Petrofund Energy Trust Confirms Cash Distribution for December 2004.CALGARY, Alberta -- Petrofund Energy Trust (AMEX AMEX See: American Stock Exchange :PTF PTF - Program Temporary Fix ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PTF.UN) confirmed today a December cash distribution of C$0.16 per unit. This distribution announcement is consistent with the guidance provided in the press release dated October 5, 2004. The applicable dates for the December distribution are listed below: Distribution Record Date Ex-Distribution Date Payable Date ---------------------------------------------------------------------- C$0.16 per unit December 15, 2004 December 13, 2004 December 31, 2004 Registered unitholders will receive their distributions directly from our transfer agent. Those with US addresses are paid in US currency using the exchange rate in effect on the record date. Based on an exchange rate of C$1.1946/US$1.00, the December distribution would be US$0.1339 per unit (before deduction of withholding taxes). Non-registered unitholders will receive their distributions through their brokers. Those with US addresses will have their distributions converted to US currency at an exchange rate in effect on the payable date. Petrofund's 12-month aggregate trailing distributions (December 2004 inclusive) are C$1.92 per unit, which represents a cash-on-cash yield Cash-on-Cash Yield A comparative measure using the total amount of distributions paid upon an income trust divided by its market value. Notes: This is a measurement technique used to compare different unit trusts. of 12.89% per year based on the closing price of C$14.90 per unit on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. on December 3, 2004. Petrofund has recently announced the implementation of a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of its trust unit capital as approved by unitholders at a special meeting held on November 16, 2004. The purpose of the reclassification is to address Canadian residency requirements for the trust. If you have received a letter dated November 16, 2004 addressed to beneficial holders of Petrofund and you have questions regarding its meaning, please contact your broker for clarification. Your broker or your broker's firm will likely be responding on your behalf regarding the residency declaration requested in the letter, and thus it is expected that no action will be required by you, as a beneficial unitholder, unless you are a Canadian resident and your trust units are held through a U.S. broker. However, it is advised that you contact your broker to confirm they or their firm are attending to this matter. If you have received a letter dated November 16, 2004 addressed to registered unitholders, please fill out the accompanying letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. in accordance with the instructions listed on it and return it together with your certificate for trust units to Computershare Trust Company of Canada. For further information, please contact Computershare at 1-800-564-6253. Petrofund's current trust units will continue to trade until market close December 16, 2004, and will then be delisted from the TSX and AMEX. Class N Units will commence trading on the TSX (under the symbol PTF.N) and the AMEX (under the symbol PTF) on December 17, 2004 and Class R Units will also commence trading on the TSX (under the symbol PTF.C) on December 17, 2004. Class R units will not trade on the AMEX. As outlined in previous press releases, Canadian residents will receive the Class R units and non-Canadian residents will receive the Class N units. Registered unit holders participating Petrofund's DRIP program will receive the Class R units. Further information regarding the reclassification is contained in the Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible of Petrofund dated October 14, 2004, which is available on the SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review website at www.sedar.com and the SEC website at www.sec.gov. Petrofund Energy Trust is a Calgary based royalty trust royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. that acquires and manages producing oil and gas properties in Western Canada. The Trust makes monthly cash distributions to unitholders, which are derived from the Trust's cash flow from these properties. Petrofund Energy Trust was founded in 1988 and was one of the first oil and gas royalty trusts in Canada. This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements provisions contained in the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Petrofund Energy Trust cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Petrofund Energy Trust currently foresees. Discussion of the various factors that may affect future results is contained in Petrofund Energy Trust's recent filings with the Securities and Exchange Commission and Canadian securities regulatory authorities. PETROFUND ENERGY TRUST Jeffery E. Errico President and Chief Executive Officer |
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