NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  NAL OIL & GAS TRUST

TSX SYMBOL:  NAE.UN

NOVEMBER 18, 2002 - 16:01 EST

NAL Oil & Gas Trust To Offer Trust Units

CALGARY, ALBERTA--NAL Oil & Gas Trust (TSX: NAE.UN) has entered 
into an underwriting agreement with a syndicate of underwriters 
led by RBC Capital Markets and including BMO Nesbitt Burns Inc., 
CIBC World Markets Inc., Scotia Capital Inc., National Bank 
Financial Inc., Canaccord Capital Corporation, and Desjardins 
Securities Inc., to sell 3,850,000 Trust Units at a price of 
$9.10 per Trust Unit to raise gross proceeds of $35 million in a 
bought deal. This offering is subject to normal regulatory 
approval and is expected to close on or about December 4, 2002. 

NAL has also granted the underwriters an option, exercisable in 
whole or in part at any time until forty-eight hours prior to 
closing of the offering, to purchase up to an additional 
1,100,000 Trust Units. Should this option be fully exercised, the 
total gross proceeds of the issue would be $45 million. 

The first cash distribution in which purchasers of the new Trust 
Units will be entitled to participate will be for the month of 
December with a record date of December 31, 2002 and payable on 
January 15, 2003. 

The net proceeds of the offering will be used to repay a portion 
of the outstanding indebtedness incurred to fund the August 2002 
acquisition of oil and gas properties in Alberta for 
approximately $62.5 million. In addition, this offering will 
strengthen the Trust's balance sheet to facilitate the 
implementation of its 2003 capital development program, which has 
been approved at $30 million. 

This news release shall not constitute an offer to sell or the 
solicitation of an offer to buy the securities in any 
jurisdiction. The Trust Units offered will not and have not been 
registered under the United States Securities Act of 1933 and may 
not be offered or sold in the United States absent registration 
or applicable exemption from the registration requirement.  

NAL Oil & Gas Trust is an open-end investment trust with 
investments in the oil and natural gas industry. The Trust Units 
of the Trust trade on The Toronto Stock Exchange under the symbol 
"NAE.UN". 

Not for distribution to U.S. news wire services or dissemination 
in the U.S. 

Contact Information:

FOR FURTHER INFORMATION PLEASE CONTACT:
NAL Oil & Gas Trust
Donald P. Driscoll
President & Chief Executive Officer
(403) 294-3600 Toll Free: 1-888-223-8792
(403) 294-3699 (FAX)

or

NAL Oil & Gas Trust
Curtis W. Hicks
Vice President Finance & Chief Financial Officer
(403) 294-3600 Toll Free: 1-888-223-8792
(403) 294-3699 (FAX)

or

NAL Oil & Gas Trust
Anne-Marie Buchmuller
Investor Relations
(403) 294-3600 Toll Free: 1-888-223-8792
(403) 294-3699 (FAX)
Investor.Relations@nal.ca
www.nal.ca