CALGARY, Oct. 13 /PRNewswire-FirstCall/ -- Peyto Energy Trust ("Peyto") confirms that the monthly distribution with respect to October 2006 of $0.14 per trust unit is to be paid on November 15, 2006, for unitholders of record on October 31, 2006. The ex-distribution date is October 27, 2006.
Peyto believes that the foundation for sustainable distributions comes from long life, high quality reserves combined with a business of profitably finding and developing new reserves. Over our eight years of operations, we have profitably built an asset base which leads the industry in reserve life and operating costs. This base combined with our conservative distribution plan, enhances our sustainability. Our business model has enabled Peyto to successfully endure commodity price volatility and has allowed us to increase our distribution level five times since our conversion to a trust in 2003.
Peyto's marketing policy, which is designed to be methodical and consistent, has provided some price protection for the near term in light of softening gas prices. As summarized on our website at http://www.peyto.com/, we have forward sold approximately two thirds of our net of royalty gas production from November 2006 to March 2007 at $11.24/mcf. Peyto's proven producing reserve life of 10.8 years(x) represents one of the longest in the industry. This long reserve life allows us to take advantage of longer term natural gas prices which are greater today than a year ago.
Peyto currently has 105 million trust units outstanding and remains committed to building value through the exploration and development of high quality gas properties.
(x) Based on Paddock Lindstrom & Associates report effective
December 31, 2005
Certain information set forth in this document, including management's assessment of Peyto's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive therefrom. Peyto disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
