Penn West Energy Trust
TSX : PWT.UN
NYSE : PWE

Penn West Energy Trust

January 29, 2009 23:59 ET

Penn West Energy Trust To Issue $250 Million of Trust Units

CALGARY, ALBERTA--( Marketwire - Jan. 29, 2009) - Penn West Energy Trust ("Penn West") (TSX:PWT.UN) (NYSE:PWE) today announced that it has entered into an agreement with a syndicate of underwriters, led by CIBC World Markets and BMO Capital Markets, under which they have agreed to purchase from Penn West and sell to the public 17,731,000 Trust Units.

The purchase price of $14.10 per Trust Unit will result in gross proceeds of approximately $250 million. The net proceeds of the offering will be used by Penn West to partially fund capital expenditures and to reduce current debt levels of the Trust.

The Trust Units will be offered to the public in Canada and the U.S. through the underwriters or their affiliates. Penn West has also granted the underwriters an option to purchase up to an additional 3,546,000 Trust Units at a price of $14.10 per Trust Unit at any time up to 48 hours prior to closing of the offering.

The Trust Units will be issued by way of a prospectus supplement that will be filed with securities regulatory authorities in Canada and the U.S. under Penn West's short form base shelf prospectus dated June 13, 2008, which was previously filed with securities regulatory authorities across Canada and in the U.S. under the multi-jurisdictional disclosure system.

This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

You may obtain a copy of the base shelf prospectus filed in the United States and any prospectus supplement from CIBC World Markets Corp. 425 Lexington Avenue, 5th Floor, New York, New York, 10017, by fax at 212-667-6303 or by e-mail at useprospectus@us.cibc.com. You may obtain a copy of the base shelf prospectus filed in Canada and any prospectus supplement from CIBC World Markets Inc., fax 416-594-7242 or request a copy by telephone at 416-594-7270 or from BMO Capital Markets' Prospectus Distribution Department at 416-363-6996 x224.

Penn West Trust Units and Debentures are listed on the Toronto Stock Exchange under the symbols PWT.UN, PWT.DB.B, PWT.DB.C, PWT.DB.D, PWT.DB.E, and PWT.DB.F, and Penn West Trust Units are listed on the New York Stock Exchange under the symbol PWE.

Note: All financial figures are in Canadian dollars unless noted otherwise.

Forward-Looking Statements Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation, including statements regarding the proposed offering of trust units, the terms of such offering and the use of the net proceeds obtained under the offering. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. All forward-looking statements reflect Penn West's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the failure to close the offering discussed herein on the terms disclosed herein or at all; the failure to use the proceeds of the offering as disclosed herein; and the other factors described in our public filings (including our Annual Information Form) available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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