Canetic Resources Trust announces special distribution

    CALGARY, Jan. 7 /CNW/ - (CNE.UN - TSX; CNE - NYSE) Canetic Resources
Trust ("Canetic") is pleased to announce that a one-time special cash
distribution of C$0.09 per trust unit will be paid to Canetic Unitholders of
record at the close of business on January 10, 2008. Canetic trust units will
commence trading on an ex-distribution basis on January 8, 2008 and the
distribution will be paid on January 11, 2008 to Computershare Trust Company
of Canada ("Computershare"), Canetic's transfer agent, in trust for further
payment to Canetic Unitholders on or about January 17, 2008. Using a Canadian
to U.S. dollar exchange rate of $1.00, the distribution amount is
approximately US$0.09 per trust unit. The actual U.S. dollar equivalent
distribution for unitholders who hold Canetic trust units through a brokerage
firm will be based upon the Canadian to U.S. dollar exchange rate in effect on
the payment date, net of applicable Canadian withholding taxes. Registered
unitholders will be paid directly by Computershare, and the distribution will
be based on the Canadian to U.S. dollar exchange rate as of the date of
record, net of applicable Canadian withholding taxes. This special
distribution is in addition to the regular monthly January distribution of
$0.19 per Canetic trust unit which will be paid on January 15, 2008 to
unitholders of record on December 31, 2007. The special distribution, together
with the distributions payable on the Penn West trust units following
completion of the Arrangement (assuming no changes to the current distribution
policies of Penn West), will effectively maintain the equivalent of Canetic's
pre-Arrangement monthly cash distributions to Canetic Unitholders for six
months following completion of the Arrangement, taking into account the trust
unit exchange ratio and the current monthly distributions of Penn West and
    On October 31, 2007, Canetic announced that it had entered into an
agreement with Penn West Energy Trust ("Penn West") providing for the
combination of Penn West and Canetic (the "Arrangement"). Pursuant to the
Arrangement, each Canetic trust unit will be exchanged for 0.515 of a Penn
West trust unit. Completion of the Arrangement is subject to a number of
conditions including, but not limited to, the approval of at least 66 2/3
percent of votes cast in person or by proxy at the Special Meeting of Canetic
Unitholders to be held on January 9, 2008, as well as court approvals and
other conditions that are typical of transactions of this nature. Provided
that Canetic Unitholders approve the Arrangement at the Special Meeting, and
that all of the other conditions to the completion of the Arrangement are
satisfied, the Arrangement is expected to become effective on or about January
11, 2008.
    Canetic Unitholders are invited to attend the Special Meeting of Canetic
Unitholders to be held in the Ballroom of the Metropolitan Conference Centre,
333 - 4th Avenue S.W., Calgary, Alberta, Canada at 9:00 a.m. (Calgary time) on
Wednesday, January 9, 2008. The business of the Special Meeting will be to
consider and vote upon the Arrangement. The record date for the determination
of Canetic Unitholders entitled to vote at the Special Meeting was November
30, 2007.

    Canetic is one of Canada's largest oil and gas royalty trusts. Canetic
trust units and debentures are listed on the Toronto Stock Exchange under the
symbols CNE.UN, CNE.DB.A, CNE.DB.B, CNE.DB.C and CNE.DB.E, and the trust units
are listed on the New York Stock Exchange under the symbol CNE.

    ADVISORY: Certain information contained in this news release, including
statements with respect to the timing of the payment of the special
distribution, the closing date of the Arrangement and future cash
distributions, may constitute forward-looking statements under applicable
securities law and necessarily involve risks, including, without limitation,
risks associated with obtaining unitholder and required court approvals. As a
consequence, actual results may differ materially from those anticipated in
the forward-looking statements. Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other
factors that could affect Canetic's and Penn West's operations or financial
results are included in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website (, the
SEC's website ( or, in the case of Canetic, at Canetic's website
( and, in the case of Penn West, at Penn West's website

    %SEDAR: 00023165E          %CIK: 0001349237

For further information:

For further information: Investor Relations: (403) 539-6300, Toll Free

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