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