Penn West Energy Trust discloses sale of certain non-core properties

Wed. August 27, 2008; Posted: 12:22 PM

Aug 27, 2008 (M2 EQUITYBITES via COMTEX) -- PWTU | Quote | Chart | News | PowerRating -- Penn West Energy Trust (TSX: PWT.UN) (NYSE: PWE), an open-end investment trust, revealed yesterday (26 August) that certain properties in Alberta, British Columbia, Saskatchewan, Northwest Territories and Wyoming are being offered for sale. Rundle Energy Partners (Rundle) and Scotia Waterous Inc (Scotia Waterous) have been retained as agents. The 10 packages being offered for sale have a combined production of around 16,000 boe per day, at present. The company will use the cash proceeds from the sale of any of these assets to reduce its current bank debt first and then towards future acquisitions in the core areas of operation. The southern Alberta and south western Saskatchewan packages will be handled by Rundle, while Scotia Waterous will handle the northern and central Alberta, British Columbia, Northwest Territory and Wyoming packages of the disposition. Rundle and Scotia Waterous will issue detailed information memorandums in mid-September 2008, with additional information for those parties who execute a confidentiality agreement. Non-binding proposals will be due in mid-October 2008 with closing expected by year end, depending on favourable market conditions, the company's ability to negotiate terms of sale and the receipt of required approvals for such dispositions.

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For full details on Penn West Energy Trust (PWE) click here. Penn West Energy Trust (PWE) has Short Term PowerRatings of 5. Details on Penn West Energy Trust (PWE) Short Term PowerRatings is available at This Link.

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