PrimeWest Energy Trust Announces $80 Million Bought Deal Financing And Distribution Level For October

CALGARY, ALBERTA--(TSX: PWI.UN; PWX; NYSE: PWI) - PrimeWest 
Energy Trust (PrimeWest) announced today that it has entered into 
an agreement to sell, to a syndicate of underwriters led by 
Scotia Capital and CIBC World Markets Inc., and including BMO 
Nesbitt Burns Inc., RBC Capital Markets, TD Securities Inc., 
National Bank Financial, Canaccord Capital Corporation, 
Desjardins Securities Inc, FirstEnergy Capital Corp., and HSBC 
Securities (Canada) Inc., 3.1 million Trust Units at $25.90 per 
Trust Unit to raise gross proceeds of approximately $80 million 
on a bought deal basis. Closing is expected to occur on or about 
September 23, 2003.  

PrimeWest today also announces a cash distribution of 32 cents 
Canadian per trust unit payable on October 15th, 2003, to all 
unitholders of record on September 30th, 2003. The 
ex-distribution date is September 26th, 2003. Provided closing 
occurs as scheduled, purchasers of the issue will be eligible to 
receive the cash distribution. 

The issue will be a bought underwritten public issue in all 
provinces of Canada by way of a short form prospectus. The issue 
will not be offered for sale in the U.S. or internationally. 

The net proceeds of the issue will be used for general corporate 
purposes, debt reduction, and to fund ongoing capital 
expenditures, including gas well drilling and facilities 
investments at Caroline, Valhalla and Brant Farrow.  

PrimeWest is a Calgary-based conventional oil and gas royalty 
trust that actively acquires, develops, produces, and sells 
natural gas, crude oil, and natural gas liquids for the 
generation of monthly cash distributions to unitholders. Trust 
units of PrimeWest are traded on the Toronto Stock Exchange (TSX) 
under the symbol "PWI.UN" and on the New York Stock Exchange 
under the symbol "PWI". Exchangeable shares of PrimeWest Energy 
Inc. are listed on the TSX under the symbol "PWX". 

Learn more about PrimeWest on our Web site, 
www.primewestenergy.com. 

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