Penn West Energy Trust and Endev Energy Inc. Announce the Completion of Previously Announced Plan of Arrangement
22 Julio 2008 - 12:53PM
PR Newswire (US)
CALGARY, July 22 /PRNewswire-FirstCall/ -- (TSX - PWT.UN; NYSE -
PWE) Penn West Energy Trust ("Penn West") and (ENE - TSX) Endev
Energy Inc. ("Endev") are pleased to announce that the acquisition
of Endev by Penn West pursuant to the previously announced plan of
arrangement (the "Arrangement") was completed today. Under the
Arrangement, holders ("Endev Shareholders") of Endev common shares
("Endev Shares") will receive 0.041 of a Penn West trust unit
("Penn West Units") for each Endev Share held. The first
distribution that former Endev Shareholders will be eligible to
receive from Penn West will be the distribution payable on or about
August 15, 2008 to holders of Penn West Units ("Penn West
Unitholders") of record on July 31, 2008, provided such former
Endev Shareholders continue to be Penn West Unitholders as of such
record date. Letters of transmittal have been forwarded to Endev
Shareholders to be utilized in order to exchange their Endev Shares
for Penn West Units and to receive future distributions on such
Penn West Units. Endev Shares are expected to be de-listed from the
Toronto Stock Exchange ("TSX") within a few trading days upon
issuance of a bulletin of the TSX confirming receipt by the TSX of
all necessary documents in connection with the closing of the
Arrangement and related matters. Penn West Units will continue to
trade on the TSX under the symbol PWT.UN and on the New York Stock
Exchange under the symbol PWE. Former Endev Shareholders who are
resident in Canada or the United States and who are interested in
participating in the Penn West distribution reinvestment plan (the
"Penn West DRIP") should, if they are now a registered Penn West
Unitholder, complete and deliver an authorization form to CIBC
Mellon Trust Company (Penn West's registrar and transfer agent). If
they are now a beneficial Penn West Unitholder, they should contact
their broker, investment dealer, financial institution or other
nominee through which their Penn West Units are held and provide
instructions on how they wish to participate in the Penn West DRIP.
The authorization form for registered Penn West Unitholders can be
obtained at http://www.pennwest.com/. Penn West Energy Trust is a
senior oil and natural gas energy trust based in Calgary, Alberta.
Penn West trust units and debentures are listed on The Toronto
Stock Exchange under the symbols PWT.UN, PWT.DB.C and PWT.DB.E and
Penn West trust units are listed on the New York Stock Exchange
under the symbol PWE. Forward-looking Statements: Certain
information regarding Penn West Energy Trust, including the payment
of distributions on the Penn West Units, may constitute
forward-looking statements under applicable securities law and
necessarily involve risks, including, without limitation, risks
associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition, failure to
realize the anticipated benefits of the combination, ability to
access sufficient capital from internal and external sources;
failure to obtain required regulatory approvals, changes in
legislation, including but not limited to tax laws and
environmental regulations. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect Penn West's operations or financial
results are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR
website (http://www.sedar.com/), the SEC's website
(http://www.sec.gov/) or at Penn West's website
(http://www.pennwest.com/). 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. DATASOURCE: Penn West
Energy Trust CONTACT: 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:
http://www.pennwest.com/; Investor Relations: Toll Free:
1-888-770-2633, E-mail: ; William Andrew, CEO, Phone: (403)
777-2502, E-mail: ; Jason Fleury, Manager, Investor Relations,
Phone: (403) 539-6343, E-mail:
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