Provident Energy Trust

Provident Energy Trust

March 11, 2005 14:59 ET

Provident Energy Announces March Cash Distribution, the Appointment of Hugh Fergusson to its Board of Directors and the Schedule for Release of 2004 Year-end Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PROVIDENT ENERGY TRUST

TSX SYMBOL: PVE.UN
AMEX SYMBOL: PVX

MARCH 11, 2005 - 14:59 ET

Provident Energy Announces March Cash Distribution,
the Appointment of Hugh Fergusson to its Board of
Directors and the Schedule for Release of 2004
Year-end Results

CALGARY, ALBERTA--(CCNMatthews - March 11, 2005) - Provident Energy
Trust (Provident) (TSX:PVE.UN) (AMEX:PVX) today announced its March cash
distribution will be CDN$0.12 per unit payable on April 15, 2005.
March's distribution is consistent with the distribution paid to
unitholders since November 2003.

March's distributions will be paid to unitholders of record on March 21,
2005. The ex-distribution date will be March 17, 2005. For unitholders
receiving their distribution in U.S. funds, the March 2005 cash
distribution will be approximately US$0.10 per unit based on an exchange
rate of 0.8306 The actual U.S. dollar distribution will depend on the
Canadian/U.S. dollar exchange rate on the payment date and will be
subject to applicable withholding taxes.

New Board Appointment

Provident Energy also announced the appointment of Hugh Fergusson to its
board of directors. Mr. Fergusson is the ninth independent director of
Provident's 11-director board and a member of Provident's Reserves,
Operations, Environment, Health and Safety committee and the Audit
committee.

Following several years of private legal practice in the areas of
corporate and regulatory law, Mr. Fergusson joined the Dow Chemical
Company where he was employed for 27 years until his retirement in 2004.
He worked in a variety of progressively senior roles in the areas of
law, government affairs, commercial and executive management in Canada
and the United States, focusing in hydrocarbons and energy.

Mr. Fergusson has been engaged in a number of professional, industry and
association leadership roles including the boards of directors of Dow
Chemical Canada Inc., Union Carbide Canada Inc., Petromont Inc., the Gas
Processors Association of the Americas and the Petrochemical Feedstock
Association of the Americas. Currently he is president of Argyle
Resources Inc., a senior affiliate of the Implementation and Advisory
Group Ltd., and on the boards of directors of the Canadian Energy
Research Institute and Taylor NGL Limited Partnership.

Born in Toronto, Ontario, Mr. Fergusson received a B.A. in political
science from McMaster University, a LLB from the University of Windsor,
and advanced certificates in management from the University of Western
Ontario and Northwestern University. He is a member of the Law Society
of Upper Canada.

2004 Year-end Results Schedule

Provident Energy will announce its fourth quarter and 2004 year-end
results before market open on Monday, March 14, 2005. A conference call
with senior management to review the results is scheduled for 9:00 a.m.
MT (11:00 a.m. ET) on Monday, March 14. Analysts, investors and media
may access the conference call by dialing 416-695-5259 in the Toronto
area and 1-888-789-0089 toll-free for all other areas of Canada and the
United States. Please call in five to 10 minutes prior to the scheduled
start time. A live webcast will also be available on Provident's website
at www.providentenergy.com . A replay of the conference call will be
available on Provident's website or by dialing 416-695-5275 or
1-866-518-1010.

Provident Energy Trust is a Calgary-based, open-ended energy 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,
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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Provident Energy Trust
    Jennifer Pierce
    Senior Manager Investor Relations and Communications
    (403) 231-6736
    Email: info@providentenergy.com
    Website: www.providentenergy.com
    or
    Corporate Head Office:
    700, 112 - 4th Avenue S.W.
    Calgary, Alberta T2P 0H3
    (403) 296-2233 or Toll Free: 1-800-587-6299
    (403) 261-6696 (FAX)