Penn West Energy Trust announces the pricing of a proposed private placement of Notes in the United Kingdom and confirms its July cash distribution

    CALGARY, July 16 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy
Trust ("Penn West") announces it priced a proposed offering of notes to be
issued on a private placement basis, primarily in the United Kingdom. The
placement is expected to consist of 6.95 percent notes due in 2018 with an
aggregate principal amount of approximately CDN$114 million, after the effect
of transacted cross-currency swaps.
    The notes will be unsecured and rank equally with Penn West's bank
facilities and outstanding senior notes issued in May 2007 and May 2008.
Subject to the satisfaction of customary closing conditions, the offering is
expected to close on or about July 28, 2008. Penn West intends to use the
proceeds of the note offering to repay a portion of its advances on its
syndicated bank facilities.
    The notes have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act.
    Penn West also confirms that its July 2008 cash distribution will be
CDN$0.34 per trust unit payable on August 15, 2008 to unitholders of record on
July 31, 2008. The ex-distribution date is July 29, 2008.
    The CDN$0.34 per unit is equivalent to approximately US$0.34 per unit
(before deduction of any applicable Canadian withholding tax), using a par
U.S./Canadian exchange rate. Registered unitholders with U.S. addresses will
receive their distributions directly from Penn West's transfer agent, and will
be paid in U.S. currency using the exchange rate in effect on the record date.
Non-registered U.S. unitholders will receive their distributions through their
    Penn West trust units and debentures are listed on the Toronto Stock
Exchange under the symbols PWT.UN, PWT.DB.A, PWT.DB.B, PWT.DB.C, PWT.DB.D,
PWT.DB.E and PWT.DB.F and Penn West trust units are listed on the New York
Stock Exchange under the symbol PWE.

    Advisory Regarding Forward-looking statements: Certain statements
contained in this document 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. In particular, this document contains forward-looking statements
pertaining to, without limitation, the offering size, terms, use of proceeds
and closing date of the proposed debt offering.
    With respect to forward-looking statements contained in this document, we
have made assumptions regarding, among other things: investor demand for Penn
West's notes; the successful completion of due diligence; the timing of
closing the proposed debt offering; 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, general economic conditions in Canada, the U.S. and globally, and the
possibility that due diligence may not be completed satisfactorily or that the
closing conditions for the offering are not satisfied or that closing will be
delayed or not occur at all. 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

    %SEDAR: 00022266E          %CIK: 0001334388

For further information:

For further information: PENN WEST ENERGY TRUST, Suite 200, 207 - 9th
Avenue S.W., Calgary, Alberta, T2P 1K3, Phone: (403) 777-2500, Fax: (403)
777-2699, Toll Free: 1-866-693-2707, Website:; Investor
Relations: Toll Free: 1-888-770-2633, E-mail:;
William Andrew, CEO,  Phone: (403) 777-2502, E-mail:;
Jason Fleury, Manager, Investor Relations, Phone: (403) 539-6343, E-mail:

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