Provident Energy Announces 2004 Year-end and Fourth Quarter Results

March 14, 2005

Press Release #08-05

All values are in Canadian dollars unless otherwise noted

2004 Highlights

- Provident was the first Canadian energy trust to acquire significant oil and gas assets in the United States, purchasing Los Angeles-based BreitBurn Energy. The acquisition created Provident's third business unit and strengthened the trust by providing a long-term source of cash flow.

- Provident's acquisitions, internal development activities and overall strong commodity prices increased the trust's consolidated proved plus probable oil and gas reserves from 54, 894 Mboe (0.66/unit) to 130,800 Mboe (0.92/unit).

- Provident's proved plus probable reserve life index (RLI) at December 31, 2004 was 9.3 years, a 40 percent increase over 2003. The increase reflects the acquisition of long-life reserves in the U.S., acquisitions and internal development activities in Canada, and overall strong commodity prices. Incorporating the long-life midstream assets, Provident's economic life is greater than 13 years.

- Provident's finding, development and acquisition (FD&A) costs in 2004 including future capital and revisions based on NI 51-101 reporting guidelines were $14.07/boe for total proved reserves and $11.58/boe for proved plus probable reserves. Provident's three year average total proved plus probable FD&A cost were $10.68/boe, including future development capital and NI 51-101 revisions.

- Provident's consolidated oil and gas exit production was 36,700 boed, compared to 26,190 boed in 2003. 2004 consolidated exit production was weighted 40 percent to natural gas, 42 percent to light/medium oil and NGLs, and 18 percent to heavy oil.

- Provident's Midstream Services and Marketing group exceeded earnings before interest, taxes and deprecication (EBITDA) expectations, generating EBITDA of $50.1 million in 2004, well above market expectations of $38 to $42 million.

- Provident maintained its monthly cash distiribution at $0.12/unit throughout 2004, distributing a total of $164.6 million ($1.44/unit), representing a payout ratio of 89 percent of cash flow from operations.

Click here for Provident's complete 2004 Year-end and Quarterly release

Click here for Provident's 2004 Fourth quarter results

Click here for Provident's 2004 Year-end MD&A

Click here for Provident's 2004 Year-end Financial Statements & Notes

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Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages an oil and gas production business and a midstream services business. Provident’s energy portfolio is located in some of the more stable and predictable producing regions in western Canada, southern California and Wyoming. Provident provides monthly cash distributions to its unitholders and trades on the Toronto Stock Exchange and the American Stock Exchange under the symbols PVE.UN and PVX, respectively.

Investor and Media Contact: Jennifer Pierce Senior Manager Investor Relations and Communications Phone (403) 231-6736 Email: info@providentenergy.com          Corporate Head Office: 700, 112 – 4th Avenue S.W. Calgary, Alberta, Canada  T2P 0H3 Phone: (403) 296-2233 Toll Free: 1-800-587-6299 Fax: (403) 261-6696 www.providentenergy.com