Taqa Expects to Complete PrimeWest Acquisition by Mid-January

PrimeWest Energy Trust 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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours