"PrimeWest Energy Trust"
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PrimeWest is another open-ended Canadian energy royalty trust that's been around for a relatively long time -- since August 1996. PrimeWest Energy Trust is based in Calgary, Alberta and operates conventional oil and gas producing properties in the Western Canada Sedimentary Basin and Montana, North Dakota and Wyoming. Prime West management has grown production from 9,600 BOE per day to over 39,000 BOE per day. They receive royalties from PrimeWest Energy Inc.
At its 1996 Initial Public Offering (IPO), PrimeWest raised $249 million by selling 24.9 million trust units. Its current market cap is around $3 billion.
PrimeWest Trust has an inventory of approximately $1 billion on their oil and gas various properties.
Key Prime West property development areas are Tight Gas, Conventional, SE Alberta Shallow Gas and Coalbed Methane.
PrimeWest Energy is traded on both the Toronto Stock Exchange/TSX (symbol is PWI.UN) and on the New York Stock Exchange/NYSE (symbol is PWI).
Prime West distributes dividends monthly, and so far in 2007 its dividend rate has been 25 cents per unit, down from 36 cents and 30 cents in 2006.
They are actively buying new oil & gas properties through acquiring energy exploration companies.
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