Penn West Energy Trust announces the extension of the Distribution Reinvestment Plan to United States resident Unitholders

    CALGARY, Aug. 9 /CNW/ - (PWT.UN - TSX; PWE - NYSE) Penn West Energy Trust
("Penn West") is pleased to announce the adoption of an amended and restated
Distribution Reinvestment and Optional Trust Unit Purchase Plan (the "New
Plan"). The New Plan continues to provide eligible holders of Penn West's
units the opportunity to reinvest monthly cash distributions to acquire
additional units at a price which will initially be at a discount to market
without having to pay commissions, service charges or brokerage fees.
Unitholders resident in the United States are now eligible to participate in
the distribution reinvestment component of the plan beginning with the
distribution payable on September 14, 2007 to Unitholders of record on
August 31, 2007. Except for the eligibility of U.S. unitholders in the
distribution reinvestment portion of the plan, all of the aspects of the
original plan introduced on December 8, 2005 have been retained.
    At the discretion of Penn West Petroleum Ltd. (the "Corporation"),
administrator of Penn West, units for the reinvestment of distributions may be
issued from treasury at 95 percent of the average market price or acquired in
the open market at prevailing prices. While the Corporation currently intends
that units will be issued from treasury at a discount to satisfy the
distribution reinvestment component of the New Plan, no assurances can be made
that the Corporation will not exercise its discretion at a future time to
acquire trust units in the open market at prevailing market prices.
    Unitholders who are residents of Canada, and enrolled in the distribution
reinvestment component of the New Plan, may also purchase additional units
under the optional trust unit purchase component of the New Plan, subject to a
monthly maximum of $5,000 and a minimum of $500. Such units will be acquired
in the open market at prevailing prices or issued from treasury at the average
market price (without a discount).
    Unitholders who hold their units through a broker, financial institution
or other nominee ("beneficial owners") must enroll for distribution
reinvestment through their nominee holder. Unitholders currently participating
in the old plan do not need to take any action in order to participate in the
New Plan.
    Registered Unitholders may obtain the documents required to enroll in the
plan by contacting Berk Sumen of our Investor Relations Department at
1-888-770-2633, by email at, or directly from
the Penn West website at - "Investors - Distributions - DRIP
- DRIP Overview". In addition, plan enrollment information and documents may
be obtained from our transfer agent, CIBC Mellon, by phone at 1-800-387-0825,
through their website at or by mail at CIBC Mellon Trust
Company, P.O. Box 7010, Adelaide Street Postal Station, Toronto, Ontario,
M5C 2W9.
    A registration statement on Form F-3 in respect of the New Plan has been
filed with the United States Securities and Exchange Commission and is
available for viewing at A copy of the prospectus contained in
the registration statement may be obtained by contacting Berk Sumen at the
above contact information.
    The full text of the New Plan will be mailed to Unitholders currently
participating in the plan in the near future.
    Penn West Energy Trust is a senior oil and natural gas energy income
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

    %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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