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Petrofund Energy Trust Announces Cash Distributions for Third Quarter 2004.

CALGARY, Alberta -- Petrofund Energy Trust (AMEX:PTF)(TSX:PTF.UN) announced today a July cash distribution of C$0.16 per unit. This distribution level, which is unchanged from the previous quarter, continues to reflect a conservative distribution policy.

Petrofund distributes the majority of its cash flow to unitholders on a monthly basis, retaining a significant portion to fund drilling and development projects designed to improve the sustainability of future distributions.Petrofund paid out 70% of its cash flow in 2003 and 73% in the first quarter of 2004.

Based on current commodity prices and market conditions, Petrofund expects to maintain the $0.16 distribution for both the August and September distribution periods. The applicable payable dates for each of these distribution periods are listed below:
Distribution Record Ex-Distribution Payable
 Date Date Date
C$0.16 per unit July 16, July 14, July 30,
 2004 2004 2004
C$0.16 per unit(2) August 17, August 13, August 31,
 2004 2004(1) 2004
C$0.16 per unit(2) September 16, September 14, September 30,
 2004 2004(1) 2004

1. Anticipated ex-distribution dates for August and September. These
 dates are subject to change and/or confirmation by the Toronto
 Stock Exchange and will be confirmed in the August and September
 distribution press releases.

2. These distributions reflect Petrofund's current expectation with
 regard to near term performance and are subject to change based
 on actual market conditions.

Registered unitholders will receive their distributions directly from our transfer agent. Those registered unitholders with US addresses are paid in US currency using the exchange rate in effect on the record date. Based on an exchange rate of C$1.3264/US$1.00, the July distribution would be US$0.1206 per unit (before deduction of withholding taxes). Non-registered unitholders will receive their distributions through their brokers. Those non-registered unitholders with US addresses will have their distributions converted to US currency at an exchange rate in effect on the payable date.

Petrofund's 12-month aggregate of trailing distributions (July 2004 inclusive) is C$2.02 per unit, which represents a cash-on-cash yield of 13.5% per year based on the closing price of C$15.00 per unit on the Toronto Stock Exchange on July 6, 2004.

Petrofund Energy Trust is a Calgary based royalty trust that acquires and manages producing oil and gas properties in Western Canada. The Trust makes monthly cash distributions to unitholders that are derived from the Trust's cash flow from these properties. Petrofund Energy Trust was founded in 1988 and was one of the first oil and gas royalty trusts in Canada.

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. Petrofund Energy Trust cautions that actual performance will be affected by a number of factors, many of which are beyond its control.Future events and results may vary substantially from what Petrofund Energy Trust currently foresees. Discussion of the various factors that may affect future results is contained in Petrofund Energy Trust's recent filings with the Securities and Exchange Commission and Canadian securities regulatory authorities.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, trust units in the United States, or any province or territory of Canada, nor shall there be any sale of trust units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or unless there is an available exemption therefore. The trust units issuable pursuant to the Petrofund/Ultima business combination will not be, and have not been, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement.


Jeffery E. Errico

President and Chief Executive Officer
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Publication:Business Wire
Date:Jul 7, 2004
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