Provident Announces 2008 First Quarter Results and May Distribution

Market Wire, May, 2008

Provident Energy Trust (TSX: PVE.UN) (NYSE: PVX) -

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.

"Provident had an outstanding first quarter," said Provident President and Chief Executive Officer, Tom Buchanan. "Strong commodity prices and our high quality diversified energy assets combined to deliver funds flow from operations of over $180 million resulting in a payout ratio of 59 percent for the first quarter."

Highlights

- Consolidated funds flow from operations including the Canadian Oil and Gas Production and Midstream business units (continuing operations) and the U.S. Oil and Gas Production business unit (discontinued operations) was $180 million ($0.71 per unit), up 107 percent from $87 million ($0.41 per unit) in the first quarter of 2007. Consolidated funds flow from Canadian Oil and Gas and Midstream (continuing operations) increased to $130 million in the first quarter of 2008, up 52 percent from $86 million in the first quarter of 2007.

- Distributions for the first quarter held at $0.36 per unit, resulting in a strong payout ratio of 59 percent, down from 91 percent in the first quarter of 2007.

- Consolidated production for the quarter was approximately 52,300 barrels of oil equivalent per day (boed), up 61 percent from 32,400 boed in the first quarter of 2007 due to acquisitions in 2007 buttressed by internal development activities.

- Canadian Oil and Gas production averaged approximately 27,600 boed in the first quarter of 2008, up 13 percent from 24,300 boed in the first quarter of 2007. Production remained balanced at approximately 51 percent natural gas and 49 percent crude oil and natural gas liquids.

- Funds flow from operations in the Canadian Oil and Gas business was approximately $71 million in the first quarter of 2008, up 53 percent from $46 million in the same quarter in 2007.

- The Midstream business delivered first quarter Earnings before interest, taxes, depletion, depreciation, accretion and other non-cash items (EBITDA) of $76 million in 2008, up 44 percent from $53 million in the first quarter of 2007. Strong operational performance at the Midstream facilities allowed Provident to capitalize on the favourable price environment and deliver strong margins.

- In February, Provident announced it intention to sell its U.S. Oil and Gas production business. Under generally accepted accounting principles ("GAAP") these assets are now accounted for as discontinued operations.

May Distribution

Provident today announced its May cash distribution will be CDN$0.12 per unit payable on June 13, 2008. May's distribution will be paid to unitholders of record on May 23, 2008. The ex-distribution date will be May 21, 2008. The Trust's current annualized cash distribution rate is CDN$1.44 per trust unit. Based on the current annualized distribution rate and the closing price on May 7, 2008 of $11.41, Provident's yield is approximately 12.6 percent.

For unitholders receiving their distribution in U.S. funds, the May 2008 cash distribution will be approximately US$0.12 per unit based on an exchange rate of 0.9979. The actual U.S. dollar distribution will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.

This press release does not constitute and is not intended to be legal or tax advice to any particular holder or potential holder of Provident units. Holders or potential holders of Provident units are urged to consult their own legal and tax advisors as to their particular income tax consequences of holding Provident units.

Provident Energy Trust is a Calgary-based, open-ended energy income trust that owns and manages an oil and gas production business and a natural gas liquids midstream services and marketing business. Provident's energy portfolio is located in some of the most stable and predictable producing regions in Western Canada and the United States. Provident provides monthly cash distributions to its unitholders and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbols PVE.UN and PVX, respectively.

This document 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.