Petrofund Energy Trust

Petrofund Energy Trust

March 17, 2005 16:09 ET

Petrofund Energy Trust Announces Appointment of New Vice President Finance and CFO upon the Retirement of Current CFO


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PETROFUND ENERGY TRUST

TSX SYMBOL: PTF.UN
AMEX SYMBOL: PTF

MARCH 17, 2005 - 16:09 ET

Petrofund Energy Trust Announces Appointment of New
Vice President Finance and CFO upon the Retirement of
Current CFO

CALGARY, ALBERTA--(CCNMatthews - March 17, 2005) - Petrofund
(TSX:PTF.UN) (AMEX:PTF) is very pleased to announce that Mr. Edward
Brown will be joining its management team on April 1, 2005 as Vice
President Finance. Mr. Brown's will subsequently be appointed Chief
Financial Officer on May 1, 2005 upon the retirement of the current CFO.

Mr. Brown is a chartered accountant with over 25 years of experience. He
holds a Bachelor of Commerce degree from the University of Toronto and
has extensive experience in finance, credit, tax, and accounting, with a
strong knowledge of both Canadian and United States generally accepted
accounting principles. Before joining Petrofund, Mr. Brown was a senior
financial officer at the Canadian division of a U.S. energy services
company, and prior to that held a number of senior executive positions
at TransCanada PipeLines Limited in both Toronto and Calgary. As well,
he is currently Chairman of the Board for the Financial Executives
International Canada, an industry organization of over 1600 senior
financial executives. Earlier in his career he worked as a Senior Audit
Manager for KPMG in Toronto.

Mr. Brown will bring significant industry, regulatory and capital
markets experience to Petrofund. His skills and experience will
complement those of existing management and Petrofund looks forward to
adding him to its executive team.

Petrofund also announces that Vince Moyer, the Trust's present CFO will
be retiring on April 30 after a long and very successful career. During
his fourteen years with the Trust, Mr. Moyer has been a key member of
Petrofund's management team. His disciplined approach and fiscally
conservative policies were instrumental in the Trust's growth from 300
boepd to its current level of 36,000 boepd. Prior to working with
Petrofund, Mr. Moyer enjoyed an extensive career of ever increasing
responsibilities. Mr. Moyer leaves the Trust in excellent financial
condition and Petrofund wishes him the best in his retirement.

Petrofund Energy Trust is a Calgary based royalty trust that acquires
and manages producing oil and gas properties in Western Canada. The
Trust pays its Unitholders monthly cash distributions, which are derived
from the Trust's cash flow from these properties. Petrofund Energy Trust
was founded in 1988 and was one of the first oil and gas royalty trusts
in Canada.

This news release may include statements about expected future events
and/or financial results that are forward-looking in nature and subject
to risks and uncertainties. For those statements, we claim the
protection of the safe harbor for forward-looking statements provisions
contained in the U.S. Private

Securities Litigation Reform Act of 1995. Petrofund Energy Trust
cautions that actual performance will be affected by a number of
factors, many of which are beyond its control. Future events and results
may vary substantially from what Petrofund Energy Trust currently
foresees. Discussion of the various factors that may affect future
results is contained in Petrofund Energy Trust's recent filings with the
Securities and Exchange Commission and Canadian securities regulatory
authorities.

PETROFUND ENERGY TRUST

Jeffery E. Errico

President and Chief Executive Officer

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Petrofund Energy Trust
    Investor Relations
    (403) 218-4736 or Toll Free: 1-866-318-1767
    (403) 539-4300 (FAX)
    Email: info@petrofund.ca
    Website: www.petrofund.ca
    or
    Petrofund Energy Trust
    Chris Dutcher
    Director, Business Development
    (403) 218-8625