Provident Energy Trust

Provident Energy Trust

October 24, 2005 15:30 ET

Industry Recognizes Provident Energy for Efficient Operating Cost Management

CALGARY, ALBERTA--(CCNMatthews - Oct. 24, 2005) - Provident Energy Trust (Provident) (TSX:PVE.UN) (AMEX:PVX) was awarded a Canadian Upstream Achievement Award for Western Canadian Operations today at Ziff Energy Group's 2005 North American Gas Strategies Conference. The award recognizes the fact that Provident, despite its fields' declining production, has been able to maintain the same unit operating costs (dollars per barrel of oil equivalent) by focusing on operations that reduce total costs.

"The Western Canadian Basin is maturing, and the role of trusts is to achieve efficient harvest of the remaining reserves," said Paul Ziff, Ziff Energy Group CEO. "Often, as production declines, the total bill for operating costs remains static, and the unit cost soars. It is easy to neglect costs when prices are so high. But, as commodities, oil and gas are subject to price cycles and, for sustained performance, a continual focus on costs is essential."

"During times of high commodity prices resulting in increased costs, it is important to recognize operators who maintain their focus on low cost operations," said Cameron Vouri, Vice President Operations and Chief Operating Operator for Provident's Canadian Oil & Gas Production division. "Provident's operational staff, extending from Calgary to our field offices, have been instrumental to our achieving these results and the credit for this award goes to them."

Companies ranging from large integrated firms to energy trusts participated in the study from which the award winners were selected. The companies provided detailed cost and operations data on several hundred oil and gas fields in Western Canada, and Ziff Energy Group evaluated the data based on cost reduction practices. Provident submitted data on all 15 of its significant fields, and four of them - Retlaw, Little Bow, Gilby and Brazeau - were chosen for the award.

Ziff Energy Group, Canada's largest energy consulting firm, has issued the Canadian Upstream Achievement Award for Western Canadian Operations for the last six years based on its industry-wide studies on operations, finding and development costs, and drilling. Previous winners include Primewest Energy, Petro-Canada, Nexen, EnCana, Burlington, Apache, Anadarko, NAL Resources Management and Acclaim Energy.

Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages oil and gas production businesses and a midstream services business. Provident's energy portfolio is located in some of the more stable and predictable producing regions in western Canada, southern California and Wyoming. Provident provides monthly cash distributions to its unitholders and trades on the Toronto Stock Exchange and the American Stock Exchange under the symbols PVE.UN and PVX, respectively.

Contact Information

  • Provident Energy Trust
    Laurie Stretch
    Senior Manager, Investor Relations and Communications
    (403) 231-6710
    Corporate Head Office:
    800, 112 - 4th Avenue S.W.
    Calgary, Alberta T2P 0H3
    (403) 296-2233 or Toll Free: 1-800-587-6299
    (403) 261-6696 (FAX)