CALGARY, ALBERTA--(CCNMatthews - May 14, 2007) -
All values are in Canadian dollars
Provident Energy Trust ("Provident") (TSX:PVE.UN) (NYSE:PVX) announces that its wholly-owned subsidiary, Provident Energy Resources Inc. (the "Offeror"), has mailed its takeover bid circular to all shareholders of Capitol Energy Resources Ltd. ("Capitol") in connection with Provident's previously announced offer to acquire all of the issued and outstanding common shares of Capitol (the "Capitol Shares") for a cash price of $8.16 per share (the "Offer"). Included in the mailing is the Capitol Directors' Circular recommending Capitol shareholders accept the Offer and tender their Capitol Shares to the Offer prior to the expiry time.
The Offer is open for acceptance until 7:00 p.m. (Calgary time) on June 19, 2007, unless withdrawn or extended. The Offer is conditional upon, among other things, there being validly deposited under the Offer and not withdrawn at the Expiry Time, and at the time the Offeror first takes up and pays for Capitol Shares under the Offer, at least 66 2/3 percent of the outstanding Capitol Shares (calculated on a diluted basis).
Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages an oil and gas 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 and the United States. 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
Senior Manager, Investor Relations and Communications
Phone: (403) 231-6710
Corporate Head Office:
800, 112 - 4th Avenue S.W.
Calgary, Alberta T2P 0H3
(403) 296-2233 or Toll Free: 1-800-587-6299
(403) 294-0111 (FAX)