PrimeWest Energy Trust
TSX : PWI.UN
TSX : PWX
TSX : PWI.DB.A
TSX : PWI.DB.B
NYSE : PWI
TSX : PWI.DB.C

PrimeWest Energy Trust
Shiningbank Energy Income Fund
TSX : SHN.UN

Shiningbank Energy Income Fund

July 11, 2007 13:01 ET

PrimeWest Energy Trust and Shiningbank Energy Income Fund Announce Completion of Merger

CALGARY, ALBERTA--(Marketwire - July 11, 2007) - PrimeWest Energy Trust ("PrimeWest") (TSX:PWI.UN) (TSX:PWX) (TSX:PWI.DB.A) (TSX:PWI.DB.B) (TSX:PWI.DB.C) (NYSE:PWI) and Shiningbank Energy Income Fund ("Shiningbank") (TSX:SHN.UN) jointly announce the successful completion of a plan of arrangement resulting in the merger of the two trusts. At unitholder meetings held yesterday over 95% of the unitholders of both trusts voted in favour of the arrangement.

Under the terms of the arrangement, each Shiningbank trust unit has been exchanged for 0.62 of a PrimeWest trust unit. Unitholders of Shiningbank who are resident in Canada and hold their units in a taxable account can complete the exchange on a tax-deferred basis by filing the appropriate forms with the Canada Revenue Agency. Details regarding the completion of these forms can be found on the PrimeWest website at www.primewestenergy.com

Former unitholders of Shiningbank will be eligible to receive the distribution of $0.25 per PrimeWest unit payable on August 15th, 2007, provided that they are holders of record of PrimeWest units on July 20th, 2007. The ex-distribution date for this payment will be July 18th, 2007.

As a result of the merger, Shiningbank units will be delisted from the TSX on or about July 13th, 2007. Trust Units of PrimeWest will continue to trade on the Toronto Stock Exchange (TSX) under the symbol "PWI.UN" and on the New York Stock Exchange under the symbol "PWI". Exchangeable Shares of PrimeWest Energy Inc. are listed on the TSX under the symbol "PWX". Series I Convertible Debentures of PrimeWest trade on the TSX under the symbol "PWI.DB.A", Series II Convertible Debentures trade under the symbol "PWI.DB.B", and Series III Convertible Debentures trade under the symbol "PWI.DB.C".

For further information regarding the benefits of the merger and to learn more about PrimeWest, please visit our website at www.primewestenergy.com.

Contact Information

  • PrimeWest Energy Trust
    George Kesteven
    Manager, Investor Relations
    (403) 699-7367 or Toll-free: 1-877-968-7878
    Email: investor@primewestenergy.com
    or
    Shiningbank Energy Income Fund
    Debbie Carver
    Investor Relations Coordinator
    (403) 268-7477 or Toll free: 1-866-268-7477
    Email: irinfo@shiningbank.com
    or
    PrimeWest Energy Trust
    Suite 5100, 150 - 6th Avenue S.W.
    Calgary, Alberta Canada T2P 3Y7
    (403) 234-6600
    (403) 266-2825 (FAX)
    Website: www.primewestenergy.com
    or
    Shiningbank Energy Income Fund
    Suite 1400, 111 - 5th Avenue S.W.
    Calgary, Alberta Canada T2P 3Y6
    (403) 268-7477
    (403) 268-7499 (FAX)