NAL Oil & Gas Trust (the Trust) is an open-ended investment trust. The principal undertakings of the Trust are to indirectly acquire and hold, through its direct and indirect subsidiary entities, interests in oil and natural gas properties. The Trust is managed by NAL Resources Management Limited (the Manager). On February 27, 2008 the Trust acquired of Tiberius Exploration Inc. (Tiberius) and Spear Exploration Inc. (Spear), which have interests in southeast Saskatchewan. NAL drilled 131 gross (57.0 net) wells during the year ended December 31, 2008. In 2008, in Alberta, NAL drilled 65 (31 net) wells. In Saskatchewan, there were 64 (26 net) horizontal oil wells drilled during 2008. The Trust drilled two (10 % working interest) wells at c-21-K and d-27-F with rig release. In June 2009, the Trust acquired Alberta Clipper Energy Inc and divested 50% working interest in substantially all of the oil and gas assets of Alberta Clipper Energy Inc. to The Manufacturers Life Insurance Company.