Enterra Energy Trust Announces February 2005 Distribution Of US$0.14; Enterra Finalizes Settlement Agreement with Former Officers.
Effective for distributions paid in 2005, the Canadian non-resident withholding tax will be applied to 100% of the distribution, to comply with recent proposed tax regulation changes. The withholding tax rate is typically 15% for U.S. residents.
Enterra is also pleased to report that it has reached a settlement agreement with former officers of Enterra with regard to employment and bonus issues, as previously announced on January 31, 2005. All bonuses have been returned to Enterra to be held pending approval of Enterra's bonus plan at the upcoming Annual General Meeting, currently scheduled to be held on May 19, 2005. Upon disinterested shareholder approval, bonuses will be returned to the former officers, less legal costs incurred by Enterra and its directors. As per the terms of the settlement, there will be no severance obligations to Enterra. "The settlement resolves the issues in question and allows Enterra to recover its costs," stated Scobey Hartley, Chairman of Enterra's Compensation Committee.
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|Date:||Feb 15, 2005|
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