Universal Energy Group Ltd.
TSX : UEG

Universal Energy Group Ltd.

May 29, 2009 15:31 ET

Universal Energy Group Announces Quarterly Dividend and Mailing of Information Circular

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Universal Energy Group Ltd. (the "Company") (TSX:UEG) is pleased to announce that its Board of Directors has declared its regular quarterly dividend payment of $0.1875 per common share which will be paid on June 30, 2009 to shareholders of record on June 15, 2009. This dividend is designated as an "eligible dividend" for Canadian income tax purposes.

If the previously announced plan of arrangement transaction pursuant to which Energy Savings Income Fund proposes to acquire the Company (the "Arrangement") is completed as proposed, this will be the last regular quarterly dividend paid by the Company. Closing of the Arrangement is subject to certain conditions, including approval of the Company's shareholders. A special meeting of shareholders is scheduled to be held on June 22, 2009 (the "Special Meeting") to consider the Arrangement. If the Arrangement becomes effective on July 1, 2009, as currently scheduled, or at any time on or before July 15, 2009, the first dividend that former shareholders of the Company will be eligible to receive on the exchangeable shares issuable pursuant to the Arrangement in exchange for the Company's common shares will be the dividend anticipated to be paid on or about July 31, 2009 to holders of exchangeable shares of record on July 15, 2009.

An information circular and proxy statement of the Company relating to the Special Meeting has been mailed to shareholders and filed with applicable securities regulatory authorities in Canada. Copies will also be available electronically on SEDAR at www.sedar.com and through the Company's website at www.universalenergygroup.ca.

Universal Energy Group's common shares and convertible subordinated debentures are listed on the Toronto Stock Exchange under the symbol "UEG" and "UEG.DB", respectively. Universal Energy Group sells natural gas and electricity to residential, small to mid-size commercial and small industrial customers in Canada and the United States, sells long-term water heater rental programs to Ontario residential customers and operates an ethanol manufacturing facility in Belle Plaine, Saskatchewan. Additional information about Universal Energy Group is available on SEDAR (www.sedar.com).

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