CALGARY--(CCNMatthews - Feb. 10) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.
NAL Oil & Gas Trust ("NAL" or the "Trust") (TSX:NAE.UN) today closed
its previously announced acquisition of all of the outstanding shares
of Addison Energy Inc. ("Addison") for $550 million and the immediate
sale of an undivided 30% interest in the Addison properties for $165
million to a wholly-owned subsidiary of Manulife Financial Corporation.
Total consideration paid by the Trust for the 70% interest in Addison
amounted to $385 million.
NAL today also completed the public offering of 17,000,000 Trust Units,
which was announced concurrent with the above transactions, at a price
of $13.70 per Trust Unit for gross proceeds of $232,900,000. As a
result of this offering, NAL now has 70,134,332 Units issued and
outstanding.
Trust Units purchased pursuant to this offering will participate in the
March cash distribution of $0.16 per Trust Unit, payable on March 15,
2005 to Unitholders of record on February 22, 2005.
The net proceeds of the offering will be used to fund a portion of the
purchase price for the Addison acquisition.
RBC Capital Markets and BMO Nesbitt Burns Inc. co-led the underwriters'
syndicate, which included CIBC World Markets Inc., Scotia Capital Inc.,
TD Securities Inc., Canaccord Capital Corporation, National Bank
Financial Inc., Desjardins Securities Inc., Raymond James Ltd., Dundee
Securities Corporation and Peters & Co. Limited.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
trust units offered will not and have not been registered under the
United States Securities Act of 1933 and may not be offered or sold in
the United States absent registration or applicable exemption from the
registration requirement.
Forward-Looking Statements
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 personnel or management, fluctuations in
foreign exchange or interest rates, stock market volatility and market
valuations of companies with respect to announced transactions and the
final valuations thereof, and obtaining required approval of 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 there from.
NAL Oil & Gas Trust Donald P. Driscoll President & Chief Executive Officer (403) 294-3600 or Toll Free: 888-223-8792 Fax: (403) 294-3699 or NAL Oil & Gas Trust Paul E. Belliveau Vice President Finance & Chief Financial Officer (403) 294-3600 or Toll Free: 888-223-8792 Fax: (403) 294-3699 or NAL Oil & Gas Trust Anne-Marie Buchmuller Manager, Investor Relations (403) 294-3600 or Toll Free: 888-223-8792 Fax: (403) 294-3699 Email: Investor.Relations@nal.ca Website: www.nal.ca