News Release dated February 9, 2007

News release via Canada NewsWire, Calgary 403-269-7605

    Attention Business Editors:
    Penn West Energy Trust announces producing property acquisition

    PENN WEST ENERGY TRUST (TSX - PWT.UN; NYSE - PWE) is pleased to announce
    it has entered into an agreement to acquire oil and natural gas assets

    CALGARY, Feb. 9 /CNW/ - Penn West Energy Trust ("Penn West") is pleased
to announce it recently entered into an agreement to acquire conventional oil
and natural gas assets. The transaction is expected to close in March 2007
subject to the satisfaction of the usual conditions, including the rights of
first refusal ("ROFRs") held on certain assets by working interest parties and
the receipt of regulatory approvals.
    The assets, located primarily in the Province of Alberta, currently
produce a total of approximately 3,200 barrels of light oil per day
("bbl/day") and 10.2 million cubic feet per day ("mmcf/day") of natural gas,
or approximately 4,900 barrels of oil equivalent per day ("boe/day"). Of these
totals, approximately 3,000 bbl/day of light oil production and 6 mmcf/day of
the natural gas production is situated within or near Penn West's Peace River
Oil Sands ("Peace River") project or our adjacent holdings in the Red
Earth/Utikuma area. The assets include approximately 190,000 net undeveloped
acres of land, consisting of petroleum and natural gas leases. Also included
and located in or near the Peace River project are high working interests in a
sales line connected 10,000 bbl/day oil processing facility, a natural gas
plant and compression facility with a design capacity of 33 mmcf/day, and
associated all-weather roads. Other properties acquired are complementary to
or contiguous with existing Penn West operations.
    The purchase price of the asset package, prior to any reductions due to
ROFRs, totals approximately $339 million before closing adjustments of an
estimated $12 million, which will reduce the cash outlays on closing. Based on
current production and excluding Penn West's allocated value for undeveloped
land, the acquisition cost will be approximately $61,500 per flowing boe/day.
Penn West expects to initially finance the acquisitions by utilizing its
existing $1.9 billion syndicated and unsecured credit facility. Subsequent to
the closing of the acquisitions, Penn West expects that its bank debt to
annualized proforma, trailing EBITDA will be approximately 1.1 to 1.
    In addition to this complementary acquisition, Penn West also plans a
2007 Peace River capital program of $100 million that includes the drilling of
60 to 65 net wells and associated production infrastructure expenditures.
Using only conventional, non-thermal recovery methods, production expectations
from the area remain at between 4,500 and 5,000 bbl/day by the spring of 2007
excluding the acquired light oil and natural gas production. Engineering
evaluations are continuing on thermal and other enhanced recovery methods.
    Penn West's Peace River project is a strategic growth area for Penn West
where it holds a 100 percent working interest in approximately 300,000 net
acres of oil sands leases currently estimated by Penn West to contain heavy
oil resources in place of 6.8 billion barrels (mid case). Using the
definitions set out in the Canadian Oil and Gas Evaluation Handbook, these
resources are considered "Discovered Resources" and exclude additional
potential "Undiscovered Resources". As Penn West is in the early stages of the
project, these resources have not been classified into more specific
categories. There is no certainty that a significant portion of these
resources will be recovered or that a significant portion of the resources
will be economically or technically feasible to produce in the future. In the
case of undiscovered resources, there is no certainty that the resources will
be discovered.
    Discovered resources are those quantities of oil and gas estimated on a
given date to be remaining in, plus those quantities already produced from,
known accumulations. Discovered resources consist of economic and uneconomic
resources with the estimated future recoverable portion classified as reserves
or contingent resources. Undiscovered resources are the estimated, yet to be
discovered, quantities of oil and gas contained in an accumulation.
 
 
        
 

        
        
 
        
        
    Penn West Energy Trust is a senior oil and natural gas energy trust based
in Calgary, Alberta that trades on the Toronto Stock Exchange under the symbol
PWT.UN and on the New York Stock Exchange under the symbol PWE.

    Forward-Looking Statements

    Barrels of oil equivalent ("boe") may be misleading, particularly if used
in isolation. The conversion ratio of 6 Mcf of natural gas equals 1 boe is
based on an energy equivalency at the burner tip and does not represent a
value equivalency at the wellhead.
    In the interest of providing Penn West's unitholders and potential
investors with information regarding Penn West, including management's
assessment of Penn West's future plans and operations, 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 addition, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated and can be
profitably produced in the future. In particular, this document contains,
without limitation, forward-looking statements pertaining to the estimated
completion date of the acquisitions, the financing sources of the acquisitions
and the expected amount of purchase price adjustments, capital expenditures,
drilling plans, production estimates and the expected timing for achieving
such production levels.
    With respect to forward-looking statements contained in this document, we
have made assumptions regarding, among other things: future oil and natural
gas prices and differentials between light, medium and heavy oil prices;
future oil and natural gas production levels; future exchange rates; the
amount of future cash distributions paid by Penn West; the cost of expanding
our property holdings; our ability to obtain equipment in a timely manner to
carry out development activities; our ability to market our oil and natural
gas successfully to current and new customers; the impact of increasing
competition; our ability to obtain financing on acceptable terms; our ability
to obtain all necessary approvals for completing the acquisition and
completing it when expected, and our ability to add production and reserves
through our development and exploitation activities.
    Although Penn West believes 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 Penn West's 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: volatility in market prices for oil and natural gas; the impact of
weather conditions on seasonal demand; risks inherent in oil and gas
operations; uncertainties associated with estimating reserves and resources;
competition for, among other things, capital, acquisitions of reserves,
resources, undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; geological, technical, drilling and processing
problems; general economic conditions in Canada, the U.S. and globally;
industry conditions, including fluctuations in the price of oil and natural
 
        
 

        
        
 
        
        
 
gas; royalties payable in respect of our oil and natural gas production;
changes in government regulation of the oil and natural gas industry,
including environmental regulation; fluctuations in foreign exchange or
interest rates; unanticipated operating events that can reduce production or
cause production to be shut-in or delayed; failure to obtain industry partner
and other third-party consents and approvals when required; stock market
volatility and market valuations; OPEC's ability to control production and
balance global supply and demand of crude oil at desired price levels;
political uncertainty, including the risks of hostilities, in the petroleum
producing regions of the world; the need to obtain required approvals from
regulatory authorities from time to time; failure to realize the anticipated
benefits of acquisitions, including the subject acquisitions and the
acquisition of Petrofund Energy Trust; failure to obtain required approvals or
otherwise complete the acquisitions on the expected timeline; and the other
factors described in Penn West's public filings (including its Annual
Information Form) available in Canada at www.sedar.com and in the United
States at 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, Penn West does 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.

    %SEDAR: 00022266E          %CIK: 0001334388

    /For further information: PENN WEST ENERGY TRUST, Suite 2200, 425 - First
Street S.W., Calgary, Alberta, T2P 3L8, Website: www.pennwest.com, Toll-free:
1-866-693-2707, Phone: (403) 777-2500, Fax: (403) 777-2699; Investor
Relations: William Andrew, President and CEO, Phone (403) 777-2502, Toll-free:
1-888-770-2633, E-mail: investor_relations(at)pennwest.com/
    (PWT.UN. PWE)

CO:  Penn West Energy Trust

CNW 17:24e 09-FEB-07