All values are in Canadian dollars.
CALGARY, Feb. 9,
2012 /PRNewswire/ - Provident Energy Ltd. (Provident)
(TSX-PVE; NYSE-PVX) announced today its 2011 U.S. Shareholder Tax
Information.
Provident is treated as a corporation for U.S.
federal income tax purposes. As a corporation, Provident's
dividends to U.S. shareholders may be "qualified dividends" as
determined under the U.S. Internal Revenue Code.
Provided the dividends received by U.S. resident
shareholders in 2011 are considered to be qualified dividends as
noted above, 100 percent of the dividends should be reported as
"qualified dividends" with 0 percent being reported as tax deferred
return of capital.
To assist with the preparation of 2011 U.S. tax
information, non-registered U.S. shareholders should receive a Form
1099-DIV from their broker or intermediary. Provident's transfer
agent, Computershare Trust Company, will issue a Form 1099-DIV to
all registered U.S. shareholders.
Dividends paid to non-residents of Canada were subject to withholding tax at a
minimum of fifteen percent, which was withheld prior to the
dividends being paid to the shareholder. Dividends after
January 2011, paid into a U.S.
qualified retirement account should not be subject to any
withholding taxes. Information regarding the amount of Canadian tax
withheld in 2011 should be determined from your own records and is
not available from Provident.
Tax information pertaining to 2011 and prior years is available
on Provident's website at:
http://www.providentenergy.com/investor/taxinfo.cfm.
The summary contained in this news release is
of a general nature only and does not constitute and is not
intended to be legal or tax advice to any particular holder or
potential holder of Provident shares (units prior to
January 1, 2011). Holders or
potential holders of Provident shares are urged to consult their
own legal and tax advisors as to their particular income tax
consequences of holding Provident shares.
Provident Energy Ltd. is a Calgary-based
corporation that owns and manages a natural gas liquids (NGL)
infrastructure and logistics business. Provident's facilities are
strategically located in Western
Canada and in the premium NGL markets in Eastern Canada and the U.S. Provident provides
monthly cash dividends to its shareholders and trades on the
Toronto Stock Exchange and the New York Stock Exchange under the
symbols PVE and PVX, respectively.
This news release contains certain
forward-looking statements concerning Provident, as well as other
expectations, plans, goals, objectives, information or statements
about future events, conditions, results of operations or
performance that may constitute "forward-looking statements" or
"forward-looking information" under applicable securities
legislation. Such statements or information involve substantial
known and unknown risks and uncertainties, certain of which are
beyond Provident's control, including the impact of general
economic conditions in Canada and
the United States, industry
conditions, changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, pipeline design
and construction, fluctuations in commodity prices, foreign
exchange or interest rates, stock market volatility and obtaining
required approvals of regulatory authorities. Such forward-looking
information is provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as
making investment decisions.
Such forward-looking statements or
information are based on a number of assumptions which may prove to
be incorrect. In addition to other assumptions identified in this
news release, assumptions have been made regarding, among other
things, commodity prices, operating conditions, capital and other
expenditures, and project development activities.
Although Provident believes that the
expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because Provident can give no assurance
that such expectations will prove to be correct. Forward-looking
statements or information are based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by Provident and described in the
forward-looking statements or information.
The forward-looking statements or information
contained in this news release are made as of the date hereof and
Provident undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise unless so required by
applicable securities laws. The forward-looking statements or
information contained in this news release are expressly qualified
by this cautionary statement.
SOURCE Provident Energy Ltd.