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					PROVIDENT ENERGY TRUST
BUILDING A UNIQUE ENERGY BUSINESS



Thomas W. Buchanan, CA
President and Chief Executive Officer and Director

Dallas McConnell, MBA
Director, Investor Relations

June, 2009
2   Corporate Presentation – June 2009
    Forward Looking Statements
    This presentation contains certain forward-looking estimates that 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.

    Provident’s actual results, performance or achievement could differ materially from
    those expressed in, or implied by, these forward-looking estimates and, accordingly,
    no assurances can be given that any of the events anticipated by the forward-
    looking estimates will transpire or occur, or if any of them do so, what benefits,
    including the amounts of proceeds that Provident will derive there from.

    All values are in Canadian dollars and conversions of natural gas volumes to barrels
    of oil equivalent (boe) are at 6:1 unless otherwise indicated.




3   Corporate Presentation – June 2009
    Provident Facts

                       All amounts in Cdn$ unless otherwise stated (as at June 11, 2009)

    Exchanges                                              Equities
      TSX                                       PVE.UN      PVE.UN                              $    6.21
      NYSE                                         PVX       Current Yield                          11.6%
                                                            PVX (US$)                           $    5.59
    Average Daily Volume (Last 90 Days)                      Current Yield                          11.6%
      TSX                                        376,974    Units Outstanding (million)             261.2
      NYSE                                     1,478,910
                                                           Convertible Debentures
    Current Capitalization ($ billion)                        PVE.DB.B (8.0%)                   $ 100.27
      Market Capitalization                $        1.6       PVE.DB.C (6.5%)                   $ 89.30
      Total Debt                           $        0.8       PVE.DB.D (6.5%)                   $ 96.00
      Enterprise Value ($ billion)         $        2.4

    Ownership                                                      Trading volumes by exchange

    Retail                               Management and Insiders
     86%                                         1%                             NYSE      TSX
                                                                                80%       20%
                                           Institutional
                                                13%


4   Corporate Presentation – June 2009
    Company Overview

    • Provident Energy Trust, is a Canadian-based diversified energy income trust
      that owns and manages a natural gas liquids midstream services and
      marketing business and a Canadian oil and natural gas production business

    • Provident Midstream is Canada's second-largest integrated NGL business, with
      extraction, fractionation, transportation and storage assets located
      throughout North America

    Business Strategy
    • To be a premier energy company focused on top quartile operating and
      financial performance, driven by per unit growth and the creation of long-
      term shareholder value

    • Provident will achieve this by utilizing its outstanding talent pool and world-
      class facilities while adhering to prudent long-term fiscal and capital
      reinvestment policies to create sustained growth and value appreciation




5   Corporate Presentation – June 2009
    Strategic Path Forward
    Completed Strategic Review Process
    • Sold U.S. Oil and Gas business for US$650 million (gross) in 2008
    • Continue with diversified business model
        – Two businesses of size provides opportunity

    • Ongoing strategic drivers
        – Growth in cash flow per unit
        – Funding accretive growth
        – Competitive cost of capital
        – Value recognition for each component business
        – Tax horizon

    • Pursue opportunities with the highest risk-adjusted return across both
      business units
    • Internal reorganization
        – Cost reduction ($12 million per year)

    • Divest none-core upstream assets to improve overall performance metrics


6   Corporate Presentation – June 2009
    Management Team

                                           President & CEO
                                            Tom Buchanan




                      SVP Finance & CFO                  EVP Operations & COO
                         Mark Walker                          Dan O’Byrne




           President Upstream            Co-President Midstream     Co-President Midstream
              Business Unit                   Business Unit              Business Unit
             Cameron Vouri                  Andy Gruszecki            Murray Buchanan




7   Corporate Presentation – June 2009
       Provident
       Midstream




8   Corporate Presentation – June 2009
    Provident Midstream: North American Presence
                                                                    Redwater West

                                                                    Purchases NGL mix,
                                                                    fractionates, markets
                                                                    finished products

                                                                    Empress East

                                                                    Purchases natural gas,
                                                                    extracts NGLs, removes
                                                                    ethane and condensate
                                                                    at Empress straddle
                                                                    plants and sends C3+ to
                                                                    Sarnia on the Enbridge
                                                                    pipeline, markets finished
                                                                    products


