PrimeWest Energy Trust, Calgary, (Toronto: PWI-UN; NYSE: PWI) has acquired Shiningbank Energy Income Fund, Calgary, (Toronto: SHN-UN) in a unit deal valued at C$14.60 per unit for a total C$1.25 billion. Shiningbank has assets in Alberta with core properties in the Sousa, Grand Prairie and west-central areas. Production is approximately 23,192 barrels of oil equivalent per day. Proved and probable reserves are 92 million barrels equivalent. PrimeWest now has 1.1 million net undeveloped acres in west-central Alberta, northeastern British Columbia, and the Williston Basin in the U.S. Production will be 66,000 barrels equivalent per day (70% gas). Exit production for 2007 will be 59,000 barrels equivalent per day following the sale of assets producing 4,000 barrels equivalent per day and other adjustments. Proved and probable reserves will be 280 million barrels equivalent.
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