PrimeWest Energy Trust Announces $70.3 Million Offering Of Trust Units

PrimeWest Energy Trust ("PrimeWest") announces that it has
entered into an agreement to sell, to a syndicate of underwriters
led by Scotia Capital Inc. and CIBC World Markets Inc. and
including BMO Nesbitt Burns Inc., Merrill Lynch Canada Inc., RBC
Dominion Securities Inc., TD Securities Inc., Canaccord Capital
Corporation, Dundee Securities Corporation and Yorkton Securities
Inc., 9,900,000 Trust Units at $7.10 per trust unit to raise
gross proceeds of $70.3 million on a bought-deal basis. PrimeWest
has granted the underwriters an option, exercisable in whole or
in part prior to closing, to purchase an additional 2,800,000
Trust Units at the offering price. In addition, PrimeWest has
granted the underwriters an over-allotment option to acquire up
to an additional 1,905,000 Trust Units at the same offering
price, for up to 30 days after closing to cover over-allotments,
if any. If both the underwriters' option and over-allotment
option are exercised in full the total gross proceeds raised will
be $103.7 million. The issue will be offered in all provinces of
Canada and to Qualified Institutional Buyers in the United States
pursuant to the registration exemptions provided by Rule 144A of
the Securities Act of 1933 and internationally as permitted.
Closing is expected to occur on or about November 15, 2001.

The net proceeds of the Issue will be used to repay outstanding
indebtedness, to fund future acquisitions, capital expenditures
and general corporate purposes.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any
jurisdiction. 

PrimeWest is a conventional oil and gas royalty trust that
acquires, develops, produces and sells crude oil, natural gas,
and natural gas liquids for the generation of cash distributions
to unitholders. Trust Units of PrimeWest trade on The Toronto
Stock Exchange ("TSE") under the symbol "PWI.UN". PrimeWest is
managed by PrimeWest Management Inc., a Calgary-based company.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.

For further information contact:
Don Garner                    
President & COO      

or

Dennis Feuchuk
Vice-President, Finance & CFO

PrimeWest Energy Trust
c/o PrimeWest Management Inc.
Suite 4700, 150 - 6th Avenue S.W.
Calgary, Alberta T2P 3Y7

/T/Phone:    (403) 234-6600
Email:    investor@primewestenergy.com  
Internet: www.primewestenergy.com
/T/