibility of the Trust to fund growing opportunities in its internal development program, and to pursue additional corporate and property acquisition opportunities in the market.

Cautionary Statement Regarding Forward-Looking Information

Statements about the Trust's expectations and all other statements in this news release, other than historical facts, are "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information relies on a number of assumptions concerning future events and is subject to a number of uncertainties and factors, many of which are outside of the Trust's control, which could cause actual results to differ materially from such statements. Forward-looking information in this news release include, but are not limited to, the use of the proceeds from the offering and the ability of the Trust to fund growing opportunities in its internal development program and to pursue additional corporate and property acquisition opportunities in the market. No assurance can be given that any of the events anticipated by the forward-looking information and statements will transpire or occur or, if any of them does so, what benefits the Trust will derive from them.

About the Trust

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".

Contact Information

  • NAL Oil & Gas Trust
    Clayton Paradis
    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