                                                                    Commercial Services

                                                                    Fee-for-service activity
                                                                    related to fractionation,
                                                                    storage, loading,
                                                                    transportation, marketing
                                         Provident Office
                                                                    services
                                         Midstream Storage

                                         Non-proprietary Pipeline

                                         Provident Pipeline

                                         Midstream Extraction /
                                         Fractionation Facility
                                         Michigan Depropanizer
                                         (under construction)


9   Corporate Presentation – June 2009
     Provident Midstream: Financial Highlights

     2009 First Quarter Highlights                  EBITDA ($ millions)

     • Strong Q1 EBITDA of $70 million in                               $220 $226 $213
       challenging environment
         – C3+ margin improvement from Q4
           2008 to Q1 2009
                                                                 $71                         $70
                                                          $50
     2008 Highlights
     • Delivered EBITDA of $213 million in                2004   2005   2006   2007   2008   2009 Q1
       volatile commodity markets
     • Invested $38 million in strategic projects       EBITDA has exceeded $200 million for each
                                                        of the past three years
       to capitalize on condensate demand
       (diluent for oil sands production)
         – Storage caverns and rail terminal
           expansion at Redwater




10   Corporate Presentation – June 2009
      Q1 2009 Net Debt to Cash Flow

      Canadian Midstream Trust – Sector
      Net Debt(1) to LTM Funds Flow at March 31,2009


                             2.0x

                               2.2x

                                    Provident Midstream 2.8x(2)

                                                  4.5x

                                                                                       9.0x

                                                                                       9.1x

                                                                                                      10.9x

                                                            Peer Average 5.8x


     (1) Net debt includes long-term debt less working capital surplus excluding balances for current portion of
         financial derivative instruments
     (2) Provident’s consolidated net debt to LTM funds flow was 1.6x
         Provident’s upstream net debt to LTM funds flow was 0.8x



11    Corporate Presentation – June 2009
     Provident Midstream: Contribution by Business

      EBITDA Composition(1)                                        2008        2009 Q1

      Empress East Margin                                       $ 158.0         $ 22.3
      Redwater West Margin                                        142.8           31.8
      Commercial Services Margin                                   46.5           16.0
      Gross Operating Margin                                    $ 347.4         $ 70.1
      Cash Administrative Expenses                               (35.5)          (12.0)
      Realized Hedging Gain (Loss)                              (118.9)            10.8
      Foreign Exchange Gain and Other                              19.8             1.1
      Midstream EBITDA                                          $ 212.8         $ 69.9
      (1) Figures may not add due to rounding




     2008 Gross Operating Margin Contribution                   2009 Q1 Gross Operating Margin Contribution


                                                Em press East
                                                                                                23%
                                                                                                Empress East


                                                                             32%
                     46%           41%          Redwater West                         45%       Redwater West



                              13%               Com m ercial                  23%               Commercial
                                                Serv ices                                       Services




12   Corporate Presentation – June 2009
     Midstream Growth and Business Opportunities

     • Growth strategy is predicated on key strengths
         – World-class, strategically-located facilities served by large
           capture basins
         – Excellent growth potential in oil sands related services
         – Outstanding talent pool
         – Long-term commercial arrangements with large, credit-worthy
           counterparties

     • Strategic Partnering
         – Align with firms that have complimentary assets or service
           offerings such as producers, petrochemicals, pipelines and
           railroads




13   Corporate Presentation – June 2009
     Provident Midstream: Growth Opportunities

     Redwater Hub
     • Well-positioned for existing and future
       oil sands growth
     • Capacity can be increased to
       fractionate additional NGL mix
          – Currently 65,000 bpd
     • Expansion of rail terminalling and
       cavern storage to meet growing
       condensate demand
          – 6.6 MMbbl total cavern storage (incl. 1.5MMbbl under development)
          – Land for 15+ additional caverns (7-8 MMbbl additional storage)
     • Broad array of product storage opportunities
     • Product blending opportunities




