Penn West board opposes trust move - August 08, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2004

Vol. 9, No. 32

Week of August 08, 2004

Penn West board opposes trust move

Gary Park

The board of directors at Penn West Petroleum resisted shareholder pressure to convert the company into an income trust at the annual meeting on Aug. 20.

By a unanimous vote, the board has opposed a shareholder motion to make a “detailed examination” of the merits of converting all or part of the company into a trust. Penn West, having turned down the trust idea last November, is currently weighing three options as part of a strategic review, but the board said any move to trust status is premature until the tax status under such a structure is clarified.

Penn West currently produces 55,000 barrels per day of oil and 336 million cubic feet of gas.

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