Penn West Energy Trust and Endev Energy Inc. have announced that the acquisition of Endev by Penn West pursuant to the previously announced plan of arrangement was completed.
Under the Arrangement, holders of Endev common shares will receive 0.041 of a Penn West trust unit for each Endev Share held. The first distribution that former Endev Shareholders will be eligible to receive from Penn West will be the distribution payable on or about August 15, 2008 to holders of Penn West Units of record on July 31, 2008, provided such former Endev Shareholders continue to be Penn West Unitholders as of such record date.
Letters of transmittal have been forwarded to Endev Shareholders to be utilized in order to exchange their Endev Shares for Penn West Units and to receive future distributions on such Penn West Units.
Endev Shares are expected to be de-listed from the Toronto Stock Exchange within a few trading days upon issuance of a bulletin of the TSX confirming receipt by the TSX of all necessary documents in connection with the closing of the Arrangement and related matters. Penn West Units will continue to trade on the TSX under the symbol PWT.UN and on the New York Stock Exchange under the symbol PWE.
Former Endev Shareholders who are resident in Canada or the United States and who are interested in participating in the Penn West distribution reinvestment plan (the "Penn West DRIP") should, if they are now a registered Penn West Unitholder, complete and deliver an authorization form to CIBC Mellon Trust Company (Penn West's registrar and transfer agent). If they are now a beneficial Penn West Unitholder, they should contact their broker, investment dealer, financial institution or othenominee through which their Penn West Units are held and provide instructions on how they wish to participate in the Penn West DRIP.
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