Communiqués de presse

First Asset Energy & Resource Fund Announces Completion of Rights Offering

TORONTO, ONTARIO--(Jan. 4, 2008) - First Asset Energy & Resource Fund (TSX:TRF.UN) announces that it has completed the offering of rights pursuant to the rights offering circular dated November 13, 2007. The offering was over-subscribed and accordingly the maximum of 451,706 Units were issued for gross proceeds of approximately $10.8 million. The net proceeds of the rights offering will 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.

For further information, please call Paul Dinelle (Executive Vice-President) or Robert MacNiven (Investor Relations) at First Asset at 416-642-1289 or 1-877-642-1289 or visit