True Energy Inc., a subsidiary of True Energy Trust, Calgary, (Toronto: TUI.UN; Pink Sheets: TUIJF) has merged with Shellbridge Oil & Gas Inc., Richmond, British Columbia, (Toronto: SHB; Pink Sheets: SBDGF) for 0.14 True Energy trust unit per Shellbridge share, totaling approximately 4.39 million trust units. Shellbridge produced approximately 2,000 barrels of oil equivalent per day, 90% of which was in True's west-central Saskatchewan core area. The combined company now has assets in Alberta, Saskatchewan and British Columbia and currently produces approximately 14,000 barrels of oil equivalent per day. Shellbridge will be de-listed from the Toronto Stock Exchange.
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