Profile

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust in North America. Penn West’s production averaged 128,024 boe per day at December 31, 2007, of which just under half was natural gas.

In May 2005 Penn West converted from a senior independent exploration and production company into an income trust. The opening June 2005 cash distribution rate to unitholders was $0.26 CDN per unit monthly, and was payable in July. In November 2005, the Trust increased the monthly distribution rate to $0.31 CDN per unit and again in February, 2006 to $0.34 CDN per unit.

Based in Calgary, Alberta, Penn West operates in three core areas throughout the Western Canada Sedimentary Basin. Penn West is an actively managed trust with a large and diversified asset portfolio, experienced and specialized technical teams, and an extensive inventory of internal opportunities.

The Trust conducts a substantial capital program funded by retaining a proportion of cash flow. In addition, Penn West’s extensive undeveloped lands (3.2 million net acres at the end of December 31, 2007) create a source of additional value through land monetization, farm-outs and exploration joint ventures.     

Penn West’s management team is committed to a strategy of distributions stability and maximizing value for unitholders over the long term. The management team has a 15-year track record of operational and financial success. This includes accretive acquisitions and consistent financial discipline.