CALGARY, Alberta, Feb 9 (Reuters) - Penn West Energy Trust (PWT_u.TO: Quote, Profile , Research) said on Friday it has agreed to pay C$339 million ($288 million) to acquire Alberta oil and gas properties producing about 4,900 barrels of oil equivalent a day.

Penn West, Canada's No. 2 energy trust, said the properties are located near its existing holdings in Alberta. The purchase includes 190,000 acres of exploration lands and processing plants.

The acquisition is slated to close in March and is subject to the waiver of rights of first refusal on some of the assets.

About 3,000 barrels of oil and 6 million cubic feet of gas a day of output is in or near Penn West's Peace River, Alberta, oil sands project or adjacent holdings in the Red Earth-Utikuma area, it said.

The assets include about 190,000 net acres (76,890 net hectares) of undeveloped land.

Based on current production, Penn West pegged the value of the acquisition at C$61,500 per daily flowing barrel of production.

Meanwhile, the company also said it plans to spend C$100 million on its Peace River oil sands properties in 2007, drilling 60-65 wells. Output there is expected to be 4,500-5,000 barrels a day by the spring, it said.

Penn West trust units closed 29 Canadian cents lower at C$34.96 on the Toronto Stock Exchange on Friday.

Source: Reuters,
http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2007-02-
09T225519Z_01_N09492261_RTRIDST_0_BN-PENNWEST-
ACQUISITION-UPDATE-1.XML&rpc=66&type=qcna