Primewest Energy Trust Announces $82.56 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 TD Securities Inc. and including
BMO Nesbitt Burns Inc., Merrill Lynch Canada Inc., RBC Dominion
Securities Inc. and Yorkton Securities Inc., 8,600,000 trust
units at $9.60 per trust unit to raise gross proceeds of $82.56
million on a bought-deal basis.  The offer to purchase includes
600,000 trust units to be sold to PrimeWest Management Inc. 
PrimeWest has granted the underwriters an over-allotment option
to acquire up to an additional 1,290,000 trust units at the same
offering price, for up to 30 days after closing to cover
over-allotments, if any.  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 June 22,
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 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.

/T/For further information contact:
Kent J. MacIntyre                  or   Susan M. Duncan
Vice-Chairman and                       Vice President, Finance
 Chief Executive Officer      /T/

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/