Provident Announces Closing of $150,000,000 Public Offering of Convertible Unsecured Subordinated Debentures (PVX)

Provident Energy PVX announces today the closing of its previously announced offering of $150,000,000 aggregate principal amount of 5.75% convertible unsecured subordinated debentures at a price of $1,000 per Debenture. The Debentures are convertible at the holder's option into common shares of Provident at any time on the earlier of the maturity date and the business day immediately preceding the date fixed for redemption at a conversion price of $12.55 per common share, being a ratio of approximately 79.6813 common shares per $1,000 principal amount of Debentures. Upon conversion of the Debentures, in lieu of delivering common shares, Provident may elect to pay the holder cash, at the option of Provident.