CALGARY--(CCNMatthews - Nov. 10) - NAL Oil & Gas Trust (TSX:NAE.UN) 
(the "Trust") will pay a distribution of $0.16 per unit on December 15, 
2004 to Unitholders of record on November 22. The units will begin 
trading ex-distribution on November 18.

Trailing cash distributions for the past 12 months total $1.84 per 
unit, representing a 14% cash-on-cash yield based on the November 9, 
2004 closing price of $12.98.

NAL seeks to provide its Unitholders with stable, reliable and 
predictable distributions. Following eighteen consecutive months of 
distributing $0.15 per unit and month, the December distribution marks 
the fourth successive month of a $0.16 per unit distribution to 
Unitholders. It is anticipated that the current level of distributions 
will be maintained for the foreseeable future.

NAL Oil & Gas Trust is an open-end investment trust founded in May 1996 
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 Alberta, Saskatchewan and 
Ontario. Trust units trade on the Toronto Stock Exchange under the 
symbol "NAE.UN".

Contact Information:

NAL Oil & Gas Trust
Anne-Marie Buchmuller
Manager, Investor Relations
(403) 294-3620 or Toll Free: (888) 223-8792
Fax: (403) 294-3699
Email: Investor.Relations@nal.ca
Website: www.nal.ca