DBRS Changes PrimeWest Energy Trust’s Rating to Under Review -Developing from Under Review – Positive

DBRS has today changed the STA-5 (low) stability rating for PrimeWest Energy Trust (PrimeWest or the Trust) to Under Review with Developing Implications from Under Review with Positive Implications. The rating action follows the announcement of the proposed sale of all of the outstanding trust units of PrimeWest to 1350849 Alberta Ltd. and TAQA North Ltd, two wholly owned subsidiaries of Abu Dhabi National Energy Company PJSC. The all-cash purchase price has a total transaction value of $5.0 billion, including assumed debt of $1.2 billion, representing a 26.5% premium on the 30-day weighted average trading prices of PrimeWest ending September 21, 2007.

The transaction is expected to close in late November/early December, subject to unitholder, regulatory and other approvals. Under the terms of the sale, PrimeWest will maintain current monthly per unit distributions of no greater than $0.25 in October and November. However, PrimeWest is permitted to continue monthly distributions at this level if the unitholder meeting to approve the arrangement is held by November 30, 2007, and the effective date of the arrangement is delayed beyond the third business day of December.

DBRS anticipates that upon closing of the transaction, the stability rating for PrimeWest will be discontinued. PrimeWest was originally placed Under Review with Positive Implications on May 10, 2007, following announcement of the proposed merger with Shiningbank Energy Income Fund and was confirmed on August 28, 2007.