CALGARY, ALBERTA--(Marketwire - Dec. 28, 2012) -

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

Argent Energy Trust ("Argent" or the "Trust") (TSX:AET.UN) is pleased to announce that it 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. Oil represents approximately 69% of the total proved plus probable reserves volumes, with a current oil and NGL production weighting of approximately 78%, leading to an estimated 64% liquids production weighting for 2013 for Argent overall. The Acquisition is accretive to expected 2013 cash flow and production per unit by approximately 21%. The Acquisition was funded by the net proceeds of the Offering, an advance of approximately US$20 million under Argent's credit facility (inclusive of US$5 million drawn to satisfy the payment of the deposit paid on signing the PSA).

In conjunction with the Acquisition and as previously announced, Argent also increased the borrowing base of its existing credit facility from US$45 million to US$95 million, of which approximately $40 million is drawn following the closing of the Acquisition.

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 therefrom. 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 is a mutual fund trust under the Income Tax Act (Canada). 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 exploitation potential, located primarily in the United States.

Argent's Units are traded on the Toronto Stock Exchange under the symbol AET.UN.

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 fact, 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 include, but are not limited to, Argent's status as a mutual fund trust, information and statements concerning the Acquired Assets and the performance and production characteristics of the Acquired Assets. In addition, statements relating to "reserves" are by their nature forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserve estimates of the Trust's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. 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 in goods and services, 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.

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 filings on SEDAR that discuss in further detail the factors that could cause future results to be different than contemplated in this presentation.

The reserves data set forth herein is based upon an evaluation by GLJ dated effective March 31, 2012, using GLJ's March 31, 2012 forecast prices and costs.

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 do 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.