New energy marketing company to provide direct link between gas producers and customers

Calgary, Alberta, July 15, 2003 — The official launch of Energy Trust Marketing Ltd. (ETML), Canada’s newest energy marketing business, was announced recently.

ETML will directly link Canadian gas producers with utilities, aggregators, power producers and other industrial customers east of Alberta and in the U.S. Midwest and Northeast.

Five Alberta based energy trust producers and executive management of ETML jointly own the new company. The producers include ARC Energy Trust (AET.UN.TO and ARX.TO), Enerplus Resource Fund (ERF.UN.TO), PrimeWest Energy Trust (PWI.UN.TO), Provident Energy Ltd. (PVE.UN.TO), and Shiningbank Energy Ltd. (SHN.UN.TO).

Combined, these five companies produce in excess of 750 mmcf/d of gas and have a market capitalization of over $7 billion, which ranks them collectively among the top eight gas producers in Canada.

The recent departure of several major energy marketing firms has resulted in reduced liquidity and limited direct access to gas markets. “These are both key factors in prompting our initiative”, said Brian Soutiere, President of ETML. “We see a tremendous opportunity to capitalize on excess gas pipeline capacity which exists downstream of Alberta”, he added. “ETML’s goal is to provide access to that opportunity for the benefit of both gas producers and consumers.”

John Lagadin, one of the industry’s most influential entrepreneurs, is ETML’s founder, Chairman and CEO. Other members of the company’s executive management include: Brian Soutiere, President; David Hanson, V.P. Marketing, (based in Toronto); Ron Sikora, V.P. Supply and Ian Lydiatt, V.P. Credit.

“The ETML management team has a demonstrated track record of innovation in gas marketing in North America and of enhancing value for producers” said Randy Findlay, President of Provident Energy Trust. Members of this team were directly involved in the founding of Direct Energy Marketing Limited, the QuickTrade electronic trading system and the Alliance Pipeline. “Each of these ventures has changed, in a positive way, how gas is marketed in North America,” added Findlay.

ETML will operate as agent for its producer-owners, as well as for third party producers. “Customers will contract directly with producers who own the gas reserves that will backstop their delivery commitments”, stated Brian Soutiere. “ETML’s objective is to provide producers and end users with greater market choice and to enable transparency of contract terms between producers and the market.” Gas will be streamed directly from seller to buyer under physical supply contracts, which differentiates ETML from traditional marketing entities, many of which have vacated the market since the downfall of Enron. ETML will provide credit management services as well as trade credit insurance on transactions, to ensure an added level of payment security.

ETML operates offices in Calgary and Toronto, and plans to market actively in all major North American market jurisdictions, which are accessible to Western Canadian producers.

For further information, contact:

Brian Soutiere
President
Energy Trust Marketing Ltd.
403-232-3384

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