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Press release from CNW Group

Argent Energy Trust Announces Closing of Over-Allotment Option

Tuesday, August 28, 2012

Argent Energy Trust Announces Closing of Over-Allotment Option08:57 EDT Tuesday, August 28, 2012/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/CALGARY, Aug. 28, 2012 /CNW/ - Argent Energy Trust ("Argent" or the "Trust") is pleased to announce that the underwriters, in connection with the Trust's previously announced initial public offering, which closed on August 10, 2012, have exercised their over-allotment option in full. Accordingly, an additional 3,184,500 trust units have been issued today at a price of $10.00 per unit for total gross proceeds of $31,845,000. The net proceeds of the over-allotment option will be used by Argent to acquire a production payment and overriding royalty interest in certain leases covering approximately 77,000 net acres in Texas for approximately US$19 million (after closing adjustments), and the remainder of the proceeds will be used to reduce the amount outstanding under credit facilities and for general corporate purposes.The trust units of Argent are listed on the Toronto Stock Exchange under the symbol "AET.UN".The initial public offering was completed through a syndicate of underwriters co-led by Scotiabank, CIBC and RBC Capital Markets, and including BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Acumen Capital Finance Partners Limited, AltaCorp Capital Inc., Cormark Securities Inc., Desjardins Securities Inc., Dundee Securities Ltd., FirstEnergy Capital Corp. and GMP Securities L.P.Further information relating to Argent and the trust units is set out in Argent's final prospectus dated August 1, 2012, which may be obtained from the SEDAR website at www.sedar.com under Argent's profile.  No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Argent Energy Trust in any jurisdiction.ABOUT ARGENT ENERGY TRUSTArgent's objective is to create stable, consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low risk exploration potential, located primarily in the United States and to pay out a portion of available cash to holders of trust units on a monthly basis.Argent is a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restrictions which preclude the Trust from holding any "non-portfolio property" (as defined in the Tax Act).FORWARD-LOOKING STATEMENTSThis news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Argent, including, without limitation, those listed under "Risk Factors" and "Notice to Investors-Forward-Looking Statements" in Argent's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Argent's objectives and status as a mutual fund trust and not a SIFT trust, Argent's expectations regarding the payment of distributions to unitholders and the use of net proceeds from the exercise of the over-allotment option. Argent cautions investors in its securities about important factors that could cause Argent's actual results to differ materially from those projected in any forward-looking information included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking information. No assurance can be given that the expectations set out in Argent's final prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on this forward-looking information. These statements speak only as of the date of this press release and, except as required by law, Argent does not assume any obligation to update or revise them to reflect new events or circumstances.SOURCE: Argent Energy TrustFor further information: Brian ProkopChief Executive Officer 403-770-4807 Sean BovingdonChief Financial Officer 403-770-4803