Provident Energy Ltd.

Provident Energy Ltd.

January 03, 2011 06:31 ET

Provident Completes Conversion to a Dividend-Paying Corporation

CALGARY, ALBERTA--(Marketwire - Jan. 3, 2011) -

All values are in Canadian dollars unless otherwise indicated.

Provident Energy Ltd. (Provident) (TSX:PVE.UN) (NYSE:PVX) announced today the closing of the Plan of Arrangement on January 1, 2011 pursuant to which Provident Energy Trust ("the Trust") converted into the dividend-paying corporation "Provident Energy Ltd."

It is anticipated that Provident's common shares will commence trading on the Toronto Stock Exchange ("TSX") on or about January 7, 2011 and on the New York Stock Exchange ("NYSE") on January 3, 2011 under the symbols PVE and PVX, respectively. Provident's convertible debentures will continue trading on the TSX under the symbols PVE.DB.C, PVE.DB.D and PVE.DB.E. The trust units of the Trust will be delisted from both the TSX and the NYSE. 

Under the Plan of Arrangement, former holders of trust units of the Trust received one common share in Provident in exchange for each trust unit held in the Trust. Holders of the Trust's outstanding convertible debentures will be entitled, upon conversion, to receive common shares in Provident on the same basis that they were entitled to receive trust units of the Trust prior to the corporate conversion.

Provident Energy Ltd. is a Calgary-based corporation that owns and manages a natural gas liquids (NGL) midstream business. Provident's Midstream facilities are strategically located in Western Canada and in the premium NGL markets in Eastern Canada and the U.S. Provident provides monthly cash dividends to its shareholders and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PVE and PVX, respectively.

This news release contains certain forward-looking statements concerning Provident, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, results of operations or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Provident's control, including the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, pipeline design and construction, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.

Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, commodity prices, operating conditions, capital and other expenditures, and project development activities. 

Although Provident believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Provident can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Provident and described in the forward-looking statements or information.

The forward-looking statements or information contained in this news release are made as of the date hereof and Provident undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

Contact Information

  • Provident Energy Ltd.
    Investor and Media Contact:
    Glen Nelson
    Investor Relations
    (403) 231-6710
    Corporate Head Office:
    2100, 250 - 2nd Street SW
    Calgary, Alberta T2P 0C1
    (403) 296-2233 or Toll Free: 1-800-587-6299
    (403) 264-5820 (FAX)