TORONTO, ONTARIO -- (Marketwire) -- 10/12/12 -- First Asset Energy & Resource Fund (the "Fund") (TSX:TRF.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 78,509 Units of the Fund, representing approximately 10% of the public float, being 785,094 Units as of October 8, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 17,822 Units, being 2% of the issued and outstanding Units, being 891,121 Units as of October 8, 2012. Purchases of Units under the NCIB may commence on October 17, 2012. First Asset (I) General Partners Inc., the general partner of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on October 16, 2013.

On October 13, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced October 17, 2011, to purchase up to 88,422 Units through the facilities of the TSX. Under the bid, which expires on October 16, 2012, an aggregate of 2,500 Units were repurchased at a weighted average price of $18.48 per Unit excluding commissions.