PrimeWest Energy Trust Announces $142 Million Bought Deal Financing And Announces May Distribution

CALGARY, ALBERTA--(CCNMatthews - Apr 5, 2004) - (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 Inc., and 
including CIBC World Markets Inc., BMO Nesbitt Burns Inc., 
National Bank Financial Inc., RBC Capital Markets, TD Securities 
Inc., Canaccord Capital Corporation, HSBC Securities (Canada) 
Inc., Desjardins Securities Inc., and GMP Securities Ltd. 5.4 
million Trust Units at $26.30 per Trust Unit to raise gross 
proceeds of approximately $142 million on a bought deal basis. 
Closing is expected to occur on or about April 22, 2004. The 
first distribution for which purchasers of trust units issued 
pursuant to the offering will be eligible will be payable on May 
14, 2004. 

PrimeWest today also announces a cash distribution of 25 cents 
Canadian per trust unit payable on May 14, 2004, to all 
unitholders of record on April 22, 2004. The ex-distribution date 
is April 20, 2004 

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 initially be used to reduce 
debt partially incurred in the previously announced $44 million 
acquisition of Seventh Energy, for ongoing capital expenditures 
and for general corporate purposes. 

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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