On February 5, 2009 Penn West Energy Trust completed its public offering of 17,731,000 trust units at a price of $14.10 per unit for aggregate gross proceeds of $250 million. Penn West is a senior oil and natural gas energy trust based in Calgary. The net proceeds of the offering will be used by Penn West to partially fund capital expenditures and to reduce current debt levels.
The trust units were issued by way of a prospectus supplement that was filed with securities regulatory authorities in Canada and the US under Penn West's short-form base shelf prospectus, which was previously filed with securities regulatory authorities across Canada and in the US under the multi-jurisdictional disclosure system. The offering was underwritten by a syndicate of underwriters led by CIBC World Markets and BMO Capital Markets.
Penn West was represented in Canada by Burnet, Duckworth & Palmer LLP with a team that included Jeff Oke and Lindsay Cox (securities) and Jeff Fortin (tax). Penn West was represented in the US by Dorsey & Whitney LLP with a team that included Dan Miller and Shona Smith (securities) and John Hollinrake and Greg Perry (tax).
The underwriters were represented in Canada by Blake, Cassels & Graydon LLP with a team that included Chad Schneider and Janan Paskaran (securities) and Edmund Gill (tax). The underwriters were represented in the US by Shearman & Sterling LLP with a team that included Christopher Cummings and Shane Smyth (securities) and Laurence Crouch (tax).