11:33 AM EST - NAL Oil & Gas Trust : and Breaker Energy Ltd. have entered into an arrangement agreement by which NAL will acquire all of the issued and outstanding common shares of Breaker. The total consideration for the Transaction is about $403 million which will be paid through the issuance of approximately 24.7 million trust units of the Trust representing $310 million at a deemed price of $12.54 per trust unit and the assumption of an estimated $93 million in Breaker net debt. Based on an exchange ratio of 0.475 NAL trust units for each Breaker common share, the consideration represents a price of approximately $5.96 per Breaker common share and a 12% premium over the preceding 20-day volume weighted average trading prices for Breaker common shares and NAL units. This transaction is expected to close on or about December 10, 2009. NAL Oil & Gas Trust
shares T.NAE.UN are trading down $0.04 at $12.50.
