Petrofund Energy Trust Confirms Cash Distribution for February 2006 and Announces Taxability and ROC for 2005.CALGARY, Alberta -- Petrofund Energy Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PTF PTF - Program Temporary Fix .UN) (AMEX AMEX See: American Stock Exchange :PTF)confirmed today a February cash distribution of C$0.20 per unit. This distribution announcement is consistent with the guidance provided in the press release dated January 5th, 2006. The applicable dates for the February distribution are listed below:
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Ex-Distribution
Distribution Record Date Date Payable Date
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C$0.20 per unit February 14th, February 10th, February 28th,
2006 2006 2006
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Note: These dates apply to Petrofund units traded on both the TSX
and AMEX.
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 $1.1445 / US$1.00, the December distribution would be US$0.1747 per unit (before deduction of withholding taxes The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. ). Non-registered unitholders will receive their distributions through their brokers. Petrofund's 12-month aggregate trailing distributions (February 2006 inclusive) are C$2.03 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 8.50% per year based on the closing price of $23.89 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 February 2nd, 2006. Petrofund also announced today that distributions paid out during 2005 were determined to be 98.380% taxable for Canadian residents. The remaining 1.620% was considered a return of capital. The taxable portions of distributions paid to US residents for 2005 were determined to be 91.140%, with the remaining 8.860% considered a return of capital which reduces your basis. In addition, Petrofund, in consultation with its tax advisors, is of the view that the taxable portion of the 2005 distributions paid to non-corporate unitholders who are U.S. residents are qualifying dividends qualifying dividends The dividends that meet Internal Revenue Service regulations for exclusion or partial exclusion from federal income taxation. For example, corporations are permitted to exclude a portion of all of the qualifying dividends received from under the Jobs and Growth Tax Relief Reconciliation Act of 2003. Further tax information in the form of specific tax letters setting forth the taxability on a monthly basis for Canadian and US residents is available on Petrofund's website at www.petrofund.ca. Unitholders should reference these letters when completing their tax returns. 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
Western Canada, commonly referred to as the West . The Trust pays its Unitholders monthly cash distributions, that 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 contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events or future performance. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of the Trust. Undue reliance should not be placed on these forward-looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed in the Trust's 2004 annual report, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. The Trust undertakes no obligation to update or revise any forward looking financial statements, except as required by applicable securities laws. PETROFUND ENERGY TRUST Jeffery E. Errico President and Chief Executive Officer Petrofund Energy Trust (TSX:PTF.UN) (AMEX:PTF) |
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