Penn West Energy Trust announces disposition offering of non-core properties
CALGARY, Aug. 26 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy
Trust ("Penn West") announces that it is offering for disposition certain
properties in Alberta, British Columbia , Saskatchewan, Northwest Territories
and Wyoming, and has retained Rundle Energy Partners ("Rundle") and Scotia
Waterous Inc. ("Scotia Waterous") as agents.
The offering consists of 10 packages with a current combined production
of approximately 16,000 boe per day. Penn West intends to use any cash
proceeds from the sale of any of these assets initially to reduce Penn West's
current bank debt and thereafter to deploy towards future acquisitions in our
core areas of operation.
Rundle will handle the southern Alberta and south western Saskatchewan
packages of the disposition. Scotia Waterous will handle the northern and
central Alberta, British Columbia, Northwest Territories and Wyoming packages
of the disposition.
Detailed Information Memorandums will be issued by Rundle and Scotia
Waterous in mid-September 2008, at which time access to additional
confidential information will be available to those parties who execute a
confidentiality agreement. Data rooms and seismic workstations will also be
available at that time. Non-binding proposals will be due in mid-October 2008
with closing anticipated by year end.
The completion of the asset dispositions contemplated by this news
release is contingent on various factors, including without limitation
favourable market conditions, our ability to negotiate acceptable terms of
sale and the receipt of any required approvals for such dispositions. There
can be no assurance that all or any part of such assets will be disposed of by
Penn West.
Please direct all communication regarding the disposition packages to:
Rundle Energy Partners Scotia Waterous Inc.
Website: www.rundleenergy.com Website: www.waterous.com
Mark McMurray Jeff Bowron
Managing Director Director
Corporate Development Phone: 403-261-2377
Phone: 403-298-9727 E-mail:
E-mail: jeff_bowron@scotiawaterous.com
mmcmurray@rundleenergy.com
or or
Rich Wickens Paul Walmsley
Managing Director Managing Director
Phone: 403-298-9730 Phone: 403-218-6789
E-mail: E-mail:
rwickens@rundleenergy.com paul_walmsley@scotiawaterous.com
Penn West trust units and debentures are listed on the Toronto Stock
Exchange under the symbols PWT.UN, PWT.DB.B, PWT.DB.C, PWT.DB.D, PWT.DB.E and
PWT.DB.F and Penn West trust units are listed on the New York Stock Exchange
under the symbol PWE.
ADVISORIES
Barrels of Oil Equivalent
In this news release, the calculation of barrels of oil equivalent (boe)
is calculated at a conversion rate of six thousand cubic feet (mcf) of natural
gas for one barrel (bbl) of oil. Boes may be misleading, particularly if used
in isolation. A boe conversion ratio of six mcf to one bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.
Forward-Looking Statements
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 particular, this document contains forward-looking statements
pertaining to, without limitation, Penn West's intention to dispose of certain
non-core assets, the timing of closing such disposition transactions and the
use of the cash proceeds to be derived therefrom.
With respect to forward-looking statements contained in this document, we
have made assumptions regarding, among other things, our ability to negotiate
acceptable terms of sale and the receipt of any required approvals for such
dispositions. Although Penn West believes 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, which may cause Penn West's actual performance and
financial results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include, among other
things: Penn West's ability to negotiate acceptable terms for the non-core
assets being marketed; Penn West's ability to obtain all third party approvals
necessary to dispose of such assets; and the other factors described in Penn
West's public filings (including our Annual Information Form) available in
Canada at www.sedar.com and in the United States at www.sec.gov. Readers are
cautioned that this list of risk factors should not be construed as
exhaustive.
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, Penn West does 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 200, 207 - 9th Avenue,
S.W., Calgary, Alberta, T2P 1K3, Phone: (403) 777-2500, Fax: (403) 777-2699,
Toll Free: 1-866-693-2707, Website: www.pennwest.com; Investor Relations: Toll
Free: 1-888-770-2633, E-mail: investor_relations@pennwest.com; Jason
Fleury, Manager, Investor Relations, Phone: (403) 539-6343, E-mail:
jason.fleury@pennwest.com
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Penn West Energy Trust
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CODE : PWE |
ISIN : CA7078871059 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Penn West Energy Trust est une société de production minière et de pétrole basée au Canada. Penn West Energy Trust détient divers projets d'exploration au Canada. Son principal projet en exploration est SWAN HILLS au Canada. Penn West Energy Trust est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 80,7 millions US$ (73,8 millions €). La valeur de son action a atteint son plus haut niveau récent le 29 mai 2009 à 9,98 US$, et son plus bas niveau récent le 01 avril 2020 à 0,15 US$. Penn West Energy Trust possède 504 340 988 actions en circulation. |