CALGARY, ALBERTA--(Marketwire - Oct. 10, 2008) - As a result of questions and feedback from investors, NAL Oil & Gas Trust (TSX:NAE.UN) (the "Trust") would like to clarify items announced in its press release of October 9, 2008.
1) The Board of Directors and management would like to reassure unitholders that NAL's distribution policy has not changed with yesterday's announcement and the Trust intends to continue to pay monthly cash distributions to unitholders in the future.
2) In the Trust's October 9, 2008 press release, the Trust announced the suspension of the Distribution Reinvestment Program ("DRIP") which was a program that granted unitholders the option to automatically reinvest their monthly cash distributions to purchase additional units at a five percent discount to the prevailing market price. As a result of this suspension, unitholders that had elected to participate in the DRIP in the past, will now receive cash distributions into their respective accounts on the payment date.
Trailing cash distributions for the past 12 months total $1.92 per unit, representing a 22.2% cash-on-cash yield based on the October 9, 2008 closing unit price of $8.65.
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".
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 [1]
Links:
[1] mailto:investor.relations@nal.ca