Attention Business Editors:
Penn West Energy Trust and C1 Energy Ltd. announce a take-over bid for C1 Energy Ltd.
PENN WEST ENERGY TRUST (TSX - PWT.UN; NYSE - PWE) and C1 ENERGY LTD.
(TSX - CTT) jointly announce a cash take-over bid for the shares of
C1 Energy Ltd.
CALGARY, May 31 /CNW/ - Penn West Energy Trust (the "Trust") and C1
Energy Ltd. ("C1") are pleased to announce that the Trust's wholly-owned
subsidiary, Penn West Petroleum Ltd. ("Penn West"), has entered into an
agreement with C1 pursuant to which Penn West will make an offer (the "Offer")
to acquire all of the issued and outstanding common shares of C1 by way of a
take-over bid. The consideration offered for each common share of C1 will be
$0.20 cash. The Offer will be subject to a number of conditions, including its
acceptance by holders of at least 66 2/3% of the outstanding common shares of
C1. The total purchase price offered by Penn West will total approximately
$23�million, including the assumption of outstanding debt and working capital
deficiency but prior to Penn West's closing costs. Certain of C1's assets are
located in the Peace River Arch area of Alberta near Penn West's strategic
Peace River Oil Sands project.
The Board of Directors of C1 has unanimously approved the proposed
transaction and has agreed to recommend that its shareholders accept the
Offer. GMP Securities L.P. has provided a verbal fairness opinion to the Board
of Directors of C1 indicating that, subject to its review of all formal
documentation, the consideration to be received by C1 shareholders is fair
from a financial point of view. The Board of Directors of C1 has agreed that
it will not solicit or initiate discussions or negotiations with any third
party concerning any sale of any material position or assets of C1, or any
business combination involving C1, and C1 has granted Penn West the right to
match any subsequent offer. C1 has agreed to pay Penn West a non-completion
fee of $1 million in certain circumstances. Penn West anticipates mailing the
Offer to all registered C1 shareholders on or before June 15, 2007 and the
Offer will expire approximately 35 days thereafter. Certain major
shareholders, senior management and directors have agreed to enter into
lock-up agreements with Penn West to deposit and not withdraw their shares
under the Offer, except in certain circumstances.
Forward-looking statements
In the interest of providing the Trust's unitholders, C1's shareholders
and potential investors with information regarding the Trust and C1, including
management's assessment of the future plans and operations of the Trust and
C1, certain statements contained in this document constitute forward-looking
statements or information (collectively "forward-looking statements") within
the meaning of the "safe harbour" provisions of applicable securities
legislation. Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will",
"project", "could", "plan", "intend", "should", "believe", "outlook",
"potential", "target" and similar words suggesting future events or future
performance. In addition, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated and can be
profitably produced in the future. In particular, this document contains
forward-looking statements pertaining to, without limitation, the terms of the
take-over bid.
Although the Trust and C1 believe that the expectations reflected in the
forward-looking statements contained in this document, and the assumptions on
which such forward-looking statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct. Readers are
cautioned not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based will occur.
By their nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the possibility
that the predictions, forecasts, projections and other forward-looking
statements will not occur.
The forward-looking statements contained in this document speak only as
of the date of this document. Except as expressly required by applicable
securities laws, the Trust and C1 do not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this cautionary
statement.
%SEDAR: 00022266E
%CIK: 0001334388
For further information: Penn West Energy Trust, Suite 2200, First Street
S.W., Calgary, AB, T2P 3L8, Website: www.pennwest.com, Toll-free: (866)
693-2707, Phone: (403) 777-2500, Fax: (403) 777-2699; William Andrew,
President and CEO, Phone: (403) 777-2502; Investor Relations: Toll-free: (888)
770-2633, E-mail: investor_relations@pennwest.com; C1 Energy Ltd., 500,
521-3rd Avenue S.W., Calgary, AB, T2P 3T3, Website: www.c1energy.ca, Phone:
(403) 232-1115, Fax: (403) 232-1130; Donald S. Wood, President and CEO, Phone:
(403) 232-1115 (Ext. 105)
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Penn West Energy Trust
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CODE : PWE |
ISIN : CA7078871059 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Penn West Energy Trust is a and oil producing company based in Canada. Penn West Energy Trust holds various exploration projects in Canada. Its main exploration property is SWAN HILLS in Canada. Penn West Energy Trust is listed in United States of America. Its market capitalisation is US$ 80.7 millions as of today (€ 73.8 millions). Its stock quote reached its highest recent level on May 29, 2009 at US$ 9.98, and its lowest recent point on April 01, 2020 at US$ 0.15. Penn West Energy Trust has 504 340 988 shares outstanding. |