Provident Energy Announces Third Quarter 2005 Results

Novmeber 9 , 2005

Press Release #29-05

Third quarter 2005 highlights

•  Cash flow and earnings rise on strength of commodity prices.

•  Payout ratio drops to 69 percent, strengthening the sustainability of the Trust.

•  Non-core property disposition completed for cash proceeds of $44.6 million.

CALGARY, ALBERTA - Provident Energy Trust (Provident) (TSX-PVE.UN; AMEX-PVX) reported third quarter 2005 cash flow from operations of $86.3 million ($0.53/unit) compared to $54.1 million ($0.41/unit) generated in the third quarter of 2004, an increase of 60 percent. Distributions declared in the quarter totalled $59.3 million ($0.36/unit) compared to $46.5 million ($0.36/unit) in 2004. For the third quarter of 2005, Provident's payout ratio of cash flow from operations was 69 percent compared to 86 percent in the same period of 2004.

Year-to-date, operating cash flow was $214.9 million ($1.37/unit) compared to $126.9 million ($1.20/unit) for the same period in 2004, an increase of 69 percent. For the nine months ended September 30, 2005, Provident declared distributions of $168.1 million ($1.08/unit) compared to $112.6 million ($1.08/unit) during the same period in 2004. Provident's year-to-date payout ratio is 78 percent, compared to 89 percent for the same period in 2004. Based on the current distribution level and commodity prices, Provident forecasts a payout ratio in the range of 75 to 80 percent for 2005.

"Third quarter and year-to-date results were in line with expectations," said Provident Chief Executive Officer Tom Buchanan. "With our current businesses performing well, we are looking forward to integrating the $697 million acquisition of EnCana's NGL business that we announced after the end of the quarter."

On September 29, 2005, Provident disposed of various non-core properties and land in Saskatchewan and Alberta for cash proceeds of $44.6 million. "This disposition is in line with Provident's ongoing strategy to focus our portfolio on those assets that can provide maximum value and lowest operating costs for our unitholders," said Provident's President Randy Findlay.

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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 natural gas liquids midstream services and marketing business. Provident's energy portfolio is located in some of the most 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: Laurie Stretch Senior Manager, Investor Relations and Communication 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) 294-0111 www.providentenergy.com