CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) - NAL Oil & Gas Trust (TSX:NAE.UN) ("NAL" or the "Trust") today announced that it has completed its previously announced acquisition of all of the issued and outstanding common shares of Tiberius Exploration Inc. and Spear Exploration Inc. (collectively, the "Companies") for total consideration of approximately $118 million, consisting of approximately 2.4 million Trust Units and approximately $88.5 million in cash.

The assets of the Companies will be contributed to a limited partnership owned as to a 50% interest by each of NAL and its strategic partner, The Manufacturers Life Insurance Company ("MLI"), on or about February 29, 2008. MLI will acquire its 50% interest in the limited partnership by payment of one-half of the purchase price for the Companies under the Acquisition. Consequently, the total acquisition cost to NAL of its 50% interest in the acquired properties will be approximately $59 million, comprised of $29.5 million in cash and approximately 2.4 million Trust Units.

About NAL Oil & Gas Trust

NAL Oil & Gas Trust is an open-end investment trust that generates distributions through the acquisition, development, production and marketing of crude oil, natural gas and natural gas liquids. The Trust owns high quality assets in Alberta, Saskatchewan, British Columbia 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