Provident Energy Announces Second Quarter 2005 Results

August 8 , 2005

Press Release #19-05

-Provident generated $64.4 million ($0.4/unit) in cahs flow from operations, and declared distributions of $57.0 million ($0.36/unit).

-Provident earned $26.8 million ($0.17/ unit).

-Provident drilled 16 net operated wells in its Southwest Saskatchewan shallow gas area with test results better than expected.

-Provident completed the redemption of its 10.5 percent convertible unsecured subordinated debentures.

-On June 28, Provident announced the appointment of Dan O'Byrne, Executive Vice President, Operations, and Chief Operating Officer.

CALGARY, ALBERTA - Provident Energy Trust (Provident) (TSX-PVE.UN; AMEX-PVX) reported second quarter 2005 cash flow from operations of $64.4 million ($0.41/unit) compared to $36.5 million ($0.38/unit) generated in the second quarter of 2004, an increase of 76 percent. Distributions declared in the quarter totaled $57.0 million ($0.36/unit) compared to $35.0 million ($0.36/unit) in 2004. For the second quarter of 2005, Provident's payout ratio of cash flow from operations was 88 percent compared to 96 percent in the same period of 2004.

Year-to-date, operating cash flow was $128.6 million ($0.84/unit) compared to $72.8 million ($0.79/unit) for the same period in 2004. For the six months ended June 30, 2005, Provident declared distributions of $108.7 million ($0.72/unit) compared to the $66.1 million ($0.72/unit) during the same period in 2004. For 2005, Provident's payout ratio of cash flow from operations is 85 percent, compared to 91 percent for the same period in 2004. Based on the current distribution level and commodity prices, Provident is forecasting a payout ratio of approximately 80 percent for 2005.

On May 31, 2005, Provident completed the redemption of its 10.5 percent convertible unsecured subordinated debentures. A total of 3.5 million units were issued at the conversion price of $10.70 per unit. A further $3.0 million was paid to the remaining debenture holders who did not convert to trust units at $1,050 per $1,000 of convertible debenture held, plus accrued interest to May 31, 2005.

"Second quarter and year-to-date results were in line with expectations," said Provident Chief Executive Officer Tom Buchanan. "At the operations level, our Midstream business unit continued to meet or exceed expectations, however capital programs for our U.S. and Canadian Oil and Gas Production business units were faced with unexpected delays. Our plans to increase drilling activities in the second quarter, particularly at our Lloydminster and Southwest Saskatchewan fields in Canada were delayed due to poor weather, and our West Pico and Santa Fe Spring areas in Los Angeles experienced service access problems."

On June 28, 2005, Provident announced the appointment of Dan O'Byrne, Executive Vice President, Operations, and Chief Operating Officer. Mr. O'Byrne will be responsible for Provident's Midstream Services and Marketing, U.S. Oil and Gas Production, and Canadian Oil & Gas Production business units. "I look forward to contributing to Provident's growth-oriented, balanced portfolio strategy," said Mr. O'Byrne. "Our focus in the months to come will be on enhancing sustainability, diversifying our asset base and exercising discipline in the management of our assets and capital resources."

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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: Patricia Lew Investor Relations and Communication Analyst Phone: (403) 231-6710 Email: info@providentenergy.com          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