PrimeWest Announces Successful Acquisition of Seventh Energy CALGARY, March 16 /PRNewswire-FirstCall/ -- (TSX: PWI.UN; PWX; NYSE: PWI) - PrimeWest Energy Trust through its subsidiary PrimeWest Gas Corp. ("PrimeWest") today announces approximately 92% of the issued and outstanding common shares of Seventh Energy Ltd. ("Seventh") have been tendered in accordance with the terms of the PrimeWest offer dated February 6th, 2004. All terms of the offer have been satisfied and PrimeWest has taken up and paid for all of the tendered Seventh shares, and has acquired all of the remaining Seventh shares by providing notice and necessary consideration to the Valiant Trust Company, the Depositary under the offer, in accordance with the compulsory acquisition provisions of applicable corporate legislation. The total consideration paid by PrimeWest for Seventh was $34.6 million plus assumed debt and working capital adjustments. The Seventh assets are predominantly comprised of natural gas adjacent to PrimeWest's existing assets in the Princess, Hays and Taber areas and currently produce 1,300 BOE per day, of which 72% is natural gas and 28% is crude oil and natural gas liquids. In the near-term PrimeWest will be investing approximately $7 million in drilling, facilities, and waterflood opportunities that will significantly enhance both the production volumes and reserve recovery from the acquired assets. PrimeWest expects the acquisition to be accretive to its unitholders during 2004 on both a cashflow and net asset value per unit basis. PrimeWest is a Calgary-based conventional oil and gas royalty trust that actively acquires, develops, produces, and sells natural gas, crude oil, and natural gas liquids for the generation of monthly cash distributions to unitholders. Trust units of PrimeWest are traded on the Toronto Stock Exchange (TSX) under the symbol "PWI.UN" and on the New York Stock Exchange under the symbol "PWI". Exchangeable shares of PrimeWest Energy Inc. are listed on the TSX under the symbol "PWX". Learn more about PrimeWest on our Web site, http://www.primewestenergy.com/. DATASOURCE: PrimeWest Energy Trust CONTACT: George Kesteven, Manager, Investor Relations, 403-699-7367, Toll-free: 1-877-968-7878, Cindy Gray, Investor Relations Advisor, 403-699-7356, e-mail: ; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

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