Vault Energy Trust

Vault Energy Trust

November 26, 2007 12:24 ET

Vault Energy Trust Adjourns Securityholders Meeting and Provides Further Guidance on the Arrangement With Penn West Energy Trust

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2007) - On September 25, 2007, Vault Energy Trust ("Vault") (TSX:VNG.UN) (TSX:VNG.DB) (TSX:VNG.DB.A) announced that it and Vault Energy Inc. ("VEI") had entered into an agreement with Penn West Energy Trust ("Penn West") and Penn West Petroleum Ltd. whereby Penn West would acquire all of the issued and outstanding units of Vault pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") in consideration of 0.14 Penn West Unit for each Vault Unit, 0.14 Penn West Unit for each Vault Unit into which Vault Exchangeable Shares are exchanged and $0.51 for each Vault Warrant. On October 29, 2007, Vault mailed an information circular and proxy statement (the "Information Circular") to Vault Unitholders, Vault Exchangeable Shareholders and Vault Warrantholders (collectively, the "Vault Securityholders") in respect of a meeting (the "Meeting") to be held on November 26, 2007 for the purpose of approving the Arrangement. On October 31, 2007 Penn West and Canetic Resources Trust ("Canetic") announced a contemplated business combination (the "Canetic Merger"), which would require the approval of Canetic's unitholders. On November 1, 2007, Vault announced that it would review the effects of the Canetic Merger on Vault Securityholders and on the Arrangement. To make this assessment, Vault will require information (the "Canetic Information") relating to the Canetic Merger, part of which will be derived from the information circular that Canetic will be mailing to its unitholders for the purposes of approving the Canetic Merger. Vault understands that this information will be available to Vault in early December. On November 14, 2007, Vault obtained a further interim order (the "Second Interim Order") from the Court of Queen's Bench of Alberta approving the adjournment of the Meeting to a later date (the "Adjourned Meeting") as well as providing directions with respect to the calling of the Adjourned Meeting.

Vault has adjourned the Meeting to a date that will be determined by Vault once it has had an opportunity to review the Canetic Information. The Second Interim Order provides that once Vault has completed its review, Vault will issue a further press release announcing the date of the Adjourned Meeting. It is presently contemplated that this further press release will be issued sometime during the early part of December, announcing that the Adjourned Meeting will occur in the second week of January, 2008. Once the date of the Adjourned Meeting has been determined, the Second Interim Order also requires Vault to mail an addendum (the "Addendum") to the Information Circular to all Vault Securityholders who received the original meeting materials. The Addendum will provide formal notice of the Adjourned Meeting and will contain information with respect to Penn West, Canetic and the Canetic Merger and the recommendation of the Board of Directors of VEI.

Vault Energy Trust is a conventional oil and gas income trust. Vault units are traded on the Toronto Stock Exchange (TSX) under the symbol "VNG.UN". Convertible debentures of Vault trade on the TSX under the symbols "VNG.DB", and "VNG.DB.A".

Contact Information

  • Vault Energy Trust
    Robert Jepson
    President and Chief Executive Officer
    (403) 444-9662
    Vault Energy Trust
    Greg Fisher
    VP, Finance and Chief Financial Officer
    (403) 444-9651
    Vault Energy Trust
    Nicole Collard
    Investor Relations
    (403) 444-9657