Provident Energy Trust

Provident Energy Trust

March 01, 2005 09:18 ET

Provident Energy Closes Bought Deal Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PROVIDENT ENERGY TRUST

TSX SYMBOL: PVE.UN
AMEX SYMBOL: PVX

MARCH 1, 2005 - 09:18 ET

Provident Energy Closes Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) - Provident Energy Trust
(Provident) (TSX:PVE.UN) (AMEX:PVX) today closed the previously
announced bought deal financing for gross proceeds of C$200.8 million
(net proceeds of C$191.8 million). The net proceeds of the financing
will be used to fund the C$95.8 million (US$77.6 million) acquisition of
Nautilus Resources, LLC (Nautilus) and to repay a portion of Provident's
bank debt. The Nautilus acquisition is expected to close on March 2.

The financing includes 8.4 million units issued at a price of C$12.00
per unit and $100 million of 6.5 percent convertible unsecured
subordinated debentures that mature on August 31, 2012. Both the equity
financing and the convertible debenture offering were sold to a
syndicate of underwriters led by National Bank Financial, BMO Nesbitt
Burns, Scotia Capital and TD Securities. The trust units and convertible
debentures were offered only in Canada.

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)