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PrimeWest Announces Successful Acquisition of Seventh Energy
CALGARY, March 16 /PRNewswire-FirstCall/ -- (TSX: PWI.UN; PWX; NYSE: PWI) -
PrimeWest Energy Trust through its subsidiary PrimeWest Gas Corp. ("PrimeWest")
today announces approximately 92% of the issued and outstanding common shares of
Seventh Energy Ltd. ("Seventh") have been tendered in accordance with the terms
of the PrimeWest offer dated February 6th, 2004. All terms of the offer have
been satisfied and PrimeWest has taken up and paid for all of the tendered
Seventh shares, and has acquired all of the remaining Seventh shares by
providing notice and necessary consideration to the Valiant Trust Company, the
Depositary under the offer, in accordance with the compulsory acquisition
provisions of applicable corporate legislation. The total consideration paid by
PrimeWest for Seventh was $34.6 million plus assumed debt and working capital
adjustments.
The Seventh assets are predominantly comprised of natural gas adjacent to
PrimeWest's existing assets in the Princess, Hays and Taber areas and currently
produce 1,300 BOE per day, of which 72% is natural gas and 28% is crude oil and
natural gas liquids. In the near-term PrimeWest will be investing approximately
$7 million in drilling, facilities, and waterflood opportunities that will
significantly enhance both the production volumes and reserve recovery from the
acquired assets. PrimeWest expects the acquisition to be accretive to its
unitholders during 2004 on both a cashflow and net asset value per unit basis.
PrimeWest is a Calgary-based conventional oil and gas royalty trust that
actively acquires, develops, produces, and sells natural gas, crude oil, and
natural gas liquids for the generation of monthly cash distributions to
unitholders. Trust units of PrimeWest are traded on the Toronto Stock Exchange
(TSX) under the symbol "PWI.UN" and on the New York Stock Exchange under the
symbol "PWI". Exchangeable shares of PrimeWest Energy Inc. are listed on the TSX
under the symbol "PWX".
Learn more about PrimeWest on our Web site, http://www.primewestenergy.com/.
DATASOURCE: PrimeWest Energy Trust
CONTACT: George Kesteven, Manager, Investor Relations,
403-699-7367, Toll-free: 1-877-968-7878, Cindy Gray, Investor Relations
Advisor, 403-699-7356, e-mail: ;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.