2009-08-11-2007-12-01-2008-02-01

Bought co., gaining 70% average WI on 49,000 gross acres (23,700 net) in Leitchville area SE SK, additional land in Peace River Arch area. 300 gross (243 net) drill locations. Production 1,800 BOE/d (63% oil). 2P 7.3 MMBOE.

Canetic Resources Trust, Calgary, (Toronto: CNE-UN; NYSE: CNE) now merged with Penn West Energy Trust (NYSE: PWE; Toronto: PWT), has completed its acquisition of Titan Exploration Ltd., Calgary, (Toronto: TTN-A) for C$98.5 million in stock and C$17.5 million in assumed debt in a total deal valued at C$116 million. Canetic paid 0.1917 unit per Titan class A share and 0.6609 unit per Titan class B share. Canetic now holds 96.2% of Titan and plans to acquire all remaining shares through compulsory acquisition. The assets are valued at approximately C$49,200 per producing barrel of oil equivalent and C$12.50 per proved and probable barrel equivalent, according to Canetic. Titan's assets include a 70% average working interest on more than 49,000 gross acres (23,700 net) in the Leitchville area of southwestern Saskatchewan near Canetic's assets in the Lower Shaunavon trend, and additional land in the Peace River Arch area of northern Alberta and British Columbia. The assets include approximately 300 gross (243 net) drilling locations. Production is more than 1,800 barrels equivalent per day (63% oil). Proved and probable reserves are 7.3 million barrels equivalent. FirstEnergy Capital Corp. was financial advisor to Titan.