TMX group

CALGARY, June 30 /CNW/ - Penn West Energy Trust ("Penn West") (TSX:
PWT.UN; NYSE: PWE) and Petrofund Energy Trust ("Petrofund") (TSX: PTF.UN;
AMEX: PTF) are pleased to announce that all Court and regulatory approvals
required to effect the merger of the trusts have been received. As the
unitholders of both trusts also approved the merger at their respective
unitholder meetings on June 28, 2006, all conditions precedent to the merger
were satisfied and the merger was completed effective today.
Under the arrangement, Petrofund unitholders will receive 0.6 of a Penn
West unit for each Petrofund unit exchanged. Petrofund unitholders will also
receive a separate special distribution of $1.10 that includes an adjustment
of $0.10 per unit required to align the distribution payment dates of the
trusts. To achieve a tax-deferred exchange of units, certain Canadian resident
Petrofund unitholders will be required to file tax elections prior to
September 30, 2006, as detailed in the Joint Information Circular and Proxy
Statement dated May 23, 2006 previously mailed to all unitholders.
The trusts wish to re-iterate that the portions of the plan of
arrangement related to the creation of a new junior oil and natural gas
exploration and production company ("ExploreCo") were not completed. There was
no distribution of ExploreCo shares to unitholders and no conveyances of
producing oil and natural gas assets and undeveloped lands to ExploreCo. The
assets and lands previously earmarked for ExploreCo remain in the merged
trust.
The merger of Penn West and Petrofund has created the largest energy
trust in North America with an enterprise value of approximately $11 billion
including debt of under one times annualized forecast cash flow. The new Penn
West has a diversified portfolio of conventional oil and natural gas assets
plus significant resource-play potential in the Peace River Oilsands of
Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale
and Weyburn light oil pools and coalbed methane producing assets. Penn West
trust units will continue to trade on the Toronto Stock Exchange (TSX) under
the symbol PWT.UN and on the New York Stock Exchange (NYSE) under the symbol
PWE. Petrofund units will be de-listed from the TSX and the American Stock
Exchange (AMEX) today or shortly after today.

Forward Looking Statements

Statements in this press release regarding the diversity of conventional
assets, the potential of resource plays and the level of debt and cash flow of
the merged trust constitute forward-looking statements under applicable
securities law and necessarily involve risks and assumptions, including but
not limited to risks and assumptions associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition, incorrect assessment of
the value of acquisitions, failure to realize the anticipated benefits of the
merger; ability to access sufficient capital from internal and external
sources and failure to obtain required regulatory or other approvals. As a
consequence, actual results may differ materially from those anticipated or
implied 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/or Petrofund's operations
or financial results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com), at Penn West's website (www.pennwest.com) or Petrofund's
website (www.petrofund.ca). Furthermore, the forward-looking statements
contained in this news release are made as of the date of this news release,
and none of Penn West, Petrofund or the merged Trust undertakes any obligation
to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be expressly required by applicable securities law.

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.

Petrofund Energy Trust was a Calgary based royalty trust that traded on
the Toronto Stock Exchange under the symbol PTF.UN and on the American Stock
Exchange under the symbol PTF.

%SEDAR: 00022266E