CALGARY, ALBERTA--(Marketwire - April 9, 2009) -
All values are in Canadian dollars and conversions of natural gas volumes to barrels of oil equivalent (boe) are at 6:1 unless otherwise indicated.
Provident Energy Trust (Provident) (TSX:PVE.UN) (NYSE:PVX) announces that its April cash distribution of $0.06 per unit is payable on May 15, 2009 and will be paid to unitholders of record as of April 22, 2009. The ex-distribution date will be April 20, 2009. The Trust's current annualized cash distribution rate is $0.72 per trust unit. Based on the current annualized cash distribution rate and the closing price on April 8, 2009 of $5.16, Provident's yield is approximately 14 percent.
For unitholders receiving their cash distribution in U.S. funds, the April 2009 cash distribution will be approximately US$0.05 per unit based on an exchange rate of 0.8095. The actual U.S. dollar cash distribution will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.
Provident will announce its 2009 first quarter interim unaudited financial and operating results on May 7, 2009 after markets close. Provident will hold its Annual General Meeting (AGM) on Thursday May 7, 2009 at 3:00 p.m. MDT at the Petroleum Club, 319 - 5th Avenue S.W. Calgary, Alberta. The webcast presentation will be available at http://events.onlinebroadcasting.com/provident/050709/index.php. Attendees are required to register for the webcast, so please schedule time to connect to the website at least 10 minutes before the presentation start time. The webcast will also be available following the AGM and can be accessed via the Provident website at www.providentenergy.com.
Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages an oil and gas exploitation and production business and a natural gas liquids midstream services and marketing business. Provident's energy portfolio is located in some of the most stable and predictable producing regions in Western Canada. Provident provides monthly cash distributions to its unitholders and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PVE.UN and PVX, respectively.
This document contains certain forward-looking statements concerning Provident, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, results of operations or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Provident's control, including the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, pipeline design and construction, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.
Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, commodity prices, operating conditions, capital and other expenditures, and project development activities.
Although Provident believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Provident can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Provident and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Provident undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Provident Energy Trust
Investor and Media Contact:
Manager, Investor Relations
Phone: (403) 231-6710
Corporate Head Office:
2100, 250 - 2nd Street SW
Calgary, Alberta T2P 0C1
(403) 296-2233 or Toll Free: 1-800-587-6299
(403) 264-5820 (FAX)