Canetic Resources Trust to begin trading today on New York Stock Exchange
February 15 2006 - 6:58AM
PR Newswire (US)
CALGARY, Feb. 15 /PRNewswire-FirstCall/ -- (CNE.UN: TSX; CNE:
NYSE)- Canetic Resources Trust is pleased to announce that it will
begin trading today on the New York Stock Exchange (NYSE) under the
ticker symbol "CNE" when Canetic's Chairman of the Board Jack C.
Lee and President and CEO J. Paul Charron ring the Opening Bell(SM)
at 9:30 a.m. to begin the day's trading. "We are extremely pleased
to be joining the NYSE today and believe that it will result in
improved liquidity for all of our unitholders, greater access to
U.S. capital markets and potentially, a lower cost of capital,"
said Charron. Canetic was formed on January 5, 2006, from the
merger of Acclaim Energy Trust and StarPoint Energy Trust. The
merger resulted in the creation of the third largest conventional
oil and gas trust in North America, with production of
approximately 75,000 barrels of oil equivalent per day (boe/d) and
an enterprise value of approximately C$5.5 billion. Canetic's
production is weighted 60 percent to oil and liquids and 40 percent
to natural gas. Canetic is currently distributing C$0.23 (US$0.20
at current exchange rates) per trust unit per month. The next
monthly distribution will be to unitholders of record on February
28, 2006. The ex-distribution date is February 24, 2006, and the
payment date will be March 15, 2006. Canetic's predecessor, Acclaim
Energy Trust, established an objective of providing consistent cash
distributions and has provided unitholders with stable and
increasing distributions for more than four years. Canetic's NYSE
specialist is LaBranche & Co. LLC and Canetic's CUSIP number
remains unchanged at 137513107. Please visit Canetic's website at
http://www.canetictrust.com/ for additional corporate information
and a recent corporate presentation. The Trust's toll free investor
line is 877-539-6300. ADVISORY: Certain information regarding
Canetic Resources Trust including management's assessment of future
plans and operations, reserve and production estimates, drilling
inventory, and Canetic's distribution policy may constitute
forward-looking statements under applicable securities law and
necessarily involve risks, including, without limitation, risks
associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition, incorrect
assessment of the value of acquisitions, failure to realize the
anticipated benefits of acquisitions, capital expenditure estimates
and ability to access sufficient capital from internal and external
sources; failure to obtain required regulatory approvals. As a
consequence, actual results may differ materially from those
anticipated in the forward- looking statements. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect
Canetic's operations or financial results are included in reports
on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (http://www.sedar.com/) or at
Canetic's website (http://www.canetictrust.com/). Furthermore, the
forward-looking statements contained in this news release are made
as of the date of this news release, and none Canetic undertakes no
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be expressly required by
applicable securities law. Where reserves or production are stated
on a barrel of oil equivalent (BOE) basis, natural gas volumes have
been converted to a barrel of oil equivalent (BOE) at a ratio of
six thousand cubic feet of natural gas to one barrel of oil. This
conversion ratio is based upon an energy equivalent conversion
method primarily applicable at the burner tip and does not
represent value equivalence at the wellhead. BOEs may be
misleading, particularly if used in isolation. DATASOURCE: Canetic
Resources Trust CONTACT: Kerk Hilton, Director, Investor Relations,
Canetic Resources Inc., (403) 539-6343, E-mail: ; Michael Pollock,
Christensen, (480) 614-3007, E-mail: ; Allison Circle, New York
Stock Exchange, (212) 656-5717, E-mail: ; To request a free copy of
this organization's annual report, please go to
http://www.newswire.ca/ and click on Tools for Investors.
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