Communiqués de presse

First Asset Energy & Resource Fund Announces Rights Offering

TORONTO, November 16, 2007 - First Asset Energy & Resource Fund (the "Fund") (TSX: TRF.UN) announces that it is issuing rights (the "Rights") to subscribe for units of the Fund ("Units") to holders of Units ("Unitholders") of record at the close of business on November 26, 2007 (the "Record Date"). Each Unitholder is entitled to one Right for each Unit held on the Record Date. Four Rights will entitle the holder to purchase one Unit at a price of $24 per Unit. The Rights may be exercised prior to 4:00 p.m. (Toronto time) on January 3, 2008. The subscription price of $24 per Unit is approximately 91.50% of the closing price of a Unit on the Toronto Stock Exchange (the "TSX") on November 12, 2007.

If all the Rights are exercised, the Fund will issue approximately 451,706 Units and receive net proceeds of approximately $10.5 million. The reason for the Offering is to provide the Fund with additional capital that can be used for general business purposes and to capitalize on certain attractive investment opportunities that the Fund's investment advisor foresees arising over the next few months. By raising additional cash through the Offering, the Investment Advisor will be able to fund normal course Fund expenses and continue pursuing investment opportunities that it considers attractive.

The TSX has approved the listing on the TSX of the Rights and the Units issuable on the exercise of the Rights.

National Bank Financial Inc. will act as dealer-manager to form a soliciting group to solicit subscriptions of the Rights.

For further information, please call Rob MacNiven, Investor Relations, First Asset, at (416) 642-1289 or (877) 642-1289, or visit