CALGARY--(CCNMatthews - March 10) - NAL Oil & Gas Trust (TSX:NAE.UN) (the "Trust") will pay a distribution of $0.19 per unit on April 17, 2006, to Unitholders of record on March 22. The units will begin trading ex-distribution on March 20.
Trailing cash distributions for the past 12 months total $2.10 per unit, representing a 11.5% cash-on-cash yield based on the March 9, 2006 closing price of $18.25.
NAL also announces the indefinite suspension of its Premium Distribution Reinvestment Plan (Premium DRIP), commencing with the March distribution. Under the terms of the Trust's existing Premium DRIP, Distribution Reinvestment Plan (DRIP) and Optional Unit Trust Purchase Plan (OUTPP), the Trust has the right to determine on or before each monthly distribution record date, the amount of equity, if any, that will be made available under the Premium DRIP on the next distribution payment date. Accordingly, no equity will be made available to Unitholders for reinvestment under the Premium DRIP until further notice. The Trust can elect to reinstitute distribution of equity under the Premium DRIP in future, if doing so is considered to be in the best interests of Unitholders.
While the Premium DRIP is suspended, former participants will receive regular cash distributions. However the DRIP and the OUTPP remain in effect, and authorization forms can be found on NAL's website for the benefit of investors who are interested in applying for either of the alternate plans.
NAL Oil & Gas Trust is an open-end investment trust founded in 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. The Trust units trade on the Toronto Stock Exchange under the symbol "NAE.UN".
NAL Oil & Gas Trust
Gordon Currie
Manager, Investor Relations
(403) 294-3620 or Toll Free: (888) 223-8792
Fax: (403) 515-3407
Email: Investor.Relations@nal.ca
Website: www.nal.ca