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Provident Energy Announces Redemption of the 10.5 Percent Convertible Unsecured Subordinated Debentures
April 26 , 2005
Press Release #12-05
CALGARY, ALBERTA - Provident Energy Trust (Provident) (TSX-PVE.UN; AMEX-PVX) today announced its intention to redeem the aggregate amount of all outstanding 10.50 percent convertible unsecured subordinated debentures as of May 31, 2005 at an amount of $1,050 plus all accrued and unpaid interest hereon to May 30, 2005 per each $1,000 principal amount of debentures.
At the option of the holder, each debenture is convertible into fully paid and non-assessable trust units at a price of $10.70 per trust unit, upon the presentation and surrender of the debentures to the corporate office of Computershare Trust Company of Canada, located at Suite 710, 530 - 8 Avenue S.W., Calgary, Alberta, T2P 3S8, at any time prior to 4:30 p.m. (MDT) on May 30, 2005. The conversion rate is 93.4579 trust units per $1,000 principal amount of debentures.
The Debentures were originally issued to fund an acquisition of petroleum and natural gas assets and for general corporate purposes and were issued with a term that would have them mature on June 15, 2007.
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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. |
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Investor and Media Contact:
Jennifer Pierce
Vice President,
Strategy, Performance Management, Investor
Relations and
Communications
Phone (403) 231-6736
Email: info@providentenergy.com
Patricia Lew
Investor Relations and Communication Analyst
Phone: (403) 231-2506
Email: info@providentenergy.com
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Corporate Head Office:
800, 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 |
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