PrimeWest Energy Trust Announces Target Closing Date for TAQA Transaction
05 Dicembre 2007 - 3:00PM
Marketwired
CALGARY, ALBERTA (TSX: PWI.UN)(TSX: PWX)(TSX: PWI.DB.A)(TSX:
PWI.DB.B)(TSX: PWI.DB.C)(NYSE: PWI) confirms that PrimeWest,
1350849 Alberta Ltd. ("Purchaser") and TAQA North Ltd. (both wholly
owned subsidiaries of Abu Dhabi National Energy Company PJSC
("TAQA")) have agreed that January 16, 2008 will be the target date
for completion of the previously announced transaction. PrimeWest
will issue a further news release in the event Purchaser informs
PrimeWest that Purchaser requires additional time to prepare for
completion of the transaction. However, the agreement with
Purchaser and TAQA North Ltd. requires that the transaction be
completed by January 31, 2008 unless extended in accordance with
the terms of the Arrangement Agreement.
Purchaser and TAQA North Ltd. have also agreed that they will
waive their right to terminate the transaction due to (a) a
material adverse change affecting PrimeWest to the extent that it
is caused by any matter, fact or development that arises after
December 14, 2007, or (b) an event occurs after December 14, 2007
which makes a representation or warranty of PrimeWest untrue.
Completion of the transaction remains subject to certain other
closing conditions that are typical of transactions of this
nature.
The original terms of the transaction permit PrimeWest to
declare a distribution of $0.25 per trust unit to unitholders of
record on January 4, 2008 if closing has not occurred by that date.
PrimeWest will issue a further news release as and when such a
distribution may be declared.
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
trade 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. trade on the TSX under
the symbol "PWX". Series I Convertible Debentures of PrimeWest
trade on the TSX under the symbol "PWI.DB.A", Series II Convertible
Debentures trade under the symbol "PWI.DB.B" and Series III
Convertible Debentures trade under the symbol "PWI.DB.C".
To learn more about PrimeWest, please visit our website at
www.primewestenergy.com.
Contacts: PrimeWest Energy Trust George Kesteven Manager,
Investor Relations (403) 699-7367 or Toll Free: 1-877-968-7878
PrimeWest Energy Trust Debbie Carver Investor Relations Advisor
(403) 699-7464 or Toll Free: 1-877-968-7878 Email:
investor@primewestenergy.com Website: www.primewestenergy.com
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