True Energy Trust (True or the Trust) is an exploration and production oil and gas trust-based in Calgary, Alberta and Canada. During the year ended December 31, 2007, True achieved a 98% success rate in drilling in 40(27.3 net) working interest wells, resulting in 20(10.4net) gas wells, 17(14.4 net) oil wells, two(2.0 net) stratagraphic test wells and one (0.5 net) dry hole. In 2007, the total royalties were $47.0 million and amounted to 19% of revenue.