Penn West Energy Trust provides 2007 income tax information for former Vault unitholders

    CALGARY, Feb. 25 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy
Trust ("Penn West") is pleased to provide 2007 tax information on Vault Energy
Trust ("Vault") distributions for former Vault unitholders resident in Canada
and the United States.
    The following information is provided to assist individual unitholders
with 2007 income tax reporting. It is not intended to constitute legal or tax
advice to any particular former holder of Vault units. Readers should consult
with their legal or tax advisors as to their particular tax consequences of
holding Vault units.
    Further tax information in the form of specific tax letters setting forth
the taxability of Vault distributions on a monthly basis for Canadian and U.S.
residents is available on Penn West's website at If you
would like a copy of Vault's 2007 tax information, please contact Investor
Relations at 1-888-770-2633 or by e-mail at

    2007 Canadian Tax Information

    For the 2007 tax year, Penn West has determined that the distributions
received by Canadian resident Vault unitholders are 100 percent taxable as
"other income" with no return of capital.

    2007 U.S. Tax Information

    In consultation with its U.S. tax advisors, Penn West believes that the
units of Vault more likely than not will be properly classified as equity in a
corporation, rather than debt, for U.S. federal income tax purposes, and that
distributions paid to Vault's individual U.S. unitholders will more likely
than not be "qualified dividends" under the Jobs and Growth Tax Relief
Reconciliation Act of 2003. There are certain individual circumstances where
the distributions may not be qualified dividends (such as situations where
individual unitholders do not meet a holding period test). The portion of the
distributions made during 2007 that are considered dividends should qualify
for the reduced rate of tax applicable to certain capital gains with respect
to eligible individual unitholders.
    Provided the 2007 Vault distributions are considered to be qualified
dividends as noted above, Penn West has determined that 100 percent of these
distributions paid during the year will be taxable for U.S. tax purposes as
"qualified dividends" with no return of capital.
    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.

    Forward-looking Statements

    Certain information regarding the tax treatment of former Vault
unitholders and the distributions paid to them may constitute forward-looking
statements under applicable securities law and necessarily involve risks,
including, without limitation, risks associated with taxation authorities
disagreeing with the conclusions contained herein and changes in legislation
or interpretations under legislation, including but not limited to tax laws.
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 Penn West's and Vault'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 at Penn West's website (
    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, neither Penn West nor Vault undertakes 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 2200, 425 - First
Street S.W., Calgary, Alberta, T2P 3L8, Phone: (403) 777-2500, Toll-free:
1-866-693-2707, Fax: (403) 777-2699, Website:; Investor
Relations: Phone: 1-888-770-2633, E-mail:

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