Provident Announces $150,000,000 Offering of Convertible Unsecured Subordinated Debentures and the Redemption of Its Outstanding 6.5% Debentures Due August 31, 2012 (PVX)

Provident Energy PVX announced today that it has reached an agreement with a syndicate of underwriters, co-led by TD Securities Inc., and National Bank Financial and including BMO Nesbitt Burns Inc., RBC Capital Markets, Scotia Capital Inc., CIBC World Markets Inc., Canaccord Genuity Corp., HSBC Securities Inc. and FirstEnergy Capital, pursuant to which Provident will issue on a "bought deal" basis, subject to regulatory approval, $150,000,000 aggregate principal amount of convertible unsecured subordinated debentures at a price of $1,000 per Debenture. Provident has granted to the Underwriters an over-allotment option to purchase up to an additional $22,500,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the offering.