Daylight Resources Trust TSX: DAY.UN TSX: DAY.DB TSX: DAY.DB.B

CALGARY, ALBERTA--(Marketwire - July 20, 2008) - Daylight Resources Trust ("Daylight" or the "Trust") (TSX:DAY.UN) announces that after considering its alternatives with respect to the proposed arrangement (the "Arrangement") with Cadence Energy Inc. ("Cadence") in light of the offer by Barrick Gold Corporation ("Barrick") to acquire all of the issued and outstanding common shares of Cadence ("Cadence Shares") at a cash price of Cdn. $6.75 per Cadence Share (the "Barrick Offer"), Daylight has decided not to make a proposal to amend or make such adjustments to the terms and conditions of the Arrangement as would enable Cadence to proceed with the Arrangement rather than the Barrick Offer. In accordance with the terms of the arrangement agreement ("Arrangement Agreement") among Daylight, Daylight Energy Ltd. and Cadence dated effective May 25, 2008, Cadence has terminated the Arrangement Agreement and will pay Daylight a break fee of $9,000,000.

A revised corporate presentation will be available by July 21, 2008 on Daylight's website at www.daylightenergy.ca.

Advisory:

Forward Looking Statements: This press release contains forward-looking statements as to the internal projections, expectations, estimates or beliefs relating to future events or future performance of Daylight Resources Trust ("Daylight"), including Daylight's guidance for 2008 and the amount and type of 2008 budgeted capital expenditures set forth herein. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "believes", "expects", "intends", "projects", "plans", "anticipates", "estimates" or "contains" or similar words or the negative thereof. These statements represent management's expectations or beliefs concerning, among other things, future capital expenditures and future operating results and various components thereof or the economic performance of Daylight and include, without limitation, statements with respect to the future financial position, business strategy, budgets, projected costs and plans, objectives of or involving Daylight or any of its respective affiliates; amounts to be retained by Daylight for growth; the amount and timing of the payment of distributions of Daylight; payout ratios; access to credit facilities; capital taxes; income taxes; commodity prices; administration costs; commodity price risk management activities; expectation of future production rates and components of cash flow and earnings. Actual events or results may differ materially. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions and assumptions at the time the statements were made including assumptions relating to the production performance of Daylight's oil and gas assets, the cost and competition for services throughout the oil and gas industry in 2008 and beyond and the continuation of the current regulatory and tax regime in Canada, and necessarily involve known and unknown risks and uncertainties which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. Daylight does not undertake to update any forward-looking information contained in this press release whether as to new information, future events or otherwise except as required by securities rules and regulations.