CALGARY, ALBERTA--(Marketwire - Nov. 4, 2008) - NAL Oil & Gas Trust (the "Trust") (TSX:NAE.UN) will pay a distribution of $0.16 per unit on December 15, 2008, to Unitholders of record on November 24, 2008. The units will begin trading ex-distribution on November 20, 2008.

Trailing cash distributions for the past 12 months total $1.92 per unit, representing a 19.6% cash-on-cash yield based on the November 3, 2008 closing unit price of $9.78.

NAL Oil & Gas Trust's Board of Directors sets distributions at a level it believes will be sustainable for a period of time and formally reviews distribution levels quarterly. In determining the appropriate distribution level, the Board takes into consideration the forecast cash flow of the Trust, commodity prices, financial market conditions, internal capital investment opportunities and the resulting impact on taxability.

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