Penn West Energy Trust receives Investment Canada approvals for pending acquisitions



    CALGARY, Jan. 7 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy Trust
is pleased to announce that the proposed plan of arrangement between Penn West
Energy Trust and Vault Energy Trust (the "Penn West-Vault Transaction") and
the proposed plan of arrangement between Penn West Energy Trust and Canetic
Resources Trust (the "Penn West-Canetic Transaction") have each been
determined by the Canadian Minister of Industry to be of net benefit to
Canada.
    In order to demonstrate to the Minister of Industry that the Penn
West-Vault Transaction and the Penn West-Canetic Transaction will be of net
benefit to Canada, Penn West made certain commitments to the Minister of
Industry. These commitments included undertakings to expend significant
capital towards the development of the Vault and Canetic properties and
businesses; maintaining its head offices in Calgary, Alberta and continuing to
carry out its head office functions in Canada; maintaining certain aggregate
employment levels and utilizing its expertise in, and ability to fund,
unconventional resource exploitation and development through a focused
evaluation of potential large scale, multi-year projects and other
opportunities for the exploitation, development and optimization of Vault's
and Canetic's unconventional resource properties. Penn West's 2008 capital
expenditure program will approximate $900 million.
    Following the closing of the Penn West-Vault and the Penn West-Canetic
Transactions, Penn West will be positioned to create long-term value for Penn
West unitholders and former Vault Energy Trust and Canetic Resources Trust
unitholders through a high-quality, long-life asset base, a strong balance
sheet and an extensive drilling inventory, as well as improved access to
equity and debt markets resulting from Penn West's increased size.

    Forward-Looking Statements

    Certain statements contained in this document 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 addition, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated and can be
profitably produced in the future. In particular, this document contains,
without limitation, forward-looking statements pertaining to the following:
the commitments made by Penn West to the Minister of Industry, including Penn
West's 2008 capital expenditure budget and Penn West's intention to exploit,
develop and optimize Vault's and Canetic's unconventional resource properties;
and Penn West's ability to create long term value for unitholders as a
consequence of the completion of the acquisition of Vault and the merger with
Canetic. With respect to forward-looking statements contained in this
document, we have made assumptions regarding, among other things, our ability
to comply with the commitments made to the Minister of Industry. Although Penn
West believes that the expectations reflected in the forward-looking
statements contained in this document, 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 document
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 Penn West's 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, among other
things, the factors described in Penn West's public filings (including its
Annual Information Form) available in Canada at www.sedar.com and in the
United States at www.sec.gov. Readers are cautioned that this list of risk
factors should not be construed as exhaustive. 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.

    Penn West Energy Trust is a senior oil and natural gas energy trust based
in Calgary, Alberta that trades on the Toronto Stock Exchange under the symbol
PWT.UN and on the New York Stock Exchange under the symbol PWE.

    %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, Website: www.pennwest.com; Investor
Relations: Phone: 1-888-770-2633, E-mail: investor_relations@pennwest.com,
William Andrew, President and CEO, Phone: (403) 777-2502


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890