Penn West Energy Trust Acquisition of Canetic Resources Trust

On January 11, 2008, Penn West Energy Trust (“Penn West”) completed the acquisition of Canetic Resources Trust (“Canetic”) by way of Plan of Arrangement, creating the largest conventional oil and gas energy trust in North America with an enterprise value of approximately $14 billion. The new Penn West has a dominant position in light oil in Canada and a diversified portfolio of conventional oil and natural gas assets plus significant resource-play potential in the Peace River oil sands in Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools and coalbed methane producing assets. Under the Arrangement, Canetic unitholders received .515 of a Penn West trust unit for each Canetic trust unit exchanged.

Penn West's team, led by Vice President Keith Luft of Penn West, was represented by Burnet, Duckworth & Palmer LLP with a team that included John Brussa and Jeff Fortin (tax), Allan Twa, QC, Bill Maslechko, Grant Zawalsky, Jeff Oke and Lindsay Cox (securities), John Cuthbertson, Alicia Quesnel, Carolyn Wright, Jody Wivcharuk, Simon Lee and Julie Inch (oil and gas), Gina Ross (employment) and Dan McDonald, QC (litigation).

Canetic's team, led by Vice President, General Counsel and Secretary Brian Evans of Canetic, was represented by Blake, Cassels & Graydon LLP with a team including Brock Gibson, Chad Schneider, Jeff Bakker and Sheila Crosby (securities and M&A), Chris Christopher, Jana Kooperberg and Kristen Lewicki (commercial and oil and gas), Doug Richardson and Edmund Gill (tax), Brian Facey and Carolyn Naiman (competition and regulatory), Brian Thiessen (employment) and David Tupper (litigation).