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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the period September 29, 2006 to October 2, 2006
PENGROWTH ENERGY TRUST
2900, 240 4th Avenue S.W.
Calgary, Alberta T2P 4H4 Canada
(address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.]
[Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Security Exchange Act of 1934.]
[If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): ]
DOCUMENTS FURNISHED HEREUNDER:
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Press Release announcing successful completion of business combination. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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PENGROWTH ENERGY TRUST
by its administrator PENGROWTH CORPORATION
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October 2, 2006 |
By: |
/s/ Gordon M. Anderson
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Name: |
Gordon M. Anderson |
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Title: |
Vice President |
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NEWS RELEASE
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Attention: Financial Editors
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Stock Symbol:
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(PGF.UN) TSX; |
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(PGH) NYSE |
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(EEE.UN; EEE.DB) TSX |
PENGROWTH ENERGY TRUST AND ESPRIT ENERGY TRUST ANNOUNCE
SUCCESSFUL COMPLETION OF BUSINESS COMBINATION
(Calgary, October 2, 2006) /CCN Matthews/ Pengrowth Energy Trust (Pengrowth) and Esprit Energy
Trust (Esprit) are pleased to announce the completion of their business combination (the
Combination). The Combination was approved by in excess of 99 percent of the votes cast at the
Esprit unitholder meeting held on September 26, 2006.
As a result of the Combination, approximately 35,514,327 trust units of Pengrowth have been issued
to Esprit unitholders. The Esprit trust units will be delisted from the Toronto Stock Exchange and
the trading symbol of the Esprit debenture will change to PGF.DB.
Pengrowth is also pleased to announce an increase in our syndicated bank credit facility from
$500,000,000 to $950,000,000 and the addition of two new banks into our credit facility. No other
material terms and conditions of Pengrowths bank credit facility have changed. Pengrowth will use
a portion of this increase to cancel Esprits syndicated bank credit facility and repay the amount
outstanding. Pengrowth will have unused credit capacity of over $500 million after assumption of
the bank indebtedness held by Esprit and completion of the acquisition and associated bought deal
financing of the Carson Creek assets from a subsidiary of ExxonMobil Canada Energy, putting
Pengrowth in a strong position to continue to pursue acquisition opportunities.
Following the Esprit and Carson Creek transactions, Pengrowths anticipated fourth quarter
production is approximately 81,000 barrels of oil equivalent (boe) per day and overall total proved
plus probable reserves are approximately 300 million boe (on a company interest before royalty
basis using constant pricing). Production is weighted 51 percent to natural gas and 49 percent to
crude oil and liquids and Pengrowth Corporation has a reserve life index of approximately 10.6
years on a proved plus probable basis (all using constant prices and costs). Pengrowth has
significant exploration opportunities on approximately 683,000 net acres of undeveloped lands and
substantial development potential within its core areas of expertise, including: enhanced oil
recovery in its focus area around Swan Hills, Judy Creek and Carson Creek, an extensive array of
shallow gas opportunities, development of its coalbed methane resource and numerous other projects.
Pengrowth Energy Trust is one of the largest energy royalty trusts in North America. Trust units
trade on the Toronto Stock Exchange (PGF.un) and the New York Stock Exchange (PGH).
Through the purchase of trust units, unitholders participate in the ownership of a large
portfolio of crude oil and natural gas properties, receiving the net cash flow (after expenses and
other withholdings), paid monthly, as the oil and gas reserves are produced. Pengrowths property
portfolio is one of the strongest in the energy trust sector and is characterized by low decline
rates and high development potential allowing for stable production.
PENGROWTH CORPORATION
James S. Kinnear, President
For further information about Pengrowth, please visit our website www.pengrowth.com or
contact:
Investor Relations, E-mail: investorrelations@pengrowth.com
Telephone: (403) 233-0224 Toll Free: 1-800-223-4122 Facsimile: (403) 294-0051
Investor Relations, Toronto, Toll Free: 1-888-744-1111 Facsimile: (416) 362-8191
Advisory:
This news release shall not constitute an offer to sell or the solicitation of an offer to buy
Pengrowth trust units, nor shall there be any sale of Pengrowth trust units in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction.
Caution Regarding Engineering Terms:
When used herein, the term boe means barrels of oil equivalent on the basis of one boe being
equal to one barrel of oil or NGLs or 6,000 cubic feet of natural gas (6 mcf: 1 bbl). Barrels of
oil equivalent may be misleading, particularly if used in isolation. A conversion ratio of six mcf
of natural gas to one boe is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.
The U.S. Securities and Exchange Commission (SEC) permits United States oil and natural gas
companies, in their filings therewith, to disclose only proved reserves net of royalties and
interests of others that geological and engineering data demonstrate with reasonable certainty to
be recoverable in future years from known reservoirs under existing economic and operating
conditions. Canadian securities laws permit oil and natural gas companies, in their filings with
Canadian securities regulators, to disclose reserves prior to the deduction of royalties and
interests of others, and to disclose probable reserves. Probable reserves are of a higher risk and
are generally believed to be less likely to be recovered than proved reserves. Certain reserve
information used herein to describe our reserves, such as probable reserve information, is
prohibited in filings with the SEC by U.S. oil and natural gas companies.
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Caution Regarding Forward Looking Information:
This press release contains forward-looking statements within the meaning of securities laws,
including the safe harbour provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always,
identified by the use of words such as anticipate, believe, expect, plan, intend,
forecast, target, project, may, will, should, could, estimate, predict or similar
words suggesting future outcomes or language suggesting an outlook. Forward-looking statements in
this press release include, but are not limited to, statements with respect to: benefits of the
Combination and the timing of the offer to purchase Esprits outstanding convertible debentures.
Forward-looking statements and information are based on current beliefs as well as assumptions made
by and information currently available to Pengrowth concerning anticipated financial performance,
business prospects, strategies and regulatory developments. Although management considers these
assumptions to be reasonable based on information currently available to it, they may prove to be
incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both
general and specific, and risks that predictions, forecasts, projections and other forward-looking
statements will not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to differ materially
from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions
expressed in such forward-looking statements. These factors include, but are not limited to:
incorrect assessments of value when making acquisitions; increases in debt service charges;
fluctuations in foreign currency and exchange rates; inadequate insurance coverage; changes in tax
laws; and Pengrowths ability to access external sources of debt and equity capital. Further
information regarding these factors may be found under the heading Business Risks in our
managements discussion and analysis for the year ended December 31, 2005 and under Risk Factors
in our Annual Information Form dated March 29, 2006.
The foregoing list of factors that may affect future results is not exhaustive. When relying on
our forward-looking statements to make decisions, investors and others should carefully consider
the foregoing factors and other uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made as of the date of this press
release, and Pengrowth does not undertake any obligation to up-date publicly or to revise any of
the included forward-looking statements, whether as a result of new information, future events or
otherwise. The forward-looking statements contained in this press release are expressly qualified
by this cautionary statement.
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