Eagle Energy Trust confirmed its May 2013 distribution. The cash distribution to be paid on June 21, 2013, in respect of the period from and including May 1, 2013 to May 31, 2013, for unitholders of record on May 31, 2013 will be $0.0875 per trust unit. The ex-distribution date is May 29, 2013.

Eagle Energy Trust reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, funds flow from operations was $11.884 million and $45.10 per boe or $0.40 per basic and diluted unit compared to $9.118 million and $46.20 per boe or $0.50 per basic and diluted unit a year ago. Income was $4.080 million or $0.14 per basic and diluted unit compared to loss of $0.952 million or $0.05 per basic and diluted unit a year ago. Revenue, net of royalties was $16.805 million or $63.77 per boe compared to $13.947 million or $70.67 per boe a year ago. For the quarter, the company reported sales volumes of 2,928 boe/d compared to 2,169 boe/d a year ago. The increase is attributable to the May 2012 Midland area acquisition, 9 (8.2 net) additional oil wells being tied-in in the Midland area and an additional 16 (12.8 net) oil wells being brought on stream in the Luling area since March 31, 2012. For the year 2013, the company expects funds flow from operations of $45.0 million and capital budget of $26.0 million compared to previous guidance of funds flow from operations of $41.0 million and capital budget of $24.0 million. The company is drilling its second Permian well of the five well 2013 Midland program. The company’s first 2013 Permian well is expected to be on production within 45 days. Open hole logs indicate better than expected production potential in Wolfcamp, Cline and Leonard shales. In Luling, permitting and location construction is underway, with the six well Salt Flat Field 2013 drilling program scheduled to begin in June.

Eagle Energy Trust (TSX:EGL.UN) is looking for acquisitions. Richard Clark, President and Chief Executive Officer of Eagle Energy said, "Eagle's first quarter 2013 performance validates our stated business strategy of acquiring assets with substantial early stage growth capability, executing on that growth, and then entering into a harvest mode where the borrowing base is expected to increase due to increasing levels of lending base reserves (proved developed producing reserves). Under this strategy, expected increases in borrowing capacity will provide additional low cost capital for future drilling and additional acquisitions".