Penn West Petroleum Converts to Penn West Energy Trust

On May 31, 2005, Penn West Petroleum Ltd., a senior independent Canadian oil and natural gas company focused on exploration and development activity in the Western Canadian sedimentary basin and based in Calgary, Alberta, completed a $5.2 billion plan of arrangement resulting in the conversion of Penn West Petroleum to an income trust, Penn West Energy Trust.

Penn West Petroleum was represented by Burnet, Duckworth & Palmer LLP with a team that included John Brussa, Jeff Fortin, Allan Twa, Q.C., John Wilmot, John Cuthbertson and Jeff Oke.

As part of the conversion, Penn West entered into a new credit facility and the lending syndicate, led by the Canadian Imperial Bank of Commerce, was represented by Blake, Cassels & Graydon LLP in Calgary with a team that included Dan Fournier (energy) and Kevin Fougere (financial services).