2009-08-11-2007-12-01

To acquire company, gaining 17,900 net acres undeveloped land, 100 gross drill sites in Steelman, Crystal Hills, Ingoldsby areas. Production 1,300 BO/d (97% operated). 2P 3.6 MMBO.

Provident Energy Trust, Calgary, (Toronto: PVE-UN; NYSE: PVX) plans to acquire an undisclosed, privately held company with assets in southwestern Saskatchewan for C$79 million in stock and C$13 in assumed debt in a total deal valued at C$92 million. The assets include 17,900 net acres of undeveloped land and approximately 100 gross drilling opportunities, principally in the Steelman, Crystal Hills and Ingoldsby areas. Production is approximately 1,300 barrels of oil per day (97% operated) and Provident expects production to increase by approximately 20% in 2008. Proved and probable reserves are approximately 3.6 million barrels of oil. Provident's southeastern Saskatchewan asset team will be manager. Provident president and chief executive Tom Buchanan says, "The technical and operational capability we have developed in this region over the past decade, combined with competitive royalty rates and strong economics on these new assets, position us for high capital efficiency in the region." The deal was expected to close by the end of November.