Penn West Energy Trust (TSX - PWT.UN; NYSE - PWE) resumes partial production at its Wildboy property



    CALGARY, June 8 /CNW/ - Penn West Energy Trust ("Penn West") wishes to
report that, following a fire on May 13, 2007, it has successfully resumed
production of approximately 28 million cubic feet per day of natural gas at
its 100 percent owned Wildboy gas plant in Northern British Columbia. The
current production represents approximately 56 percent of the pre-fire level.
Penn West expects the remainder of the pre-fire natural gas production will
resume by October 2007, after the reconstruction of the gas plant tank farm
and adjacent equipment that was destroyed in the fire.
    Penn West carries both property and business interruption insurance for
the Wildboy gas plant that provides a $200 million limit subject to certain
deductibles. The dollar limit of the policy is expected to be sufficient to
cover all claims related to the fire. The deductible portion of the property
insurance is $500,000 and will be borne by Penn West in the reconstruction of
the facilities. The deductible portion of our business interruption insurance
is a period of 720 hours. As a result, the value of production lost from
May 13, 2007 to June 11, 2007 will be borne by Penn West. This portion of the
lost production is expected to reduce production and related operating margins
to be reported by approximately 2,400 barrels of oil equivalent, or
approximately two percent, in the second quarter of 2007 and approximately 600
barrels of oil equivalent per day, or approximately one-half of one percent,
in the 2007 calendar year. Subsequent to June 11, 2007, Penn West expects its
business interruption insurance will compensate for the dollar value of lost
production incurred between the expiration of the deductible period until such
time as full production is restored.

    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.

    Forward looking statements

    In the interest of providing Penn West's unitholders and potential
investors with information regarding Penn West, including management's
assessment of Penn West's future plans and operations, certain statements
contained in this document, including, without limitations, statements with
respect to the timing for the resumption of production, the sufficiency of our
insurance to cover all claims related to the fire, and production and
operating margin estimates, 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.
    With respect to forward-looking statements contained in this document, we
have made assumptions regarding, among other things: future oil and natural
gas prices and differentials between light, medium and heavy oil prices;
future oil and natural gas production levels; future exchange rates; the
sufficiency of our insurance; construction timing; and our ability to obtain
all necessary approvals.
    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: volatility in market prices for oil and natural gas; general economic
conditions in Canada, the U.S. and globally; demand for construction services;
unexpected construction delays; industry conditions, including fluctuations in
the price of oil and natural gas; royalties payable in respect of Penn West's
oil and natural gas production; changes in government regulation of the oil
and natural gas industry, including environmental regulation; fluctuations in
foreign exchange or interest rates; unanticipated operating events that can
reduce production or cause production to be shut-in or delayed; OPEC's ability
to control production and balance global supply and demand of crude oil at
desired price levels; political uncertainty, including the risks of
hostilities, in the petroleum producing regions of the world; the need to
obtain required approvals from regulatory authorities from time to time;
failure to realize the anticipated benefits of acquisitions, including the
merger with Petrofund Energy Trust and the Acquisition; and the other factors
described in Penn West's public filings (including our 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.

    %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, Website: www.pennwest.com, Toll-free:
1-866-693-2707, Phone: (403) 777-2500, Fax: (403) 777-2699; Investor
Relations: William Andrew, President and CEO, Phone (403) 777-2502, Toll-free:
1-888-770-2633, E-mail: investor_relations@pennwest.com


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