Penn West Energy Trust enters into an arrangement agreement to acquire Reece Energy Exploration Corp.

(TSX-PWT.UN; NYSE-PWE) Penn West Energy Trust ("Penn West") and (TSXV-RXR) Reece Energy Exploration Corp. ("Reece") jointly announce that they have entered into an arrangement agreement (the "Arrangement Agreement") whereby Penn West will acquire all of the outstanding shares of Reece.

The acquisition will be accomplished through a plan of arrangement (the "Arrangement") wherein each Reece share will be exchanged for 0.125 of a Penn West trust unit. Including the assumption of Reece's debt, the total acquisition cost is expected to be approximately $92.2 million. Penn West will be reducing its 2009 capital program by $40 million, being the amount of debt that Penn West anticipates assuming pursuant to the Arrangement.

Mart Resources Announces UMU-5 Initial Test Results

Mart Resources, Inc. (TSX VENTURE:MMT) and its partners, Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, are pleased to report encouraging initial test results from the first production test on the UMU-5 well located at the Umusadege field in the Niger Delta of Nigeria.

The first test on the UMU-5 well was conducted on the IX oil zone for a duration of 17 hours. During the test, the well flowed at rates up to 3,200 barrels per day of 48 API gravity oil through 2 7/8 inch tubing on a 32/64" choke at a flowing tubing pressure of 625 PSI. Water production was less than 0.2% and the gas/oil ratio was approximately 80 standard cubic feet per barrel. Mart and its partners are currently undertaking an additional production test in the VII oil zone, located uphole of the IX oil zone.

Wenzel Downhole Tools Ltd. Announces 2008 Results

Wenzel Downhole Tools Ltd. (the "Company") (TSX:WZL) announces financial results for the year ended December 31, 2008.

The Company's revenues for the full year 2008 were a record $71.77 million, a 32% increase over the $54.23 million in revenue in 2007. This increase in revenues resulted from expanded rentals and sales in both Canada and the US, as well as sales internationally where revenues grew by 70%. These revenues produced consolidated net earnings for 2008 of $12.42 million or $0.41 per share compared to $2.39 million or $0.08 per share in 2007. Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA) was $25.7 million in 2008, compared to $12.2 million in 2007.

Stone Energy Corporation Announces Unwinding of 2009 Hedge Positions Resulting in Proceeds of $113 Million and Provides Operational Update

Stone Energy Corporation (NYSE: SGY) announced today that it unwound most of its 2009 crude oil and natural gas hedges. Proceeds from the terminated contracts, which had contract prices well in excess of current market levels, were approximately $113 million. Stone intends to use the substantial portion of the proceeds to build its cash position and reduce bank borrowings. In addition, Stone may use some of the proceeds to reduce outstanding public debt and/or repurchase Stone common shares. Stone also re-hedged a portion of its 2009 volumes and will continue to evaluate hedging opportunities.