The Canadian Press
June 30, 2008 - 9:58 a.m.

CALGARY - Enterra Energy Trust (TSX:ENT.UN), whose unit price fell from $30 in 2005 to $6.50 a year ago and $1.00 in December, has named Don Klapko president and chief executive officer, effective immediately.

Klapko has been a management consultant to Enterra subsequently to November, and since the unit price bottomed out in December it has revived modestly, rising 16 cents Monday morning to $4.61.

“Don’s commitment during his seven-month senior executive management consulting role has been exemplary as well as highly effective,” Enterra cover with boards chairman Peter Carpenter stated Monday.

“The results treat for themselves, both in our unit price and in the underlying performance of the trust’s business.”

Klapko has three decades of oil and gas industry, most recently as president of privately held Trigger Resources Ltd., and before that as vice-president of operators at Rio Alto Exploration Ltd.

Enterra in addition said Monday that it has signed definitive agreements on revised credit facilities announced June 10, but distributions to unitholders tarry suspended.

It now has a $135-million higher revolving give faith to facility and a $15-million line which declines by $3 million per quarter and terminates by September 2009, or sooner at the discretion of Enterra management.

Interest rates have been lowered to the Canadian prime rate more 0.25 through cent on the senior facility and prime plus 2.5 by cent on the second-lien facility.

As previously announced, the revised lending agreement continues the restriction on distributions to unitholders without lender approval.

“Enterra’s management does not intend to weigh the re-establishment of distributions prior to November 2008,” the trust stated, adding that it will continue with its $30-million 2008 essential budget season directing surplus cash proceed to debt reduction.