CALGARY, ALBERTA--(Marketwire - Feb. 5, 2009) - NAL Oil & Gas Trust (TSX:NAE.UN) (the "Trust" or "NAL") today announced certain information applicable to U.S. investors in preparing their U.S. federal income tax returns.

For U.S. tax purposes NAL has not elected to be a partnership and, according to its tax advisors, should be treated as a corporation by its U.S. investors. Under U.S. federal tax law, 100% of the Trust's 2008 distributions should be considered dividends for U.S. income tax purposes.

NAL believes that the 2008 distributions paid to U.S. residents should be treated as "qualified dividends" under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and, generally, these dividends should be eligible for the maximum tax rate of 15% applicable to "qualified dividends". However, the individual taxpayer's situation must be considered before making this determination.

Unitholders who are resident in the U.S. are subject to a 15% Canadian withholding tax on the distributions received from NAL. U.S. unitholders should receive a NR4 statement regarding, among other things, the aggregate distributions NAL paid for the year and the amount of Canadian withholding tax withheld from such distributions.

Canadian withholding taxes should generally qualify for a foreign tax credit for the purposes of computing U.S. federal income taxes, subject to certain limitations.

The above information is of a general nature only and does not address U.S. state or local tax treatment, and is not intended to constitute legal or tax advice to any holder of NAL units. U.S. investors should consult their own legal or tax advisors as to their particular tax consequences of holding NAL units, including the proper U.S. federal income tax treatment of distributions from NAL.

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