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PennWest Energy Trust Q1 2010 Earnings Call Transcript

Participants are directed to PennWest’s new release, which we issued this morning to review the advisory notice therein. Participants are also cautioned that the included list of risk factors is not exhaustive. Official information on these other risk factors that could affect PennWest operations and financial results are included in reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the Sedar at or the FCC website at

And of course, any time, and all the time, we encourage you very much to visit our website which is and Jason and his group in investor relations do a good job in keeping that site up. We’ve got our latest investor presentation. We usually have some news clips with PennWest staff and management on it, as well as some of our interaction with the media. All of our financial results are on there as well as some operational information, and we do encourage you to go there and just have a look at what we think distinguishes PennWest from a lot of the pack right now.

During this conference call, certain reference to non-GAAP items may be made. Participants are directed to PennWests MD&A and financial statements available on our website as well as filings available on the website noted earlier to review the disclosure concerning non-GAAP items.

Following a review and update this morning, we’ll open the phone lines, as which time we’ll be pleased to answer your questions. With that, I’m going to turn the call over to Murray Nunns, our President and COO.

Murray Nunns

First off, we’ll take a quick run through on some of the financial results and hit some of the highlights. The funds flow forward in the first quarter was $344 million and were $0.81 per basic share, and this reflects the impact of some of the property dispositions in the first quarter.

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