/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES/
CALGARY, April 26 /CNW/ - Enterra Energy Trust ("Enterra" or the "Trust")
(NYSE: ENT, TSX: ENT.UN) announces that it has closed its previously announced
bought deal financing of trust units and debentures.
Pursuant to the bought deal financing, the Trust issued 4,300,000 trust
units at an issue price of $5.90 per trust unit and $40 million of 8.25%
unsecured subordinated debentures convertible into trust units at a price of
$6.80 per trust unit for aggregate gross proceeds of approximately $65.4
million. The offering was led by Scotia Capital Inc. and included CIBC World
Markets Inc., HSBC Securities (Canada) Inc. and Orion Securities Inc.
The net proceeds from the offering will be used to fund the acquisition
of Trigger Resources Ltd.
The Trust is also pleased to announce that 100% of the issued and
outstanding shares of Trigger Resources Ltd. have been tendered in acceptance
of the previously announced offer to purchase such shares made by an affiliate
of the Trust. The closing of the offer is anticipated to occur on April 30,
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any state in the United States in which such offer, solicitation
or sale would be unlawful. The securities referred to herein have not been and
will not be registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
Enterra Energy Trust is a conventional oil and gas trust based in
Calgary, Alberta. The Trust acquires, operates and exploits petroleum and
natural gas assets principally in Alberta and British Columbia, Canada and in
Certain information in this press release constitutes forward-looking
statements under applicable securities law. Any statements that are contained
in this press release that are not statements of historical fact may be deemed
to be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "expects" and
similar expressions. Forward-looking statements in this press release include,
but are not limited to, statements with respect to the use of proceeds of the
offering. Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with oil and gas
production, marketing and transportation; loss of markets; volatility of
commodity prices; currency and interest rate fluctuations; imprecision of
reserve estimates; environmental risks; competition; incorrect assessment of
the value of acquisitions; failure to realize the anticipated benefits of
acquisitions; inability to access sufficient capital from internal and
external sources; changes in legislation, including but not limited to income
tax, environmental laws and regulatory matters. Readers are cautioned that the
foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such information, although
considered reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those anticipated.
Forward looking statements contained in this press release are expressly
qualified by this cautionary statement.
Additional information on these and other factors that could affect
Enterra's operations or financial results are included in Enterra's reports on
file with Canadian and U.S. securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com), the SEC's website
(www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting
Enterra. Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, and Enterra does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as expressly required by securities law.
For further information:
For further information: E. Keith Conrad, President & CEO, Enterra
Energy Trust, Telephone: (877) 263-0262, E-mail: firstname.lastname@example.org;
Victor Roskey, Senior Vice President & CFO, Enterra Energy Trust, Telephone:
(877) 263-0262, E-mail: email@example.com