Penn West Energy Trust provides 2008 income tax information to Penn West unitholders, former Canetic unitholders and former Vaul
12 Février 2009 - 4:28AM
PR Newswire (US)
CALGARY, Feb. 11 /PRNewswire-FirstCall/ -- (TSX - PWT.UN; NYSE -
PWE) Penn West Energy Trust ("Penn West") is pleased to provide
2008 tax information on distributions to Penn West unitholders,
former Canetic Resources Trust ("Canetic") unitholders and former
Vault Energy Trust ("Vault") unitholders resident in Canada and the
United States. The following information is provided to assist
individual unitholders with 2008 income tax reporting. It is not
intended to constitute legal or tax advice to any particular holder
of Penn West units or former holders of Canetic or Vault units.
Readers should consult with their legal or tax advisors as to their
particular tax consequences of holding Penn West units or of having
held Canetic or Vault units. Further tax information in the form of
specific tax letters setting forth the taxability of Penn West
distributions, Canetic distributions and Vault distributions on a
monthly basis for Canadian and U.S. residents is available on Penn
West's website at http://www.pennwest.com/. If you would like a
copy of the 2008 tax information for Penn West, Canetic or Vault
please contact Investor Relations at 1-888-770-2633 or by e-mail at
. 2008 Canadian Tax Information ----------------------------- For
the 2008 tax year, Penn West has determined that the distributions
received by Canadian resident unitholders of Penn West are 100
percent taxable as "other income" with no return of capital. For
the 2008 tax year, Penn West has determined that the Special
Distribution declared by Canetic Resources Trust to its Canadian
resident unitholders of record on January 10, 2008 is 17.11 percent
taxable as "other income" with 82.89 percent return of capital. The
taxable portion of the final distribution paid on January 15, 2008
to former Vault unitholders of record on December 31, 2007 was
subject to tax in the 2007 taxation year. Consequently, for
Canadian resident unitholders only, NO FURTHER AMOUNTS are to be
reported for Vault distributions in the 2008 taxation year, and
such, Vault unitholders will not be receiving a T3 supplementary
slip for 2008. 2008 U.S. Tax Information -------------------------
In consultation with its U.S. tax advisors, Penn West believes that
the units of Penn West, Canetic and Vault more likely than not will
be properly classified as equity in a corporation, rather than
debt, for U.S. federal income tax purposes, and that distributions
paid to its individual U.S. unitholders will more likely than not
be "Qualified Dividends" under the Jobs and Growth Tax Relief
Reconciliation Act of 2003. There are certain individual
circumstances where the distributions may not be Qualified
Dividends (such as situations where individual unitholders do not
meet a holding period test). As such, the portion of the
distributions made during 2008 that are considered dividends should
qualify for the reduced rate of tax applicable to certain capital
gains with respect to eligible individual unitholders. Provided the
2008 Penn West, Canetic and Vault distributions are considered to
be qualified dividends as noted above, Penn West has determined
that 100 percent of Penn West, Canetic and Vault distributions paid
during the year will be taxable for U.S. tax purposes as "qualified
dividends" with no return of capital. Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements") within the meaning of the "safe
harbour" provisions of applicable securities legislation.
Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast",
"may", "will", "project", "could", "plan", "intend", "should",
"believe", "outlook", "potential", "target" and similar words
suggesting future events or future performance. In particular, this
document contains forward-looking statements pertaining to, without
limitation, the following: the nature of the distributions paid by
Penn West, Canetic and Vault to Canadian resident unitholders in
2008 for Canadian income tax reporting purposes; the proper
classification of Penn West's trust units for U.S. federal income
tax purposes; the nature of the distributions paid by Penn West,
Canetic and Vault to U.S. resident unitholders in 2008 for U.S.
income tax reporting purposes. With respect to forward-looking
statements contained in this document, we have made assumptions
regarding, among other things, the continuation of current Canadian
and U.S. income tax legislation and the interpretation thereof as
it relates to the characterization of the trust units and the
distributions paid thereon by applicable taxation authorities.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. These risks and uncertainties
include, among other things: the possibility of changes (which may
be retroactive) in existing Canadian and U.S. income tax
legislation and/or the interpretation thereof as it relates to the
characterization of the trust units and the distributions paid
thereon by applicable taxation authorities; and the other factors
described in our public filings (including our Annual Information
Form) available in Canada at http://www.sedar.com/ and in the
United States at http://www.sec.gov/. Readers are cautioned that
this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly required
by applicable securities laws, we do not undertake any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement. Penn West trust
units and debentures are listed on the Toronto Stock Exchange under
the symbols PWT.UN, PWT.DB.B, PWT.DB.C, PWT.DB.D, PWT.DB.E and
PWT.DB.F and Penn West trust units are listed on the New York Stock
Exchange under the symbol PWE. DATASOURCE: Penn West Energy Trust
CONTACT: PENN WEST ENERGY TRUST, Suite 200, 207 - 9th Avenue S.W.,
Calgary, Alberta, T2P 1K3, Phone: (403) 777-2500, Fax: (403)
777-2699, Toll Free: 1-866-693-2707, Website:
http://www.pennwest.com/; Investor Relations: Toll Free:
1-888-770-2633, E-mail: ; William Andrew, CEO, Phone: (403)
777-2502, E-mail: ; Jason Fleury, Manager, Investor Relations,
Phone: (403) 539-6343, E-mail:
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