Eagle Energy Trust declares the results of the independent reserves evaluations of its U.S. subsidiary (Eagle). The reserves evaluations were conducted by GLJ Petroleum Consultants ("GLJ") for Eagle's reserves in the Luling area and by Netherland, Sewell & Associates, Inc. (NSAI) for Eagle's reserves in the Midland area. The reserves evaluations are effective December 31, 2012 and were prepared in accordance with National Instrument 51-101Standards of Disclosure for Oil and Gas Activities.

Year End Reserves Report - Highlights

• A 188% increase year-over-year in total proved reserves. • A 107% increase year-over-year in proved developed producing reserves. • A $US 46.4 million increase year-over-year in PV10 value of proved developed producing reserves. • An 86% increase in total proved reserves per Eagle unit (31% increase in proved plus probable reserves per Eagle unit) from December 31, 2011. • Total proved plus probable reserves of approximately 15.6 million barrels of oil equivalent ("boe") (68% proved, 29% proved producing). • Total proved plus probable reserves additions of 8.9 million boes during 2012 (including the Midland acquisition, and a reduction of 1.1 million boes for probable reserves in the Luling area). • Reserve life index of 14.3 years (up 78%) based on forecast 2013 average production. • 83% of the proved producing reserves are light oil, 10% are natural gas and 7% are natural gas liquids.

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