News Releases

CALGARY, ALBERTA - Jun 1, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announces the closing of the acquisition
of the assets of Coyote Oilfield Rentals (Alta) Ltd. ("Coyote")
for $5.0 million cash.

Coyote employs 13 people and owns 28 centrifuge units which are
leased to oil and gas producers throughout western Canada as part
of their comprehensive drilling mud management program.

"This business complements our growing on-site operations and is
consistent with our operating experience," said Al Cadotte,
President and Chief Executive Officer. "This service segment has
strong potential for growth based on our existing network,
infrastructure and customer relationships," he added.

Newalta Income Fund is an open-ended trust that maximizes the
inherent value in certain industrial wastes through recovery of
saleable products and recycling, rather than disposal. Through an
integrated network of 40 state-of-the-art facilities, Newalta
delivers world-class solutions to a broad customer base of
national and international corporations, in a range of
industries, including the automotive, forestry, pulp and paper,
manufacturing, mining, oil and gas, petrochemical, and
transportation services industries. With a track record of
profitable growth and environmental stewardship, Newalta is
focused on leveraging its position in new service sectors and
geographic markets from coast to coast.