Penn West Energy Trust Announces Joint Venture with Mitsubishi Corporation

Calgary-based Penn West Energy Trust announced that it has entered into an agreement with a wholly-owned subsidiary of Mitsubishi Corporation of Japan forming a 50-50 joint venture to develop Penn West’s shale gas assets in the Cordova Embayment area and certain of its conventional gas assets in the Wildboy area of northeastern BC. Penn West will serve as operator of the assets. The closing of the transaction and the formation of the Joint Venture is expected to occur on or about September 23, 2010. Penn West is an oil and natural gas producer and operates throughout the Western Canadian Sedimentary Basin on a land base encompassing approximately 6 million acres.