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PennWest Energy Trust Q1 2010 Earnings Call Transcript

Firstly, something we want to make very clear is that our focus over the past five years with PennWest is becoming a lead oil for light oil production development and exploration in Canada and indeed, in North America. From a strategic point of view, this involved two large oil weighted corporate acquisitions, consolidation in key areas and the adaptation of the technology that really has sparked the shale gas revolution in North America as presently fueling a stampede to light oil plays in North America.

We believe this positions us extremely well and Murray will talk about that a little bit and highlight some of the plays that we’re pursuing and exactly how we’re positioned in light oil relative to most of our peers in North America.

Secondly, we will highlight the very significant progress that we made on debt reduction, and also, we’ll highlight the renewal of our syndicated banking facility, which occurred very recently.

Thirdly, we’ll talk a little bit about conversion. We are going to convert from an income trust to an E&P within the next little while, targeting towards the end of the year, and we’re very exciting about rejoining the ranks of North American E&P’s. We got a weight into light oil. That puts us in a favorable position. We believe the depth of our prospect inventory, particularly aimed towards light oil is second to none in North America.

Over the next six or seven months as we move towards conversion, we’ll be providing more details on an expanded capital program focused on our light oil rich oil resource plays and how we intend to blend growth with yield.

Certain information regarding PennWest transactions and results discussed during this conference call including management’s assessment of future plans and operations may constitute forward-looking statements under applicable securities laws and necessarily involve risks.

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