Provident Energy Trust

Provident Energy Trust

March 02, 2005 17:20 ET

Provident Energy Closes Acquisition of U.S. Based Nautilus Resources


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PROVIDENT ENERGY TRUST

TSX SYMBOL: PVE.UN
AMEX SYMBOL: PVX

MARCH 2, 2005 - 17:20 ET

Provident Energy Closes Acquisition of U.S. Based
Nautilus Resources

CALGARY, ALBERTA--(CCNMatthews - March 2, 2005) - Provident Energy Trust
(TSX:PVE.UN) (AMEX:PVX) (Provident) today closed the previously
announced C$95.8 Million acquisition of U.S. based Nautilus Resources
LLC (Nautilus) by its U.S. subsidiary BreitBurn Energy L.P. (BreitBurn).
Funding was provided from a bought deal financing which closed on March
1, 2005.

The newly acquired operations are located in the Big Horn and Wind River
Basins of Wyoming. Current production is approximately 2,300 barrels of
oil equivalent per day (boe/d) consisting of 99 percent crude oil and
one percent natural gas. The acquired properties have been on production
for 60 to 90 years with 150 active producing wells and 24 active water
injection wells. The acquisition includes 10.6 million barrels of Proved
Producing reserves, 17.1 million barrels of Total Proved reserves and
20.1 million barrels of Proved Plus Probable reserves based on the
January 1, 2005 reserve report completed by independent engineers
Netherland, Sewell & Associates in accordance with NI 51-101.

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)