Penn West Energy Trust Files Preliminary Short Form Base Shelf Prospectus



    CALGARY, June 2 /CNW/ - (TSX-PWT.UN; NYSE-PWE) - Penn West Energy Trust
("Penn West") is pleased to announce that it has filed a Preliminary Short
Form Base Shelf Prospectus (the "Prospectus") with the securities regulatory
authorities in each of the Provinces of Canada and a Registration Statement
(the "U.S. Registration Statement") with the United States Securities and
Exchange Commission (the "SEC"). This registration will allow Penn West to
offer and issue trust units and subscription receipts, warrants, rights and
options convertible into trust units (collectively referred to as the
"Securities") by way of one or more Prospectus Supplements ("Prospectus
Supplement") at any time during the 25-month period that the Prospectus
remains in place. The Securities may be issued from time to time, with an
aggregate offering amount not to exceed US$1,500,000,000.
    Unless otherwise indicated in a Prospectus Supplement relating to a
particular offering of Securities, Penn West intends to use the net proceeds
from the sale of any Securities for general trust purposes, repayment of
indebtedness and/or the direct or indirect financing of future growth
opportunities, including acquisitions and capital expenditures.
    A U.S. Registration Statement relating to the Securities has been filed
with the SEC but has not yet become effective. The Securities may not be sold,
nor may offers to buy be accepted, before the U.S. Registration Statement
becomes effective. This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the Securities, nor shall there be any
sale of the Securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
    A copy of the Prospectus included in the U.S. Registration Statement can
be obtained upon request by contacting Investor Relations at the contact
information below. A copy of the Prospectus is available electronically at
www.sedar.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.A, 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.

    Advisory Regarding Forward-Looking Statements: Certain statements
contained in this press release 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 press release contains, without limitation,
forward-looking statements pertaining to the use of the net proceeds received
from any sale of Securities pursuant to the Prospectus.
    With respect to forward-looking statements contained in this press
release, we have made assumptions regarding various matters, including the
matters identified in the Prospectus. Although we believe that the
expectations reflected in the forward-looking statements contained in this
press release, 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 press release, 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 those identified in the
Prospectus.
    The forward-looking statements contained in this press release speak only
as of the date of this press release. 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 press release are expressly qualified by this cautionary
statement.

    %SEDAR: 00022266E          %CIK: 0001334388




For further information:

For further information: PENN WEST ENERGY TRUST, Suite 2200, 425 - First
Street S.W., Calgary, Alberta, T2P 3L8, Phone: (403) 777-2500, Toll-free:
1-866-693-2707, Fax: (403) 777-2699; Investor Relations: Phone:
1-888-770-2633, E-mail: investor_relations@pennwest.com, Website:
www.pennwest.com


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