Enterra Energy Trust Announces Bought Deal Financing
Calgary, Alberta � April 4, 2007 � Enterra Energy Trust
(�Enterra� or the �Trust�) (TSX: ENT.UN, NYSE: ENT) is pleased
to announce that it has entered into an agreement to issue, to
a syndicate of Canadian underwriters on a bought deal basis and
subject to regulatory approval, a combination of convertible
debentures and trust units. Proceeds of the financing will be
used to finance the acquisition of common shares of a private
company active in oil and gas exploration and development in
western Saskatchewan and for general corporate purposes of the
Trust. Closing of the offering, which is subject to customary
regulatory approvals, is expected to occur on or about April
25, 2007.
CONVERTIBLE DEBENTURES
Enterra will issue convertible unsecured subordinated
debentures (the "Debentures") for gross proceeds of
Cdn$40,000,000. The Debentures will be convertible into units
of the Trust at the option of the holder at a conversion price
of Cdn$6.80 per trust unit. The Debentures will bear interest
at a rate of 8.25% per annum, payable semi-annually in arrears
on December 31 and June 30 of each year commencing on December
31, 2007. The Debentures will mature on June 30, 2012.
TRUST UNITS
Enterra will also issue 4,300,000 trust units at a price of
Cdn$5.90 per unit for gross proceeds of Cdn$25,370,000.
Enterra has granted the underwriters an option, exercisable in
whole or in part until 30 days following closing, to purchase
up to 645,000 additional trust units at the same offering
price, to cover over-allotments and for market stabilization
purposes. Should the underwriters� over-allotment option be
fully exercised, the total gross proceeds of the financing will
be Cdn$29,175,500.
The trust units and the Debentures will be eligible for sale in
all provinces of Canada pursuant to a short form prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any state in the United States in
which such offer, solicitation or sale would be unlawful. The
securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended and may not be offered or sold in the United States
absent registration or an applicable exemption from
registration requirements. The Debentures are not eligible for
sale in the United States or internationally.
About Enterra Energy Trust
Enterra Energy Trust is a conventional oil and gas trust based
in Calgary, Alberta. The Trust acquires, operates and exploits
petroleum and natural gas assets principally in Alberta and
British Columbia, Canada, and in Oklahoma, U.S.A.
Forward-Looking Statements
Certain information in this press release constitutes forward-
looking statements under applicable securities law. Any
statements that are contained in this press release that are
not statements of historical fact may be deemed to be forward-
looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expects" and similar expressions. Forward-looking statements
in this press release include, but are not limited to,
statements with respect to the closing of the offering and the
use of proceeds of the offering. Forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with oil and gas production,
marketing and transportation; loss of markets; volatility of
commodity prices; currency and interest rate fluctuations;
imprecision of reserve estimates; environmental risks;
competition; incorrect assessment of the value of acquisitions;
failure to realize the anticipated benefits of acquisitions;
inability to access sufficient capital from internal and
external sources; changes in legislation, including but not
limited to income tax, environmental laws and regulatory
matters. Readers are cautioned that the foregoing list of
factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-
looking statements as there can be no assurance that the plans,
intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward looking statements contained in this press
release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could
affect Enterra's operations or financial results are included
in Enterra's reports on file with Canadian and U.S. securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), the SEC's website (www.sec.gov),
Enterra's website (www.enterraenergy.com) or by contacting
Enterra. Furthermore, the forward-looking statements contained
in this news release are made as of the date of this news
release, and Enterra does not undertake any obligation to
update publicly or to revise any of the included forward-
looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
securities law.
For further information please contact:
E. Keith Conrad
President & CEO, Enterra Energy Trust
Telephone: (403) 263-0262 or (877) 263-0262
E-mail: ekconrad@enterraenergy.com
Victor Roskey
Senior Vice President & CFO, Enterra Energy Trust
Telephone: (403) 263-0262 or (877) 263-0262
E-mail: vroskey@enterraenergy.com
www.enterraenergy.com
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Enterra Energy Trust
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CODE : ENT |
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Enterra Energy est une société de production minière basée au Canada. Enterra Energy est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 162,1 millions US$ (137,7 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 mars 2000 à 99,94 US$, et son plus bas niveau récent le 20 mars 2020 à 0,06 US$. Enterra Energy possède 85 310 000 actions en circulation. |