Penn West Energy Trust provides 2008 income tax information to Penn West unitholders, former Canetic unitholders and former Vault unitholders
CALGARY, Feb. 11 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy
Trust ("Penn West") is pleased to provide 2008 tax information on
distributions to Penn West unitholders, former Canetic Resources Trust
("Canetic") unitholders and former Vault Energy Trust ("Vault") unitholders
resident in Canada and the United States.
The following information is provided to assist individual unitholders
with 2008 income tax reporting. It is not intended to constitute legal or tax
advice to any particular holder of Penn West units or former holders of
Canetic or Vault units. Readers should consult with their legal or tax
advisors as to their particular tax consequences of holding Penn West units or
of having held Canetic or Vault units.
Further tax information in the form of specific tax letters setting forth
the taxability of Penn West distributions, Canetic distributions and Vault
distributions on a monthly basis for Canadian and U.S. residents is available
on Penn West's website at www.pennwest.com. If you would like a copy of the
2008 tax information for Penn West, Canetic or Vault please contact Investor
Relations at 1-888-770-2633 or by e-mail at
investor_relations@pennwest.com.
2008 Canadian Tax Information
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For the 2008 tax year, Penn West has determined that the distributions
received by Canadian resident unitholders of Penn West are 100 percent taxable
as "other income" with no return of capital.
For the 2008 tax year, Penn West has determined that the Special
Distribution declared by Canetic Resources Trust to its Canadian resident
unitholders of record on January 10, 2008 is 17.11 percent taxable as "other
income" with 82.89 percent return of capital.
The taxable portion of the final distribution paid on January 15, 2008 to
former Vault unitholders of record on December 31, 2007 was subject to tax in
the 2007 taxation year. Consequently, for Canadian resident unitholders only,
NO FURTHER AMOUNTS are to be reported for Vault distributions in the 2008
taxation year, and such, Vault unitholders will not be receiving a T3
supplementary slip for 2008.
2008 U.S. Tax Information
-------------------------
In consultation with its U.S. tax advisors, Penn West believes that the
units of Penn West, Canetic and Vault more likely than not will be properly
classified as equity in a corporation, rather than debt, for U.S. federal
income tax purposes, and that distributions paid to its individual U.S.
unitholders will more likely than not be "Qualified Dividends" under the Jobs
and Growth Tax Relief Reconciliation Act of 2003. There are certain individual
circumstances where the distributions may not be Qualified Dividends (such as
situations where individual unitholders do not meet a holding period test). As
such, the portion of the distributions made during 2008 that are considered
dividends should qualify for the reduced rate of tax applicable to certain
capital gains with respect to eligible individual unitholders.
Provided the 2008 Penn West, Canetic and Vault distributions are
considered to be qualified dividends as noted above, Penn West has determined
that 100 percent of Penn West, Canetic and Vault distributions paid during the
year will be taxable for U.S. tax purposes as "qualified dividends" with no
return of capital.
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 nature of the
distributions paid by Penn West, Canetic and Vault to Canadian resident
unitholders in 2008 for Canadian income tax reporting purposes; the proper
classification of Penn West's trust units for U.S. federal income tax
purposes; the nature of the distributions paid by Penn West, Canetic and Vault
to U.S. resident unitholders in 2008 for U.S. income tax reporting purposes.
With respect to forward-looking statements contained in this document, we have
made assumptions regarding, among other things, the continuation of current
Canadian and U.S. income tax legislation and the interpretation thereof as it
relates to the characterization of the trust units and the distributions paid
thereon by applicable taxation authorities. Although we 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, which may cause our 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: the
possibility of changes (which may be retroactive) in existing Canadian and
U.S. income tax legislation and/or the interpretation thereof as it relates to
the characterization of the trust units and the distributions paid thereon by
applicable taxation authorities; and the other factors described in our 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, we 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.
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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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. |