Argent Energy Trust Files Preliminary Prospectus for Initial Public Offering

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

CALGARY, May 11, 2012 /CNW/ - Argent Energy Trust ("Argent" or the "Trust") is pleased to announce it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with a proposed initial public offering of its trust units.

The net proceeds of the offering, together with an advance under a credit facility to be established, will be used to indirectly acquire operated interests in certain oil and natural gas assets located in Texas and Oklahoma.  The initial assets of the Trust are characterized by long-life reserves, a balanced commodity weighting, and a significant inventory of light oil development locations.

The offering is being made through a syndicate of underwriters co-led by Scotiabank, CIBC, and RBC Capital Markets, and including BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Acumen Capital Finance Partners Limited, AltaCorp Capital Inc., Cormark Securities Inc., Desjardins Securities Inc., Dundee Securities Ltd., FirstEnergy Capital Corp. and GMP Securities L.P.

The preliminary prospectus, which contains important information relating to Argent and the trust units, may be obtained on the SEDAR website at www.sedar.com under Argent's profile.  The preliminary prospectus is still subject to completion or amendment.  There will not be any sale or acceptance of an offer to buy the trust units until a receipt for the final prospectus has been issued.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption there from. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Argent Energy Trust in any jurisdiction.

ABOUT ARGENT ENERGY TRUST
Argent's objective is to create stable, consistent returns for investors through the indirect acquisition and development of oil and natural gas reserves and production with low-risk exploitation potential, located primarily in the United States and to pay out a portion of available cash to holders of trust units on a monthly basis.

Argent intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restrictions which preclude the Trust from holding any "non-portfolio property" (as defined in the Tax Act).

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Argent, including, without limitation, those listed under "Risk Factors" and "Notice to Investors-Forward-Looking Statements" in Argent's preliminary prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the proposed initial public offering, the completion and receipt of necessary approvals, Argent's objectives, advances under a credit facility to be established and the acquisition of the Trust's initial assets. Argent cautions investors in its securities about important factors that could cause Argent's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in Argent's preliminary prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Argent does not assume any obligation to update or revise them to reflect new events or circumstances.

All material information pertaining to Argent Energy Trust may be found under the Trust's profile at www.sedar.com

Brian Prokop
Chief Executive Officer
403-770-4807

Sean Bovingdon
Chief Financial Officer
403-770-4803