CALGARY, Sept. 19 /CNW/ - (PWT.UN - TSX; PWE - NYSE) Penn West Energy
Trust (the "Trust") is pleased to announce that as of 5:00 p.m. (MDT) on
September 18, 2007, approximately 30.6 million 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 deposited
shares represent greater than 90% of the common shares of C1 on a
fully-diluted basis excluding those beneficially owned by a subsidiary of the
Trust prior to the date of the take over offer. The Offeror intends to
exercise its statutory rights under the Business Corporations Act (Alberta) to
compulsorily acquire the remaining C1 common shares that were not deposited
pursuant to the offer. Penn West intends to cause C1 to de-list the C1 common
shares from the Toronto Stock Exchange and to apply to securities regulatory
authorities for it to cease to be a reporting issuer.
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: www.pennwest.com, 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: firstname.lastname@example.org