Penn West Energy Trust Announces Extension of Offer for C1 Energy Ltd.

    CALGARY, Aug. 3 /CNW/ - (PWT.UN - TSX; PWE - NYSE) - Penn West Energy
Trust (the "Trust") announced today that as of 8:00 a.m. (Calgary time) on
August 3, 2007, approximately 30,384,954 common shares of C1 Energy Ltd.
("C1") had been validly deposited pursuant to the previously announced offer
of 1329813 Alberta Ltd. (the "Offeror") (an indirect wholly-owned subsidiary
of the Trust) to acquire all of the common shares of C1, including any common
shares issued or issuable upon the exercise or conversion of any options,
performance shares or other securities in the capital of C1. The Offeror has
taken-up all common shares deposited to the Offer to date, which represent
approximately 85.0% of the common shares of C1 on a fully-diluted basis. The
Offeror has further extended its offer until 5:00 p.m. (Calgary time) on
August 14, 2007, to allow C1 shareholders an additional opportunity to tender
their shares. A notice of extension will be mailed to C1 shareholders.
    The consideration offered for each common share of C1 is $0.20 cash.
Certain of C1's assets are located in the Peace River Arch area of Alberta
near Penn West's strategic Peace River Oil Sands Project.

    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, Website:, 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:

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