Business
Peyto Energy Trust announces cash distributions for November 15, 2006
Peyto Energy Trust announces cash distributions for November 15, 2006.
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\n\nTSX SYMBOL: PEY.UN\n\nCALGARY, Oct. 13 /CNW/ - Peyto Energy Trust (\"Peyto\") confirms that the\nmonthly distribution with respect to October 2006 of $0.14 per trust unit is\nto be paid on November 15, 2006, for unitholders of record on October 31,\n2006. The ex-distribution date is October 27, 2006.\nPeyto believes that the foundation for sustainable distributions comes\nfrom long life, high quality reserves combined with a business of profitably\nfinding and developing new reserves. Over our eight years of operations, we\nhave profitably built an asset base which leads the industry in reserve life\nand operating costs. This base combined with our conservative distribution\nplan, enhances our sustainability. Our business model has enabled Peyto to\nsuccessfully endure commodity price volatility and has allowed us to increase\nour distribution level five times since our conversion to a trust in 2003.\nPeyto's marketing policy, which is designed to be methodical and\nconsistent, has provided some price protection for the near term in light of\nsoftening gas prices. As summarized on our website at www.peyto.com, we have\nforward sold approximately two thirds of our net of royalty gas production\nfrom November 2006 to March 2007 at $11.24/mcf. Peyto's proven producing\nreserve life of 10.8 years(x) represents one of the longest in the industry.\nThis long reserve life allows us to take advantage of longer term natural gas\nprices which are greater today than a year ago.\nPeyto currently has 105 million trust units outstanding and remains\ncommitted to building value through the exploration and development of high\nquality gas properties.\n\n>\n\nCertain information set forth in this document, including management's\nassessment of Peyto's future plans and operations, contains forward-looking\nstatements. By their nature, forward-looking statements are subject to\nnumerous risks and uncertainties, some of which are beyond these parties'\ncontrol, including the impact of general economic conditions, industry\nconditions, volatility of commodity prices, currency fluctuations, imprecision\nof reserve estimates, environmental risks, competition from other industry\nparticipants, the lack of availability of qualified personnel or management,\nstock market volatility and ability to access sufficient capital from internal\nand ext...