Distribution Note: No Return of Capital

Since inception in June of 2006, Penn West Energy Trust has not paid a distribution that included a return of capital. Therefore the ACB of units purchased as Penn West is equal to their original cost of purchase. However, if units of Penn West were acquired as a result of the merger with Petrofund Energy Trust, the ACB will have been reduced over the period when Petrofund was held, since Petrofund did pay out return of capital, and in this case, an ACB calculation should be performed. In addition, if the Penn West position can be traced back to the acquisition of either Acclaim Energy Trust, Star Point Energy Trust, Vault Energy Trust or Canetic Resources Trust, an ACB calculation will need to be performed since all four of these trusts made return of capital payments. Furthermore, if the Penn West position can be traced all the way back to the acquisition of either APF Energy Trust or Western Facilities Income Fund, an ACB calculation will be required.