14   Corporate Presentation – June 2009
     Provident Midstream: Growth Opportunities

     Empress East System
     • Michigan Depropanizer
         – Fractionate propane-plus for sale into
           premium U.S. markets
         – Commissioned in the first half
           of 2010
         – Initial C3+ fractionation capacity of
           9,700 bpd
         – More than replaces leased capacity at
           Sarnia that expired April 1
         – Connected to Enbridge pipeline
         – Mix and finished NGL storage
     • Product storage and handling
       opportunities in local markets




15   Corporate Presentation – June 2009
     Provident Midstream: Guidance

     2009 Capital Program                            ($ million)
     Michigan Depropanizer                                $24.0
     C5+ Rail Expansion                                     8.0
     Cavern Development                                     9.3
     Maintenance                                            5.5
     C5+ Rail Debottlenecking                               2.9
     Redwater River Crossings                               1.7
     Other Facility Improvements                            2.5
     Total                                                $53.9




     2009 EBITDA Guidance
     • $180 to $205 million (subject to internal forecast assumptions)
     • 2009 average price assumptions:
             –   US$53.32 / bbl WTI
             –   $4.39 / GJ AECO
             –   $1.22 CAD / USD
             –   14.8x crude to gas ratio (C$WTI/AECO)
             –   Propane (C3) priced at 59% of WTI


16   Corporate Presentation – June 2009
     Provident Midstream: Crude to Gas Ratio
     Historic Frac Ratio - Monthly Averages from January 2003 to May 2009
     WTI (Cdn$/bbl) / AECO (Cdn$/gj)

     25.0x                                                                                           25.0x




     20.0x                                                                                           20.0x




     15.0x                                                                                           15.0x




     10.0x                                                                                           10.0x




      5.0x                                                                                           5.0x
                                                                        Historic Frac Ratio

                                                                        Long Term Average (10.8x)

      0.0x                                                                                           0.0x
             2003            2004      2005        2006          2007           2008          2009




17   Corporate Presentation – June 2009
                   Provident
                   Upstream




18   Corporate Presentation – June 2009
     Provident Upstream: Areas of Operation

     Oil and natural gas
     produced in 7 core areas in
     Western Canada
        – Balanced Production
           (48% oil / 52% gas)
        – Transitioning to more full-
          cycle exploitation and
          development focus




19   Corporate Presentation – June 2009
     Path Forward

     Growth Opportunities
     • Pekisko oil play – NW Alberta
     • Waterflood enhanced oil recovery – Dixonville Alberta
     • Light oil – SE Saskatchewan


     Reposition Upstream Portfolio
     • Non-core asset disposition program
     • Concentrate asset base
     • Improve overall netbacks
     • Reduce decline rates
     • Redeploy proceeds to strategic growth (Upstream or Midstream)




20   Corporate Presentation – June 2009
     Provident Upstream: 2009 Q1 Performance

     • Decline in commodity prices significantly impacted netbacks and
       cash flow
     • Production down 11%
     • Reduced winter capital program
          – Production additions will be realized late 2009, early 2010
          – Completed winter work program on budget
                • Pekisko and Dixonville
     Financial and Operating Highlights for the three months ended March 31,
                                                         Q1 2009           Q1 2008      % Change
      Production                                         24,558                27,589     (11)
      % Natural Gas                                        52                   51         2
      Average Realized Price, excl. hedging ($/boe)      $32.47                $60.04     (46)
      Field Operating Netback, incl. hedging ($/boe)     $16.85                $35.37     (52)
      Funds Flow from Operations ($ million)               $23                  $71       (68)
      Capital Expenditures ($ million)                     $47                  $79       (41)




21   Corporate Presentation – June 2009
     Provident Upstream: Production and Cash
     Flow Profile
            Production (boed)                                        Funds Flow from Operations
                                                                     ($ millions)
                                                                                                  $339
            28,781                              27,683
                     26,477            26,509
                              24,018                     24,558

                                                                                           $204
                                                                             $185   $185

                                                                      $121


                                                                                                         $23


             2004     2005     2006     2007      2008     2009 Q1    2004   2005   2006   2007   2008   2009 Q1




     2009 Guidance
     • 23,500 to 25,000 boed
     • $88 million capital
         – Primarily Northwest Alberta and Dixonville




