NAL Oil & Gas Trust will pay March, 2010 distribution of $0.09 per unit on April 15, 2010, to Unitholders of record on March 22, 2010. The units will begin trading on an ex-distribution basis on March 18, 2010. The current monthly distribution annualized totals $1.08 per unit, and represents a 7.9% cash-on-cash yield based on the March 10, 2010 closing unit price of $13.69.

NAL Oil & Gas Trust reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported FFO of CAD 62.953 million or CAD 0.51 per diluted share, cash flow from operating activities was CAD 0.44 per diluted share and net income was CAD 0.05 per basic and diluted share compared to FFO of CAD 67.040 million or CAD 0.67 per diluted share, cash flow from operating activities was CAD 0.77 per diluted share and net income was CAD 0.56 per diluted share for the same period of last year. The company reported loss before taxes and non-controlling interest of CAD 2.723 million compared to income before taxes and non-controlling interest of CAD 82.066 million for the same period of last year. Capital expenditures, before property acquisitions, for the quarter ended December 31, 2009 totaled $36.8 million compared with $41.2 million for the quarter ended December 31, 2008. For the year, the company reported FFO of CAD 230.741 million or CAD 2.09 per diluted share, cash flow from operating activities was CAD 2.14 per diluted share and net income was CAD 0.09 per basic and diluted share compared to FFO of CAD 320.042 million or CAD 3.24 per diluted share, cash flow from operating activities was CAD 3.24 per diluted share and net income was CAD 1.69 per diluted share for the same period of last year. NAV was CAD 1.460 billion or CAD 10.63 per unit as on December 31, 2009 compared to CAD 1.110 billion or CAD 11.55 per unit as on December 31, 2008. The company reported loss before taxes and non-controlling interest of CAD 22.613 million compared to income before taxes and non-controlling interest of CAD 206.387 million for the same period of last year. Net debt, excluding convertible debentures was CAD 282.727 million as on December 31, 2009 compared to CAD 319.934 million as on December 31, 2008. On a full year basis, capital expenditures, before property acquisitions, totaled $133.0 million compared to $150.5 million in 2008. For the full year of 2010, the company expects a capex guidance of CAD 175 million.

NAL Oil & Gas Trust, Board Meeting, Nov 03, 2009 Agenda: To provide authorization for management to hedge up to 60% of forecasted total production, net of royalties.