NAL Oil & Gas Trust will pay a distribution of $0.09 per unit for the month of November 2009 on December 15, 2009 to unitholders of record on November 23, 2009. The units will begin trading on an ex-distribution basis on November 19, 2009. The current monthly distribution annualized totals $1.08 per unit, and represents an 8.9% cash-on-cash yield based on the November 10, 2009 closing unit price of $12.22.

NAL Oil & Gas Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of CAD 8,249,000 or CAD 0.07 per basic and diluted trust unit on total revenue of CAD 72,423,000 against net income of CAD 111,045,000 or CAD 1.16 per basic trust unit and CAD 1.11 per diluted trust unit on total revenue of CAD 139,422,000 for the same period a year ago. Income before taxes and non-controlling interest of CAD 1,656,000 compared to CAD 141,485,000 for the same period a year ago. Income before non-controlling interest of CAD 9,065,000 compared to CAD 114,206,000 for the same period a year ago. Net cash provided by operating activities of CAD 52,999,000 or CAD 0.47 per basic unit and CAD 0.44 per diluted unit compared to net cash provided by operating activities of CAD 98,860,000 or CAD 1.03 per basic unit and CAD 0.99 per diluted unit for the same period a year ago. Additions to property, plant and equipment of CAD 42,376,000 compared to CAD 53,189,000 for the same period a year ago. Funds from operations of CAD 53,766,000 or CAD 0.48 per basic unit and CAD 0.44 per diluted unit compared to funds from operations of CAD 79,233,000 or CAD 0.83 per basic unit and CAD 0.79 per diluted unit for the same period a year ago. Capital expenditures of CAD 42,375,000 compared to CAD 53,189,000 for the same period a year ago. The decrease in capital spending year-over-year is largely a function of relatively higher land and facilities spending during the third quarter of 2008. Net debt, excluding convertible debentures was CAD 293,680,000 as at September 30, 2009 compared to CAD 303,330,000 as on September 30, 2008. For the nine months, the company reported net income of CAD 3,566,000 or CAD 0.03 per basic and diluted trust unit on total revenue of CAD 208,060,000 against net income of CAD 107,206,000 or CAD 1.14 per basic trust unit and CAD 1.13 per diluted trust unit on total revenue of CAD 405,610,000 for the same period a year ago. Loss before taxes and non-controlling interest was CAD 19,890,000 compared to income before taxes and non-controlling interest of CAD 124,321,000 for the same period a year ago. Income before non-controlling interest of CAD 5,877,000 compared to CAD 116,384,000 for the same period a year ago. Net cash provided by operating activities of CAD 183,235,000 or CAD 1.77 per basic unit and CAD 1.64 per diluted unit compared to net cash provided by operating activities of CAD 242,716,000 or CAD 2.59 per basic unit and CAD 2.46 per diluted unit for the same period a year ago. Additions to property, plant and equipment of CAD 96,264,000 compared to CAD 109,260,000 for the same period a year ago. Funds from operations of CAD 167,788,000 or CAD 1.62 per basic unit and CAD 1.50 per diluted unit compared to funds from operations of CAD 244,031,000 or CAD 2.60 per basic unit and CAD 2.48 per diluted unit for the same period a year ago. Capital expenditures of CAD 96,264,000 compared to CAD 109,260,000 for the same period a year ago. Net debt, excluding convertible debentures was CAD 293,680,000 as at September 30, 2009 compared to CAD 303,330,000 as at September 30, 2008. The company provides capital expenditures guidance for the month of November 2009. For the month, the company expects CAD 135,000,000.

NAL Oil & Gas Trust, Q3 2009 Earnings Call, Nov-03 2009