Penn West Energy Trust and Reece Energy says that the acquisition of Reece by Penn West pursuant to the previously announced plan of arrangement was completed.

Under the Arrangement, holders (Reece Shareholders) of Reece common shares ("Reece Shares") received 0.125 of a Penn West trust unit for each Reece Share held. The first distribution that former Reece Shareholders will be eligible to receive from Penn West will be the distribution payable on or about May 15, 2009 to holders of Penn West Units (Penn West Unitholders) of record on April 30, 2009, provided such former Reece Shareholders continue to be Penn West Unitholders as of such record date.

Letters of transmittal have been forwarded to Reece Shareholders to be utilized in order to exchange their Reece Shares for Penn West Units and to receive future distributions on such Penn West Units.

Trading in Reece Shares has been halted and the Reece Shares are expected to be de-listed from the TSX Venture Exchange (TSXV) within a few trading days upon issuance of a bulletin by the TSXV confirming receipt by the TSXV of all necessary documents in connection with the closing of the Arrangement and related matters.

Tags: Penn West Energy Trust, Reece Energy Exploration Corp.