2009-08-11-2007-07-01-2007-10-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$23.0MM
Description

Bought co., gaining 133,500 net undeveloped acres in Peace River Arch with core areas at Blueberry,Gift Lake. Production 719 BOE/d, proved 1.3 MMBOE, proved/probable 2.1 MMBOE.

Penn West Petroleum Ltd., a subsidiary of Penn West Energy Trust, Calgary, (Toronto: PWT-UN, NYSE: PWE) has acquired 90% of C1 Energy Ltd., Calgary, (Toronto: CTT) in a friendly takeover deal valued at C$23 million total in cash and assumed debt. C1 shareholders received C$0.20 cash per share. Penn West intends to exercise its compulsory acquisition right to purchase the remaining shares. C1's assets include 133,500 net undeveloped acres in the Peace River Arch in Alberta, with core areas at Blueberry and Gift Lake. The assets are near Penn West's strategic Peace River oil-sands project. Production is 719 barrels of oil equivalent per day. Proved reserves as of Dec. 31 were 1.3 million barrels equivalent and proved and probable reserves were 2.1 million barrels equivalent. GMP Securities LP provided a fairness opinion to C1.