Enterra Energy Trust Announces Bought Deal Financing


    CALGARY, April 4 /CNW/ - Enterra Energy Trust ("Enterra" or the "Trust")
(TSX: ENT.UN, NYSE:   ENT) is pleased to announce that it has entered into an
agreement to issue, to a syndicate of Canadian underwriters, on a bought deal
basis and subject to regulatory approval, a combination of convertible
debentures and trust units. The underwriting syndicate is led by Scotia
Capital Inc. and includes CIBC World Markets Inc., HSBC Securities (Canada)
Inc. and Orion Securities Inc. Proceeds of the financing will be used to
finance the acquisition of common shares of a private company active in oil
and gas exploration and development in western Saskatchewan and for general
corporate purposes. Closing of the offering, which is subject to customary
regulatory approvals, is expected to occur on or about April 25, 2007.


    Enterra will issue convertible unsecured subordinated debentures (the
"Debentures") for gross proceeds of Cdn$40,000,000. The Debentures will be
convertible into units of the Trust at the option of the holder at a
conversion price of Cdn$6.80 per unit. The Debentures will bear interest at a
rate of 8.25% per annum, payable semi-annually in arrears on December 31 and
June 30 of each year commencing on December 31, 2007. The Debentures will
mature on June 30, 2012.


    Enterra will also issue 4,300,000 trust units at a price of Cdn$5.90 per
unit for gross proceeds of Cdn$25,370,000. Enterra has granted the
underwriters an option, exercisable in whole or in part until 30 days
following closing, to purchase up to 645,000 additional trust units at the
same offering price, to cover over-allotments and for market stabilization
purposes. Should the underwriters' over-allotment option be fully exercised,
the total gross proceeds of the financing will be Cdn$29,175,500.
    The trust units and the Debentures will be eligible for sale in all
provinces of Canada pursuant to a short form prospectus. 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, as amended and may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements. The Debentures are not eligible for sale in the
United States or internationally.

    About Enterra Energy Trust
    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
Oklahoma, U.S.A.

    Forward-Looking Statements
    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 closing of the offering
and 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
    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: (403) 263-0262 or (877) 263-0262, E-mail:
ekconrad@enterraenergy.com; Victor Roskey, Senior Vice President & CFO,
Enterra Energy Trust, Telephone: (403) 263-0262 or (877) 263-0262, E-mail:
vroskey@enterraenergy.com, www.enterraenergy.com

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