The Abu Dhabi National Energy Company PJSC (TAQA)

The Abu Dhabi National Energy Company PJSC (TAQA)

November 20, 2007 15:51 ET

TAQA Receives Industry Canada Approval to Proceed With Pioneer Canada and PrimeWest Energy Trust Acquisitions

ABU DHABI, UAE and CALGARY, ALBERTA--(Marketwire - Nov. 20, 2007) - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market, announced today that the proposed purchases of Pioneer Natural Resources Canada Inc. (Pioneer) and PrimeWest Energy Trust (PrimeWest) (TSX:PWI.UN) (TSX:PWX) (TSX:PWI.DB.A) (TSX:PWI.DB.B) (TSX:PWI.DB.C) (NYSE:PWI) by its wholly owned Canadian subsidiaries, TAQA North Ltd. and 1350849 Alberta Ltd., have each been determined by the Canadian Minister of Industry to be of net benefit to Canada. Accordingly, TAQA has been granted final approval under the Investment Canada Act to proceed with these acquisitions.

"We are pleased that both of these transactions have received Industry Canada approval, and we look forward to moving ahead with our plan to integrate Pioneer and PrimeWest into TAQA North," said Peter Barker Homek, TAQA's chief executive officer.

TAQA announced the US$540 million purchase of Calgary-based Pioneer, a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin, on August 23, 2007. The Pioneer acquisition is expected to close by November 30, 2007.

The C$5.0 billion acquisition of PrimeWest, a conventional oil and gas royalty trust that actively acquires, develops, produces and sells natural gas, crude oil and natural gas liquids, was announced on September 24, 2007. The PrimeWest Agreement remains subject to the approval of its Securityholders, who are scheduled to vote on TAQA's proposed purchase at a Special Meeting on Wednesday, November 21, 2007. The PrimeWest acquisition is now expected to close by January 31, 2008.

As part of the integration process, TAQA expects to achieve up to C$700 million in operational efficiencies and capital savings over the next three years.

Following the completion of the Pioneer and PrimeWest transactions TAQA North will rank among the top ten companies in Canada in terms of net proven natural gas reserves and in the top 12 companies in terms of oil and gas production.

"TAQA is the first state-backed enterprise to become a top ten oil and gas company outside its country of origin, and we believe that it can become the model for how such enterprises conduct themselves in foreign markets," added Mr. Barker-Homek. "Though we're a global company, we pride ourselves on acting locally, and are quickly earning a reputation as an exemplary corporate citizen-as measured by transparency, accountability, health and safety standards and social responsibility-in every market we enter."

About TAQA North

TAQA North Ltd (formerly Northrock Resources Limited) is a Calgary-based oil and gas exploration company with operations in Northern Alberta and British Columbia; West Central and Southern Alberta; Southwest Saskatchewan; Southeast Saskatchewan; and the Northwest Territories. TAQA North was acquired by TAQA in August 2007 from Pogo Producing Company.

TAQA North recently signed purchase and sale agreements to acquire Pioneer Canada Ltd. and PrimeWest Energy Trust.

Notes: TAQA carries Aa2 and AA- credit ratings.

Contact Information