PrimeWest Completes Offering

On April 22, 2004, PrimeWest Energy Trust completed a bought deal financing, resulting in the issuance of 5,400,000 trust units at $26.30 per trust unit, for aggregate gross proceeds of $142 million. The underwriting syndicate was led by Scotia Capital Inc. and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Canaccord Capital Corp., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and GMP Securities Ltd. The net proceeds of the offering were used to reduce bank debt, to fund ongoing capital expenditures and for general Trust and corporate purposes.

The Trust was represented by Stikeman Elliott, with a team that included Leland Corbett and Keith Chatwin (corporate and securities) and David Weekes (tax). The underwriting syndicate was represented by Macleod Dixon, with a team that included Kent Kufeldt and Jamie Gagner (corporate and securities) and Darren Hueppelsheuser (tax).