Provident Energy Ltd. - 2011-05-10

Closed an offering of C$150 million aggregate principal amount of 5.75% convertible unsecured subordinated debentures at a price of $1,000 per debenture. If the over-allotment option is fully exercised, the total gross proceeds to Provident from the sale of the debentures will be C$172.5 million. Net proceeds will initially be used to pay debt; to fund the previously announced redemption of all of the outstanding aggregate principal amount of Provident's outstanding 6.5% convertible debentures due August 31, 2012; and for general corporate proposes.