Argent Comments on Recent Market Activity and Provides Operational Update

CALGARY, March 28, 2014 /CNW/ - Argent Energy Trust ("Argent" or the "Trust") (TSX: AET.UN) notes that there is renewed high trading volume and price volatility in Argent units, which may be related to speculation on recent expected well results and operations. Recent drilling and production results have been positive, however, it is not the Trust's standard practice to release single well results or initial production rates over a short time period. This is specifically intended to discourage speculation or promotion in the units, and to focus investors on the overall drilling program and results, rather than normal operational well by well variations.

On March 4^th, 2014, the Trust released its year-end December 31, 2013 audited financial statements and management's discussion and analysis thereon, and indicated that Argent had successfully drilled two Eagle Ford wells (Hayden 1H, Hrncir 5H) with completion expected by the end of the first quarter. These wells have since been successfully completed and are currently on production flowing at a combined rate of approximately 500 boe/d along with normal frac fluid flow back, having been drilled and completed under budget. The Trust also indicated that it had begun drilling its next Eagle Ford well pair (Makers 1H and 3H). Both of the Makers wells have now been successfully drilled ahead of schedule and are awaiting completion which is planned in mid-April. The Eagle Ford drilling program will continue with the drilling of the next pair of wells, the Hayden 2H and 3H.

Additionally, the March 4^th press release also indicated that the Trust had planned to drill the Violeta Ranch #7 well with production expected in the second quarter. This well has also been successfully drilled and completed on schedule with an initial rate of approximately 5 mmcfpd (approximately 800 boe/d). Drilling operations have commenced on its next South Escobas well, Violeta Ranch #8.

Argent's first quarter planned production will be in the range of 6,300 to 6,500 boe/d, as previously disclosed. Complete first quarter results will be released mid-May.

Argent is a mutual fund trust under the Income Tax Act (Canada) (the "Tax Act").  Argent's objective is to create stable, consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low risk exploration potential, located primarily in the United States.  Material information pertaining to Argent Energy Trust may be found on www.sedar.com or www.argentenergytrust.com.

This press release contains statements that are forward looking. Investors should read the Note Regarding Forward- Looking Statements at the end of this press release. In this press release, references to "Argent" or the "Trust" include the Trust and its operating subsidiaries.

Note about forward-looking statements

This press release includes forward-looking information within the meaning of applicable Canadian and United States securities legislation.  All statements, other than statements of historical facts, that address activities, circumstances, events, outcomes and other matters that Argent budgets, forecasts, plans, projects, estimates, expects, believes, assumes or anticipates (and other similar expressions) will, should or may occur in the future, are considered forward-looking information.

In particular, forward-looking information contained in this press release includes, but is not limited to, Argent's capital program and budget, drilling and completion plans in the Eagle Ford formations and in South Escobas, ability to improve drilling and operational efficiencies, ability to add to or maintain oil, natural gas and NGL production rates, operating costs, production growth, the payment of cash distributions by the Trust, the Trust's ability to reduce indebtedness, source of funding for capital expenditures, the Trust's expectation regarding its average working interest production and average production rate for the first quarter and year 2014, the Trust's ability to grow production, and the ability to monetize a portion of its undeveloped land base. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, future oil and natural gas prices, future currency exchange and interest rates, the regulatory framework governing taxes in the US and Canada and the Trust's status as a "mutual fund trust" and not a "SIFT trust", estimates of anticipated production from the Trust's assets, which estimates are based on the proposed drilling and completion program with a success rate that, in turn, is based upon historical drilling and completion success and an evaluation of the particular wells to be drilled and completed, future recoverability of reserves from the assets, future capital expenditures and the ability of the Trust to obtain financing on acceptable terms for its capital projects, the level of participation in the Trust's DRIP program and the Trust's capital budget (which is subject to change in light of ongoing results, prevailing economic circumstances, commodity prices and industry conditions and regulations).

The forward-looking information provided in this press release is based on management's current beliefs, expectations and assumptions, based on currently available information as to the outcome and timing of future events.  Argent cautions that its future oil, natural gas and natural gas liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing and amount of future capital expenditures, and other forward-looking information is subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas.

These risks include, but are not limited to, oil and natural gas price volatility, Argent's access to cash flows and other sources of liquidity to fund its capital expenditures, its level of indebtedness, its ability to replace production, the impact of the current financial climate on Argent's anticipated business and financial condition, a lack of availability of or increases in costs of goods and services, a lack of performance of its staff or ability to retain experienced personnel, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, economic conditions and other risks as described in documents and reports that Argent files with the securities commissions or similar authorities in applicable Canadian jurisdictions on the System for Electronic Document Analysis and Retrieval (SEDAR).  Any of these factors could cause Argent's actual results and plans to differ materially from those contained in the forward-looking information.

There are many factors that could result in production levels being less than anticipated, including greater than anticipated declines in existing production due to poor reservoir performance, the unanticipated encroachment of water or other fluids into the producing formation, mechanical failures or human error or inability to access production facilities, among other factors.

Forward-looking information is subject to a number of risks and uncertainties, including those mentioned above, that could cause actual results to differ materially from the expectations set forth in the forward-looking information.  Forward-looking information is not a guarantee of future performance or an assurance that our current assumptions and projections are valid.  All forward-looking information speaks only as of the date of this press release, and Argent assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking information, except as required by law.  You should not place undue reliance on forward-looking information.  You are encouraged to closely consider the additional disclosures and risk factors contained in Argent's periodic filings on SEDAR that discuss in further detail the factors that could cause future results to be different than contemplated in this press release.

Note regarding barrel of oil equivalency

Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation.  A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of six to one, utilizing a boe conversion ratio of six Mcf to one bbl may be misleading as an indication of value.

Argent is a mutual fund trust under the Income Tax Act (Canada) (the "Tax Act").  Argent's objective is to create stable, consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low risk exploration potential, located primarily in the United States.  Material information pertaining to Argent Energy Trust may be found on www.sedar.com or www.argentenergytrust.com.

SOURCE: Argent Energy Trust

Brian Prokop
Co-President & Chief Executive Officer

Sean Bovingdon
Chief Financial Officer

Argent Energy Trust
Website: www.argentenergytrust.com
Email: [email protected]
Telephone: [phone]