2009-08-10-2008-04-01-2008-04-01

Bought companies, gaining 2.1 MMBOE 2P, 925 BOE/d.

NAL Oil & Gas Trust, Calgary, (Toronto: NAE) has acquired Tiberius Exploration Inc. and Spear Exploration Inc. for a total of approximately C$118 million, consisting of approximately 2.4 million units and approximately C$88.5 million in cash. The assets will be contributed to a limited partnership owned 50% by each of NAL and its strategic partner, The Manufacturers Life Insurance Co. The total acquisition cost to NAL of its 50% interest will be approximately C$59 million, comprised of C$29.5 million in cash and approximately 2.4 million units. The assets include operations in 5.25 sections in southeastern Saskatchewan immediately adjacent to NAL's Alida properties. Proved plus probable reserves are 2.1 million barrels of oil equivalent. Production is 925 barrels of oil equivalent per day. The new properties will contribute primarily light oil production from the Tilston formation, along with associated gas and gas liquids. GMP Securities LP is advisor to Tiberius and Spears.