UPDATE: Eagle Energy Trust Releases Q1 Financial Results; Shares Rise Further Late Morning

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Eagle Energy Trust (EGL-UN.TO) today reported its financial and operating results for the first quarter 2013.

- 2013 funds flow from operations was $11.9 million, up 30% from the first quarter of 2012 and up 20% from the fourth quarter of 2012.

- First quarter 2013 average working interest sales volumes of 2,928 barrels of oil equivalent per day ("boe/d") exceeded Eagle's first quarter plan and were unchanged from fourth quarter 2012 production levels.

- Eagle maintained fourth quarter 2012 production levels throughout the first quarter of 2013 while spending less than 20% of its 2013 capital budget. Over 60% of Eagle's 2012 capital program occurred in the last half of 2012, resulting in a substantial portion of fourth quarter 2012 production from new wells being comprised of normal flush production. Eagle's first quarter 2013 results demonstrate both improved operations execution as well as a significantly lower corporate decline rate compared to market consensus regarding prior periods.

- Average working interest production was 2,928 boe/d (87% oil, 7% natural gas liquids, 6% natural gas). From this base, the Trust remains on track to meet its 2013 full year production guidance of 2,900 to 3,100 boe/d. Eagle commenced its 2013 drilling program in April.

- Achieved a 37% reduction in field operating costs (excluding transportation) compared to first quarter 2012, and a 20% reduction compared to the fourth quarter 2012. Total field operating costs, including transportation, were $11.18 per boe.

Eagle Energy Trust, which was up 26 cents to $7.03 in early trade, is now trading at $7.22.



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