Santa Fe Energy Trust Announces Sale of Trust Assets

  
    
  
  
    
      The Bank of New York Trust Company, N.A. (the "Trustee") of Santa Fe 
      Energy Trust (NYSE: SFF) announced today that it has completed the sale 
      of all of the net profits royalties held by the Trust to Amen 
      Properties, Inc. and certain other purchasers. The aggregate price for 
      the assets sold was approximately $51.5 million, after making 
      adjustments pursuant to the purchase agreement.
    
    
      Stifel, Nicolaus & Company, Incorporated served as financial advisor to 
      the Trustee in connection with the transaction, and delivered an opinion 
      to the Trustee that, as of the date of the opinion and subject to the 
      assumptions and qualifications contained in the opinion, the 
      consideration to be paid to the Trustee in its capacity as trustee of 
      the Trust in connection with the transaction pursuant to the purchase 
      agreement was fair to the Trust as the seller of the assets, from a 
      financial point of view.
    
    
      The Trustee intends to distribute the net proceeds of the sale (after 
      deducting amounts necessary to pay all fees, expenses, liabilities and 
      other obligations of the Trust, and after setting aside any amounts the 
      Trustee determines to hold in reserve, and subject to any post-closing 
      adjustments under the purchase agreement) on February 29, 2008 to 
      unitholders of record at the close of business on February 14, 2008. 
      This distribution will be made concurrently with the Trust's 
      distribution for the quarter ending December 31, 2007.
    
    
      The United States Treasury book-entry securities representing 
      stripped-interest coupons held by the Trustee as Custodian mature on 
      February 15, 2008. Unitholders of record at the close of business on 
      February 14, 2008 will be entitled to receive the cash proceeds from the 
      matured Treasury Obligations on deposit with the Custodian. The cash 
      proceeds will be distributed as promptly as practicable on or after 
      February 15, 2008.
    
    
      The Trust will be liquidated on February 15, 2008. After that date the 
      Trustee will continue to act as trustee of the trust estate until the 
      trust estate has been finally distributed and the affairs of the Trust 
      have been wound up.
    
    
      The Trustee intends to instruct the Trust's transfer agent to stop 
      transfer of the Trust's units immediately following the close of 
      business on February 14, 2008 and intends to request that the New York 
      Stock Exchange delist the units at that time.