PrimeWest Energy Trust Completes Offering

On September 23, 2003, PrimeWest Energy Trust completed a bought deal financing, resulting in the issuance of 3.1 million trust units at $25.90 per trust unit, for aggregate gross proceeds of $80.3 million. The underwriting syndicate was led by Scotia Capital Inc. and CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., FirstEnergy Capital Corp. and HSBC Securities (Canada) Inc. The net proceeds of the offering were used for general trust purposes, to reduce bank debt and to fund ongoing capital expenditures.

The trust was represented by Stikeman Elliott LLP, 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 LLP, with a team that included Kent Kufeldt and Kirk Litvenenko (corporate and securities) and Darren Hueppelsheuser (tax).