Attention Business Editors:
Penn West Energy Trust Announces Acquisition of 79.6% of C1 Energy Ltd. Common Shares and Extension of Offer to August 3, 2007
CALGARY, July 23 /CNW/ - (PWT.UN - TSX; PWE - NYSE) Penn West Energy
Trust (the "Trust") announced today that as of 8:00 a.m. (MDT) on July 23,
2007, approximately 28,457,230 common shares of C1 Energy Ltd. ("C1") had been
validly deposited pursuant to the previously announced offer of 1329813
Alberta Ltd. (the "Offeror") (an indirect wholly-owned subsidiary of the
Trust) to acquire all of the common shares of C1, including any common shares
issued or issuable upon the exercise or conversion of any options, performance
shares or other securities in the capital of C1. The Offeror has taken-up the
deposited common shares which represent approximately 79.6% of the common
shares of C1 on a fully-diluted basis. The Offeror's offer to acquire the
common shares of C1 is now wholly unconditional. The Offeror has extended its
offer until 8:00 a.m. (MDT) on August 3, 2007, to allow C1 shareholders an
additional opportunity to tender their shares. A notice of extension will be
mailed to C1 shareholders.
In connection with payment for the deposited common shares taken up by
the Offeror, all members of the current board of directors of C1 will resign
and John A. Brussa, James C. Smith, James E. Allard and George H. Brookman
will be newly appointed as directors of C1.
The consideration offered for each common share of C1 is $0.20 cash.
Certain of C1's assets are located in the Peace River Arch area of Alberta
near Penn West's strategic Peace River Oil Sands Project.
Penn West Energy Trust is a senior oil and natural gas energy trust based
in Calgary, Alberta that trades on the Toronto Stock Exchange under the symbol
PWT.UN and on the New York Stock Exchange under the symbol PWE.
%SEDAR: 00022266E
%CIK: 0001334388
For further information: PENN WEST ENERGY TRUST, Suite 2200, 425 - First
Street S.W., Calgary, Alberta, T2P 3L8, Website: www.pennwest.com, Toll-free:
1-866-693-2707, Phone: (403) 777-2500, Fax: (403) 777-2699; Investor
Relations: William Andrew, President and CEO, Phone (403) 777-2502, Toll-free:
1-888-770-2633, E-mail: investor_relations@pennwest.com
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Penn West Energy Trust
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CODE : PWE |
ISIN : CA7078871059 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Penn West Energy Trust is a and oil producing company based in Canada. Penn West Energy Trust holds various exploration projects in Canada. Its main exploration property is SWAN HILLS in Canada. Penn West Energy Trust is listed in United States of America. Its market capitalisation is US$ 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. |