Pengrowth Completes Offering of Trust Units

On December 30, 2004, Pengrowth Energy Trust completed an offering of 15,985,000 trust units for gross proceeds of $299 million. The offering was underwritten by a syndicate of underwriters led by RBC Dominion Securities Inc. that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Raymond James Ltd., Dundee Securities Corp., First Associates Investments Inc., FirstEnergy Capital Corp. and Peters & Co. Ltd.
Pengrowth will use the net proceeds from the offering to repay indebtedness incurred to acquire certain properties from Murphy Oil Corp. in May of 2004. The remaining net proceeds will be used to fund a portion of Pengrowth’s $171 million 2005 capital expenditure program.
Pengrowth was represented by Bennett Jones LLP under the guidance of Charles V. Selby, Pengrowth’s corporate secretary. The Bennett Jones team was led by Brad Markel and included Kerry Krochak and Cameron Danyluk (securities) and Allan Ross and Greg Johnson (tax).
The underwriters were represented by Fraser Milner Casgrain LLP with a team that included John Reynolds and Suzanne Hathaway (securities) and Scott Bodie (tax).