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First Asset Energy & Resource Fund Announces Distribution

TORONTO, ONTARIO--(Oct. 22, 2007) - First Asset Energy & Resource Fund (TSX:TRF.UN) announces a distribution of $0.1040 per unit per month ($1.25 per unit per annum) for the month ending October 31, 2007. The distributions will be paid on November 15, 2007 to unitholders of record on October 31, 2007.

For more information, please call Rob MacNiven (Investor Relations) at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.