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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Lorne Larson who wrote (761)	3/5/2001 4:55:01 PM
From: David Culver	Read Replies (1) \| Respond to of 11633

Any comments on the deal announced by APF Trust today, looks pretty good to me given the production increases and the relatively low share price paid. dave

To: Lorne Larson who wrote (761)	3/5/2001 6:05:00 PM
From: kingfisher	Respond to of 11633

PrimeWest to raise monthly distribution PrimeWest Energy Trust PWI.UN Shares issued 38,061,130 2001-03-02 close $8.82 Monday Mar 5 2001 News Release Mr. Kent MacIntyre reports PrimeWest Energy Trust intends to increase its monthly distribution rate by 10 per cent from 20 cents to 22 cents per trust unit (the 10-cent regular and a 12-cent special) following the closing of the Cypress Energy Inc. acquisition. PrimeWest has extended the period during which it expects to pay the 22-cent-per-trust-unit monthly distribution until at least January, 2002. The increase in PrimeWest's distribution rate is supported by the accretive nature of the Cypress transaction to PrimeWest unitholders on a cash-flow-per-unit basis -- estimated to be 13 per cent in 2001. The increase is also backstopped by a series of commodity-risk management structures. If PrimeWest achieves its minimum tender condition under the Cypress offer (not less than 66.6 per cent on a fully diluted basis) on the March 28, 2001, expiry date of its bid, the increased PrimeWest distribution rate will commence with the April, 2001, distribution, payable May 15, 2001. The increased monthly distribution rate of 22 cents per trust unit equates to approximately 32 cents per Cypress share for those tendering and electing PrimeWest trust units under the offer. Also, if the minimum condition is met, tendering Cypress shareholders who elect to receive PrimeWest trust units in exchange for their shares will receive the March-declared, April-paid distribution of 20 cents, which equates to 29 cents per Cypress share. Full-year 2001 distributions paid by PrimeWest are now expected to be $2.56 per trust unit (20 cents monthly in January through April, and 22 cents for the months thereafter). Based on actual year-to-date commodity prices received and the current forward commodity price curves for the balance of 2001, PrimeWest's estimated distribution pay-out ratio (distributions paid out as a percentage of operating cash flow) is expected to be approximately 85 per cent. Based on the expected 2001 distribution of $2.56 per trust unit and a recent unit price of $9.00, PrimeWest's current cash-on-cash yield is 28.4 per cent. To support the increased distribution rate, PrimeWest is implementing a series of commodity-risk management structures. Additional commodity-risk management activities will be considered for 2002 following the successful acquisition of Cypress. Any further extension or changes to PrimeWest's distribution rate will continue to be assessed quarterly by the board of directors, in the context of operating results and the then-current commodity price environment. "With this increase and extension, PrimeWest unitholders have more stability and predictability in their monthly and full-year distribution streams," said vice-chairman and chief executive officer Kent MacIntyre. "The distribution increase provides a tangible benefit to PrimeWest unitholders that is commensurate with the strong cash flow accretion attributed to the Cypress transaction." WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)