News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") announces that
it has closed today the acquisition of an oilfield satellite
facility near Redwater, Alberta. The acquisition includes oil
production with development potential. The acquisition is
consistent with the Fund's strategy to acquire and develop
satellite operations to increase geographic coverage.

"We are pursuing additional acquisition opportunities which
complement our existing business and which can be completed at
responsible prices," said Ron Sifton, Senior Vice President,
Finance and Chief Financial Officer of Newalta.

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 37 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 strong track record of
profitable growth and environmental stewardship, Newalta is
focused on leveraging its proven competencies in new service
sectors and geographic markets from coast to coast.