S. Keith Luft

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust. It is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian sedimentary basin with a focus on resource-play potential in the peace river oil sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets. The trust has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow.