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Provident Energy Ltd. (PVE)
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T. Boone Pickens Energy Fund Extends Expiration Date of Exchange Option
Nov. 24, 2009 (Canada NewsWire Group) --

TORONTO, Nov. 24 /CNW/ -- T. Boone Pickens Energy Fund (the "Fund") has announced an extension of the Fund's exchange option (the "Exchange Option") with respect to its initial public offering. The cut-off date to exchange freely-tradeable listed securities ("Exchange Eligible Securities") of certain energy-related issuers, including exchange-traded funds, listed on the Toronto Stock Exchange for Class A Combined Units, Class F Combined Units or Class U Combined Units of the Fund (each Combined Unit of a class consisting of one Unit of the class and one Warrant for one Unit of the class) has been extended to December 8, 2009.

Subject to certain conditions, the following Exchange Eligible Securities will be accepted by the Fund pursuant to the Exchange Option:



Advantage Oil & Gas Ltd. Ensign Energy Services Inc. Penn West Energy
Trust
ARC Energy Trust Freehold Royalty Trust PetroBakken Energy
Ltd.
Baytex Energy Trust Harvest Energy Trust-Units Petrobank Energy
and Resources Ltd.
Birchcliff Energy Ltd. Husky Energy Inc. Peyto Energy Trust
Bonavista Energy Trust Imperial Oil Limited Precision Drilling
Trust Unit
Canadian Natural iShares CDN S&P/TSX Capped Progress Energy
Resources Limited Energy Index Fund Resources Corp.
Canadian Oil Sands Trust Mullen Group Ltd. Provident Energy
Trust
Claymore Natural Gas NAL Oil & Gas Trust Savanna Energy
Commodity ETF Services Corp.
Claymore Oil Sands Nexen Inc. ShawCor Ltd.
Sector ETF
Crescent Point Energy Niko Resources Ltd. Suncor Energy
Corp. Inc.
Crew Energy Inc. NuVista Energy Ltd. Talisman Energy
Inc.
Daylight Resources Trust Pacific Rubiales Energy Trican Well
Corp. Service Ltd.
EnCana Corporation Paramount Energy Trust Trinidad Drilling
Ltd.
Enerflex Systems Income Pason Systems Inc. UTS Energy
Fund Corporation
Enerplus Resources Fund Pengrowth Energy Trust Vermilion Energy
Trust

A prospective purchaser wishing to utilize the Exchange Option will have until 5:00 p.m. (Toronto time) on December 8, 2009 to deposit (in the form of a book-entry deposit) Exchange Eligible Securities. CDS participants may, however, have an earlier deadline for receiving instructions from their clients to make deposits pursuant to the Exchange Option.

Under the Exchange Option, the number of Combined Units of a class issuable for each Exchange Eligible Security deposited by a prospective purchaser will be determined by dividing the weighted average trading price of the Exchange Eligible Security on the Toronto Stock Exchange during the five consecutive trading days ending on December 8, 2009 as adjusted to reflect dividends declared or distributions pending that will not be received by the Fund by $10.00 in the case of a Class A Combined Unit or a Class F Combined Unit and by U.S.$10.00 in the case of a Class U Combined Unit (in any case, being the issue price per Combined Unit of the class). To determine the exchange ratio in respect of the Class U Combined Units, the Fund will utilize the applicable rate of exchange current at, or as nearly as practicable to, December 8, 2009.

The exchange ratios will be announced in a press release to be issued by the Fund on or about December 9, 2009. The Exchange Option is subject to the terms and conditions set forth in the Fund's amended and restated preliminary prospectus dated November 13, 2009 which, except as described herein, remain in full force and effect.

The offerings are being made through a syndicate of investment dealers led by BMO Capital Markets and including CIBC, RBC Capital Markets, TD Securities Inc., Blackmont Capital Inc., Canaccord Adams, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., GMP Securities L.P., Manulife Securities Incorporated, Wellington West Capital Markets Inc. and Research Capital Corporation.

For further information, please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".

About BMO Capital Markets

BMO Capital Markets is a leading full-service North American financial services provider, with over 2,400 employees operating in 14 North American offices and 27 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$385 billion in total assets and 37,000 employees as at July 31, 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933 (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

An amended and restated preliminary prospectus containing important information relating to the Combined Units, Units and Warrants has been filed with the securities commission or similar authority in each province and territory of Canada. The amended and restated preliminary prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary prospectus may be obtained from BMO Capital Markets, Distribution Department, 1 First Canadian Place, B2 Level, Toronto, Ontario, M5X 1H3 (telephone: 416-363-6996, ext. 224). There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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