Pengrowth Completes Reclassification of Trust Unites

On July 27, 2004, Pengrowth Energy Trust completed a reclassification of its outstanding trust units into class A and class B trust units. The reclassification will permit Pengrowth to monitor and control non-resident ownership of its trust units thereby ensuring compliance with the non-resident ownership restrictions of the Income Tax Act (Canada) and preserving its status as a “mutual fund trust.” The only significant distinction between the two classes of trust units is that the class B trust units may only be held by residents of Canada, while the class A trust units are not subject to any such restriction. Following an initial implementation period, Pengrowth will maintain the class B trust units at not less than 50.25 per cent of the total number of outstanding trust units.

In Canada, Pengrowth was represented in-house by Charles Selby, corporate secretary, and by Bennett Jones, with a team led by Brad Markel that included Don Greenfield (oil & gas), Brent Kraus and Michael Klym (securities) and Alan Ross and Greg Johnson (tax). In the US, Pengrowth was represented by Vinson & Elkins, with a team that included Tom Mason (securities) and Barry Miller (tax).

Computershare Trust Company of Canada, the trustee of Pengrowth Energy Trust, was represented by Blake, Cassels & Graydon, with a team that included Pat Finnerty and Ross Bentley (securities) and Ron Mar (tax).


Ross Bentley Bradley D. Markel Pat C. Finnerty Brent W. Kraus Gregory M. Johnson Ron Mar Michael S. Klym Donald E. Greenfield Barry R. Miller