October 30, 2007 Canetic Resources Trust Canetic Resources Inc. 1900, 255 5th Avenue S.W. Calgary, Alberta T2P 3G6 Attention: J. Paul Charron President and Chief Executive Officer Gentlemen: Re: Proposed Business CombinationCanetic Resources Trust • November 7th, 2007 • Crude petroleum & natural gas
This letter sets forth the agreement between Penn West Energy Trust ("Penn West"), Penn West Petroleum Ltd. ("Penn WestPetroleum"), Canetic Resources Trust ("Canetic") and Canetic Resources Inc. ("CRI") with respect to a proposed transaction (the "Transaction") to combine Penn West and Canetic.
