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Two hours after the live call, a digital recording will be available for replay until midnight on May 19, 2015. To access the recording, call 800-585-8367 and quote this conference ID: 36807838. An audio version will also be available on Eagle's website at www.eagleenergytrust.com.

2015 Annual and Special Meeting

Eagle will hold an Annual and Special Meeting of its unitholders on Wednesday, June 3, 2015 at 3:00 p.m. MT in the McMurray Room at the Calgary Petroleum Club, 319 - 5^th Avenue S.W., Calgary. The record date for the meeting is April 20, 2015. The Trust is pleased to save costs by using the internet to deliver meeting materials, which can be obtained from the following websites: www.envisionreports.com/Eagle2015, www.eagleenergytrust.com and under the Trust's issuer's profile on www.sedar.com. Paper copies can be requested by contacting Eagle toll free at (855) 531- 1575 or (403) 531-1575.

In this news release, references to "Eagle" include the Trust and its operating subsidiaries. This news release contains statements that are forward-looking. Investors should read the Note regarding forward-looking statements near the end of this news release.

Highlights for the three months ended March 31, 2015

• First quarter average working interest sales volumes of 2,995 barrels of oil equivalent per day ("boe/d") (97% oil,
  2% natural gas liquids, 1% natural gas) with production on track to meet 2015 full year guidance of 2,950 to 3,150 boe/d.

• First quarter funds flow from operations of $7.8 million ($28.67 per boe).

• A strong hedging position that held quarter over quarter cash flow to a decrease of 25%, despite a 48% drop in realized field prices over the same period.

• First quarter unitholder distributions maintained at $0.09 per unit ($0.03 per unit per month), with a 2015 projected corporate payout ratio of 94%.

• Eagle has renewed its credit facility at $US 85 million, previously $US 95 million, realizing annual savings of more than $80,000 through reduced commitment and extension fees. Eagle was only 35% drawn on the facility at quarter end, leaving approximately $60 million of undrawn availability on the facility. During the semi-annual borrowing base review, the maturity date of the credit facility was extended to May 26, 2017. Pricing remained the same and there were no material changes made to the credit facility conditions or covenants.

2015 Outlook

This outlook section is intended to provide unitholders with information about Eagle's expectations for production and capital expenditures for 2015. Readers are cautioned that the information may not be appropriate for any other purpose. This information constitutes forward-looking information. Readers should note the assumptions, risks and discussions under "Note about forward-looking statements" at the end of this press release.

Eagle's 2015 guidance for its capital budget, production and operating costs is unchanged. Forecast funds flow from operations and debt to trailing cash flow have been updated to include first quarter actual results and April to December forecast results. Eagle's guidance is summarized as follows:

Notes:

1. The 2015 capital budget of $13.7 million consists of $US 9.9 million for Eagle's operations in the United States and $1.4 million for Eagle's operations in Canada.
   

1. Based on a forecast $US 60.00 WTI oil price, the 2015 capital budget is expected to deliver a distribution of $0.03 per unit per month ($0.36 per unit annualized) and a corporate payout ratio of 94%.

2. Eagle's 2015 capital budget of $13.7 million consists of the following:
   

• Salt Flat, Texas

  • 3 (3.0 net) horizontal oil wells

  • Seismic processing, horizontal pump installations

• Hardeman, Texas and Oklahoma

  • 3 (3.0 net) vertical wells

  • 1 (1.0 net) salt water disposal well

  • Facilities and seismic capital

• Dixonville, Alberta (non-operated)

  • Maintenance capital on waterflood
    

1. 2015 production forecast consists of 97% oil, 1% natural gas liquids ("NGLs") and 2% gas.

2. 2015 forecast operating costs result in field netbacks (excluding hedges) of approximately $26.41 per boe at $US 60.00 WTI.

3. 2015 forecast funds flow from operations is approximately $28.1 million based on the following assumptions:
   

1. Average working interest production of 3,050 boe/d (the mid-point of the guidance range);

2. Forecast pricing at $US 60.00 per barrel WTI oil, $US 3.00 per Mcf NYMEX gas and $US 21.00 per barrel of NGL (NGL price is calculated as 35% of the WTI price);

3. Differential to WTI is a $US 6.15 discount per barrel in Salt Flat, a $US 2.70 discount per barrel in Hardeman and a $CA 15.00 discount per barrel in Dixonville;

4. Average operating costs of $1.9 million per month ($US 0.9 million per month for Eagle's operations in the United States and $0.7 million per month for Eagle's operations in Canada) being the mid-point of the guidance range; and

5. Foreign exchange rate of $US 1.00 equal to $CA 1.25.

A table showing the sensitivity of Eagle's funds flow to changes in production, exchange rates and commodity pricing is set out below under the heading "2015 Sensitivities".

