Wednesday, October 31, 2007

Penn West Energizes

Big news on the Canadian oil patch today is the announcement that Penn West Energy Trust (TSX:PWT.UN) is entering a $3.6-billion dollar friendly takeover of Canetic Resources Trust (TSX:CNE.UN) - a combination that would create a considerable light oil producer in Western Canada. Both these trusts are already engaged in separate takeovers, including Canetics buyout of Titan Exploration Ltd. (TSX:TTN.A). Recent price action of PWT.UN and CNE.UN has brought both trusts into the Stock Trends screens for shifting trends: both stocks changed to Weak Bearish in last weeks report.

Stock Trends Report - Penn West Energy Trust (TSX:PWT.UN)
http://www.stocktrends.ca/?symbol=PWT.UN-T&page=streport

Stock Trends Report - Canetic Resources Trust (TSX:CNE.UN)
http://www.stocktrends.ca/?symbol=CNE.UN-T&page=streport
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