22   Corporate Presentation – June 2009
     2009 Consolidated First Quarter Highlights

     • Low commodity prices reduced cash flow
     • Midstream had a strong quarter due to strong product pricing and
       frac spreads
     • Maintained financial flexibility

     Financial Highlights for the three months ended March 31,
                                                           Provident             Provident              Q1 2009                Q1 2008
      C$ million except per unit data                                                                                                           % Change
                                                           Upstream              Midstream               Total                 Total(3)
      Funds Flow from Operations                               $23                   $61                   $84                   $130              (35)
      per Unit                                                $0.09                 $0.23                 $0.32                 $0.52              (38)
      Unitholder Distributions / per Unit                                                              $55 / $0.21           $91 / $0.36        (40) / (42)
      Payout Ratio                                                                                         65%                   70%               (7)
      Total Debt (1) (incl. current portion)                   $189                  $569                  $758                $ 1,167             (35)
      Net Debt to LTM Funds Flow (2)                           0.8x                  2.8x                  1.6x                  2.8x              (43)
      Capital Expenditures                                     $47                   $10                   $57                    $85              (33)

     (1) Total Debt includes $496 million senior bank debt and $262 million of subordinated debentures
     (2) Net debt includes total debt less working capital surplus excluding balances for current portion of financial derivative instruments
     (3) 2008 comparative figures exclude the discontinued U.S. Oil and Gas business unit




23   Corporate Presentation – June 2009
     Risk Management Program
     Hedge Execution Strategy
      Business Line       Exposure                    Execution Strategy                                                           Product Utilization
      Oil and Gas         Product Prices              • 12 month rolling term                                                      Puts
                                                      • Utilize hedge products that provide protection at floor                    Participating Swaps
                                                        prices and allow for upside price participation                            Ladder Participating Swaps
                                                      • Protect 15% to 70% of net production
                          Frac Spread                 • 30 month rolling term for frac spread exposure                             Puts and Calls
      Midstream           Product Prices              • Up to 12 month rolling term for product inventory                          Fixed Price Swaps
                          Inventory                   • Utilize hedge products that provide protection at floor                    Costless Collars
                                                        prices and allow for upside price participation                            Participating Swaps
                                                      • Protect 50% to 80% of frac exposure
                                                      • Protect minimum of 15% of NGL product sales
                                                      • Protect up to 80% of NGL inventory
      Corporate           Foreign Exchange            • Manage US cash flows and support hedging of                                Fixed Price Swaps
                                                        commodity prices                                                           Participating Swaps
     Summary of Gross % Hedged as at March 31th 2009
                                                                                                    2009          2010          2011           2012      2013
      Canadian Oil & Gas Production(1)
      Crude Oil                           Gross % Hedged                                            20%            0%             0%            0%       0%
                                          Weighted Average Floor Price                             $62.56            -             -             -        -
      Natural Gas                         Gross % Hedged                                            16%            3%             0%            0%       0%
                                          Weighted Average Floor Price                              $4.59         $4.00            -             -        -
      Midstream Frac Margin
      Hedged Floor FRAC Ratio ($Cdn WTI per bbl / AECO per gj)                                       9.2           9.3            9.6           9.8      9.9
      Gross % Hedged (2)                                                                            80%            69%           50%           45%       4%

     (1) Oil and Natural Gas production assumed constant as at March 31, 2009
     (2) Margin protected between NGL (sale) and Natural Gas (buy). Due to market illiquidity Crude Oil is primarily used to hedge the NGL (sale).



24   Corporate Presentation – June 2009
     Provident Energy Investment Highlights

     • Two distinct energy businesses
       of scale

     • Diversified cash flow

     • World class Midstream assets

     • Low risk Upstream business

     • Embedded growth opportunities
       in both businesses

     • Strong balance sheet and
       financial flexibility




25   Corporate Presentation – June 2009
                                     Thank You

     Provident Energy Trust > 2100 250-2nd Calgary, AB T2P 0C1 > 1-800-587-6299
                 www.providentenergy.com > TSX:PVE.UN NYSE:PVX




26   Corporate Presentation – June 2009

				
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