Penn West Energy Trust confirms December cash distribution, provides spending guidance, and updates divestiture package
CALGARY, Dec. 17 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy
Trust ("Penn West") confirms that its December 2008 cash distribution will be
CDN$0.34 per trust unit payable on January 15, 2009 to unitholders of record
on December 31, 2008. The ex-distribution date is December 29, 2008.
The CDN$0.34 per unit is equivalent to approximately US$0.28 per unit
(before deduction of any applicable Canadian withholding tax) using currency
exchange of one Canadian dollar equals US$0.82. Registered unitholders with
U.S. addresses will receive their distributions directly from Penn West's
transfer agent, and will be paid in U.S. currency using the exchange rate in
effect on the record date. Non-registered U.S. unitholders will receive their
distributions through their brokers.
Penn West's previously announced disposition package met with
considerable interest given the weakening commodity price environment and the
tightening credit market. To date, we have closed or have signed purchase and
sale agreements with purchasers for properties currently producing
approximately 3,400 BOE per day with anticipated aggregate proceeds of
approximately $147 million. The sales are subject to normal industry closing
conditions. We currently expect all transactions to be completed by February
2009. The proceeds from these sales will be applied to our bank debt.
Penn West plans to substantially reduce capital spending in the first six
months of 2009 compared to the $525 million spent in the first six months of
2008. We believe industry costs currently do not reflect commodity prices and
netback realizations. Our capital program for the balance of 2009 will reflect
our future view of commodity pricing, available acquisition opportunities, and
trends in operating costs.
Based on the current outlook for commodity prices, we believe reduced
activity levels in western Canada will translate into a lower cost environment
later in 2009. We will be targeting reductions in general & administrative
expenses early in 2009 and we will continue to focus on opportunities to
reduce operating costs. Cost reductions in combination with limiting our
capital spending in the first half of 2009 will add to our financial
flexibility and better position Penn West for potential strategic
acquisitions.
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, the following: the status of our ongoing
asset disposition program, including the terms of potential dispositions, the
timing for closing potential dispositions, and the use of proceeds obtained
therefrom; the possibility that we may complete one or more strategic
acquisitions in 2009; management's expectations as to our 2009 annual and
first half capital expenditure budget; the impact of our reduced capital
expenditures budget on our 2009 production levels; and our intention to reduce
our expenses in 2009. With respect to forward-looking statements contained in
this document, we have made assumptions regarding, among other things: future
oil and natural gas prices and differentials between light, medium and heavy
oil prices; future capital expenditure levels; future oil and natural gas
production levels; future exchange rates; the amount of future cash
distributions that we intend to pay; our ability to market our oil and natural
gas successfully to current and new customers; the impact of increasing
competition; our ability to obtain financing on acceptable terms; and our
ability to maintain existing production levels and add production and reserves
through our development and exploitation activities. 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: competition for, among other things, capital, acquisitions of
reserves, resources, undeveloped lands and skilled personnel; geological,
technical, drilling and processing problems; general economic conditions in
Canada, the U.S. and globally; industry conditions, including fluctuations in
the price of oil and natural gas; royalties payable in respect of our oil and
natural gas production; changes in government regulation of the oil and
natural gas industry, including environmental regulation; fluctuations in
foreign exchange or interest rates; unanticipated operating events that can
reduce production or cause production to be shut-in or delayed; stock market
volatility and market valuations; OPEC's ability to control production and
balance global supply and demand of crude oil at desired price levels;
political uncertainty, including the risks of hostilities, in the petroleum
producing regions of the world; changes in tax laws; changes in the Alberta
royalty framework; uncertainty of obtaining required approvals for
dispositions, acquisitions and mergers; our failure to close one or more asset
disposition transactions on the terms agreed to or at all; our inability to
materially reduce our expenses as intended; 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.
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.
%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; William
Andrew, CEO, Phone: (403) 777-2502, E-mail: bill.andrew@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. |