2015 Sensitivities

The following tables show the sensitivity of Eagle's funds flow, corporate payout ratio and net debt to trailing cash flow to changes in commodity price, exchange rates and production:

Note:

⁽¹⁾ Units outstanding for accounting purposes exclude those units issued to management that were subject to performance conditions that had to be met to enable such units to be released from escrow.

Funds flow from operations is a non-IFRS measure. See "Non-IFRS financial measures".

For the three months ended March 31, 2015, sales volumes increased 55% compared to the previous quarter because first quarter sales volumes reflect the full quarter of the newly acquired the Dixonville properties. With the exception of the third and fourth quarters of 2014, (which had reduced sales volumes due to the Permian property disposition) and the fourth quarter of 2013, (which encountered non-recurring weather related delays and non-owned infrastructure problems), production has generally increased commensurate with well tie-ins and acquisitions.

Funds flow from operations increased in the first quarter of 2015 when compared to the prior quarter due to (i) higher sales volumes resulting from the Dixonville acquisition, (ii) lower general and administrative expenses, and (iii) stronger realized hedging gains. These were partially offset by (i) significantly lower realized commodity prices, and (ii) higher operating costs. Generally, in times of steady or increasing prices, funds flow from operations grows faster as sales volumes increase (and vice versa). This is because certain expenses tend to be more fixed in nature, such as general and administrative expenses, and do not decrease as sales volumes decrease.

Earnings (loss) on a quarterly basis often does not move directionally or by the same amount as movements in funds flow from operations. This is primarily due to items of a non-cash nature that factor into the calculation of earnings (loss), and those that are required to be fair valued at each quarter end. By way of example, first quarter 2015 funds flow from operations increased 36% from the fourth quarter 2014 while the absolute swing from a loss in the fourth quarter to first quarter earnings was by a much larger percentage. This occurred primarily due to a non cash foreign exchange gain recognized on the loan to the Trust's US subsidiary. Additionally, higher sales volumes were recognized in the first quarter of 2015 but tempered by lower commodity prices. The weakened forward commodity price environment has increased the fair market valuation of Eagle's forward commodity contracts in the first quarter.

Eagle had approximately 1,600 barrels of oil per day hedged at an average WTI price of $US 90.72 per barrel during the first quarter of 2015. For the second quarter of 2015, 1,600 barrels of oil per day are hedged at an average WTI price of $US 90.72, for the third quarter of 2015, 1,300 barrels of oil per day are hedged at an average WTI price of $US 69.95 and for the fourth quarter of 2015, 990 barrels of oil per day are hedged at an average WTI price of $US 74.98.

Segmented operations

The Trust's operating activities relate solely to the exploration, development and production of petroleum and natural gas resources in the United States and Canada. Costs incurred in the Corporate segment relate to The Trust's hedging program and other expenses incurred in overall financing and administration of the Trust.

The Trust spent a total of $2.2 million on capital activity in the United States during the first quarter of 2015 with average working interest sales volumes of 1,859 boe/d. To date, results from the capital program have met expectations and the Trust is on track to meet its 2015 guidance.

Salt Flat Properties, Texas

For the three months ended March 31, 2015, $1.2 million was spent drilling the first well of a three well program (rig released in April) and purchasing production equipment.

Hardeman Properties, Texas and Oklahoma

For the three months ended March 31, 2015, $1.0 million was spent drilling the first well of a three well program and a salt water disposal well (both rig released in April). Eagle has implemented a number of enhancements that have resulted in production gains, and is continuing its efforts to lower operating expenses, by drilling a saltwater disposal well in the southern Hardeman operating area and installing electrical infrastructure for additional cost improvements.

Dixonville Properties, Alberta

Effective January 1, 2015, a subsidiary of the Trust acquired a 50% non-operated working interest in the Dixonville Montney "C" oil pool, located in the Peace River region of Alberta, Canada. Eagle's 2015 budget in Canada will be limited to maintenance capital at Dixonville.

For the three months ended March 31, 2015, $0.9 million was spent on pipeline facilities. Production volumes for the three months ended March 31, 2015 were 1,136 boe/d. In the quarter, the majority of the remaining pipeline and infrastructure work was delayed until February due to warmer than expected January weather causing access issues into some parts of the field. Due to these delays, a full production restart in these areas did not commence until March. Run times in the field continued to improve throughout March. It is expected that production will continue to ramp up through the second quarter with continued increased run-times on the wells.

At the Corporate level, on a quarter over quarter basis, the net value of commodity price contracts has increased. The net value of the contracts is dependent upon current and forward commodity pricing and, in the case of realized gains and losses, the price of the contract relative to the benchmark oil price at time of settlement.

As a result of the Trust reducing the distribution from $0.0875 to $0.03 per unit per month, cash settled award payments decreased 66% when compared to the same quarter of the previous year.

The average foreign exchange rate for the three months ended March 31, 2015 was $US 1 equal to $CA 1.24 (for the three months ended March 31, 2014 - $US 1 equal to $CA 1.10). The increase in realized foreign exchange loss is due to the weakened Canadian dollar.

