There is no end in sight to China's appetite for all things good. You my Canadian friends best learn to love a 2nd language!

CALGARY, ALBERTA--(Marketwire - 05/13/10) - Penn West Energy Trust (TSX:PWT.UN - News) (NYSE:PWE - News) ("Penn West") is pleased to announce it has entered into an agreement (the "Agreement") with a wholly-owned subsidiary of the China Investment Corporation ("CIC") to form a joint venture (the "Joint Venture") that will develop Penn West's bitumen assets located in the Peace River area of northern Alberta (the "Assets"). CIC has also agreed to purchase trust units ("Units") of Penn West on a private placement basis (the "Financing").