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Peyto Energy Trust confirms cash distributions for January 15, 2008
SYMBOL: PEY.UN - TSX CALGARY, Dec. 14 /CNW/ - Peyto Energy Trust ("Peyto" or the "Trust") today c...
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, Dec. 14 /CNW/ - Peyto Energy Trust ("Peyto" or the "Trust")\ntoday confirms the cash distributions for January 2008 and announces a special\ndistribution pursuant to the proposed internal reorganization.\n\n\nConfirmation of January 15, 2008 Distributions\n\n\nPeyto confirms that the monthly distribution with respect to\nDecember 2007 of $0.14 per trust unit is to be paid on January 15, 2008, for\nUnitholders of record on December 31, 2007. The ex-distribution date is\nDecember 27, 2007. This distribution represents the 23rd consecutive month\nsince February 2006 that distributions have been sustained at this level.\n\n\nSpecial Distribution\n\n\nThe previously announced internal reorganization was approved by Peyto's\nunitholders ("Unitholders") at a special meeting held on December 14, 2007 and\nis expected to be completed on January 1, 2008. Pursuant to the\nreorganization, all Unitholders will receive a special distribution in kind\nand Canadian Unitholders will also receive a special cash distribution that\nwill be equivalent to the withholding tax that is being remitted to the\nReceiver General on behalf of each non-resident Unitholder. This special cash\ndistribution, which equates to approximately $0.0035 per trust unit, will be\npaid concurrently with the January 15, 2008 distribution and classified as a\nreturn of capital for tax purposes. Unitholders will be required to reduce the\nadjusted cost base of the Unitholder's units by the fair market value of the\nspecial cash distributions.\n\n\nPursuant to the Reorganization, the Trust's business operations are being\nsimplified and consolidated, such that all assets and all exploration and\ndevelopment activities will be conducted entirely through a new limited\npartnership, indirectly held by the Trust. Previously, Peyto's business\noperations were being conducted partially in Peyto Exploration & Development\nCorp. and partially in Peyto Operating Trust. The purpose of the\nreorganization is to maximize value and cash distributable to Unitholders and\nto increase the value of the business by providing for a simplified operating\nstructure.\n\n\nPeyto is a natural gas weighted energy trust. Peyto currently has\n105.7 million trust units outstanding and is committed to maintaining its\nemphasis o...