Finance expense is incurred on borrowings under the Trust's revolving credit facility. The decre ase in quarter over quarter finance expense is due to decreased borrowings under the Trust's credit facility.

Non-IFRS financial measures

Statements throughout this news release make reference to the terms "field netback", "funds flow from operations" and "corporate payout ratio," which are non-IFRS financial measures that do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. Management believes that these terms provide useful information to investors and management since such measures reflect the quality of production, the level of profitability, the ability to drive growth through the funding of future capital expenditures and the sustainability of distributions to unitholders.

"Funds flow from operations" is calculated before changes in non-cash working capital and abandonment expenditures. Management considers funds flow from operations to be a key measure as it demonstrates Eagle's ability to generate the cash necessary to pay distributions, repay debt, fund decommissioning liabilities and make capital investments. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow from operations provides a useful measure of Eagle's ability to generate cash that is not subject to short-term movements in non-cash operating working capital. Refer to the table in the management's discussion and analysis under "Non-IFRS financial measures" for a reconciliation of funds flow from operations to earnings (loss).

"Field netback" is calculated by subtracting royalties and operating costs from revenues.

"Corporate payout ratio" is calculated by dividing capital expenditures plus unitholder distributions by funds flow from operations.

Note about forward-looking statements

Certain of the statements made and information contained in this news release are forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historic fact are forward-looking statements. The Trust cautions investors that important factors could cause the Trust's actual results to differ materially from those projected, or set out, in any forward-looking statements included in this news release.

In particular, and without limitation, this news release contains forward-looking statements pertaining to the following:

• the Trust's 2015 capital budget and specific uses;

• the Trust's expectations regarding its 2015 full year average working interest production, operating costs and field netbacks;

• the Trust's expectations regarding its 2015 funds flow from operations, corporate payout ratio and debt to trailing cash flow, and sensitivities of these metrics to production rates, exchange rates and commodity prices;

• anticipated crude oil, natural gas liquids and natural gas production levels; and

• the Trust's expectations regarding production from the Dixonville property during the second quarter of 2015.

With respect to forward-looking statements contained in this news release, assumptions have been made regarding, among other things:

• future oil, natural gas liquid and natural gas prices and weighting;

• future currency exchange rates;

• the regulatory framework governing taxes in the US and Canada and the Trust's status as a "mutual fund trust" and a "SIFT trust";

• future production levels;

• future recoverability of reserves;

• future distribution levels;

• future capital expenditures and the ability of the Trust to obtain financing on acceptable terms for its capital projects and future acquisitions;

• the Trust's 2015 capital budget, which is subject to change in light of ongoing results, prevailing economic circumstances, commodity prices and industry conditions and regulations;

• not including capital required to pursue future acquisitions in the forecasted capital expenditures;

• estimates of anticipated future production, which is based on the proposed drilling program with a success rate that, in turn, is based upon historical drilling success and an evaluation of the particular wells to be drilled; and

• projected operating costs, which are based on historical information and anticipated increases in the cost of equipment and services.

The Trust's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and those in the Trust's Annual Information Form ("AIF") dated March 19, 2015, for the year ended December 31, 2014, available on the Trust's website at www.eagleenergytrust.com or on SEDAR at www.sedar.com:

• volatility of oil, natural gas liquid, and natural gas prices;

• commodity supply and demand;

• fluctuations in currency and interest rates;

• inherent risks and changes in costs associated in the development of petroleum properties;

• ultimate recoverability of reserves;

• timing, results and costs of drilling and production activities;

• availability of financing and capital; and

• new regulations and legislation that apply to the Trust and the operations of its subsidiaries.

Additional risks and uncertainties affecting the Trust are contained in the AIF under the heading "Risk Factors".

As a result of these risks, actual performance and financial results in 2015 may differ materially from any projections of future performance or results expressed or implied by these forward‐looking statements. The Trust's production rates, operating costs, field netbacks, drilling program, 2015 capital budget, funds flow from operations, and distributions are subject to change in light of ongoing results, prevailing economic circumstances, obtaining regulatory approvals, commodity prices and industry conditions and regulations. New factors emerge from time to time, and it is not possible for management to predict all of these factors or to assess, in advance, the impact of each such factor on the Trust's business, or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although management believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date the forward-looking statements were made, there can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to the Trust and its unitholders. The Trust does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

Note regarding barrel of oil equivalency

This press release contains disclosure expressed as "boe" or "boe/d". All oil and natural gas equivalency volumes have been derived using the conversion ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl would be misleading as an indication of value.

About Eagle Energy Trust

Eagle is an oil and gas energy trust created to provide investors with a sustainable business while delivering stable growth in production and overall growth through accretive acquisitions. Eagle's units are traded on the Toronto Stock Exchange under the symbol EGL.UN.

All material information about Eagle may be found on its website at www.eagleenergytrust.com or under Eagle's issuer profile at www.sedar.com.