News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced
that it has closed the acquisition of a satellite oilfield
facility in southwest Saskatchewan from Sand Hill Contracting
Ltd.  The purchase price of $3.0 million consisted of $0.5
million cash and the issuance of 250,000 trust units at a deemed
price of $10.00 per unit.

"This acquisition is consistent with our strategy to acquire and
develop satellite operations to increase our geographic
coverage," said Al Cadotte, President and Chief Executive Officer
of Newalta Income Fund.  "We will add process equipment to this
location and the facility will collect and consolidate waste for
shipment to one of our existing processing facilities. These
initiatives are part of our strategy to capitalize on
opportunities to increase the cash generated by our existing
operations and to maximize distributions to Newalta unitholders."


On June 1, 2003, Newalta sold certain non-core drill site
container assets for approximately $1.4 million in cash.  The
proceeds were used to reduce debt.

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 35 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.