Argent Energy Trust has completed its previously announced bought deal financing and has issued 10,755,000 trust units of the Trust (the "Units") at a price of $9.30 per Unit (the "Offering"). Total gross proceeds of the Offering to the Trust were $100,021,500. The underwriting syndicate was co-led by Scotiabank, CIBC and RBC Capital Markets, and included BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., FirstEnergy Capital Corp., Dundee Securities Ltd. and GMP Securities L.P.

The Trust is also pleased to announce the closing of its previously announced acquisition of producing petroleum properties, including in the Newton, Livingston and Double AA Wells North fields in East Texas (the "Acquired Assets") from Wapiti Oil & Gas, L.L.C. and Wapiti Energy, LLC, for a purchase price of approximately US$114 million, after closing adjustments (the "Acquisition"). The Acquired Assets are principally oil properties with total estimated gross reserves of approximately 8.7 million barrel of oil equivalent ("boe") on a proved plus probable basis as at March 31, 2012.

Tags: Argent Energy Trust