Avenir Diversified Income Trust

Avenir Diversified Income Trust
Val Vista Energy Ltd.

Val Vista Energy Ltd.

April 04, 2005 11:26 ET

Avenir Diversified Income Trust Announces Take Up and Payment for the Common Shares of Val Vista Energy Ltd. Tendered to the Offer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AVENIR DIVERSIFIED INCOME TRUST

TSX SYMBOL: AVF.UN

AND VAL VISTA ENERGY LTD.

TSX VENTURE SYMBOL: VVR

APRIL 4, 2005 - 11:26 ET

Avenir Diversified Income Trust Announces Take Up and
Payment for the Common Shares of Val Vista Energy Ltd.
Tendered to the Offer

CALGARY, ALBERTA--(CCNMatthews - April 4, 2005) -

Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States

Avenir Diversified Income Trust ("Trust") (TSX:AVF.UN) and Val Vista
Energy Ltd. ("Val Vista") (TSX VENTURE:VVR) are pleased to jointly
announce that the Trust, through Avenir Operating Corp., has taken up
and paid for the 15,664,269 common shares ("Val Vista Shares") of Val
Vista, representing approximately 91.38% of the issued and outstanding
Val Vista Shares.

As a result of the elections made by Val Vista shareholders under the
Offer of the Trust dated February 15, 2005, the maximum number of Trust
Units issuable under the Offer, being 1,183,795 Trust Units, was
exceeded. Accordingly, the number of Trust Units issued upon take-up has
been prorated for tendering shareholders who elected receive all or a
portion of the Trust Units for their Val Vista Shares.

Specifically:

Prorating of Trust Units

Each shareholder of Val Vista who elected to receive the Trust Unit
alternative will receive 0.0842673 of a Trust Unit plus $0.5283066 in
cash for each Val Vista share.

Cash

Val Vista shareholders who elected to receive cash consideration will
receive $1.43 in cash per Val Vista Share.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold in the
United States except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.

Forward Looking Statements

Certain information regarding Avenir Trust set forth in this document,
including management's assessment of the Trust's future plans and
operations contains forward looking statements that involve substantial
known and unknown risks and uncertainties. These forward looking
statements are subject to numerous risks and uncertainties, some of
which are beyond the Trust's and management's control, including but not
limited to, the impact of general economic conditions, industry
conditions, fluctuation of commodity prices, fluctuation of foreign
exchange rates, imperfection of reserve estimates, environmental risks,
industry competition, availability of qualified personnel and
management, stock market volatility, timely and cost effective access to
sufficient capital from internal and external sources. The Trust's
actual results, performance or achievement could differ materially from
those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events
anticipated to occur or transpire from the forward looking statements
will provide what, if any benefits to the Trust.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Avenir Diversified Income Trust
    William Gallacher
    Chief Executive Officer
    (403) 237-9949
    or
    Avenir Diversified Income Trust
    Gary Dundas
    Chief Financial Officer
    (403) 237-9949
    or
    Avenir Diversified Income Trust
    Suite 300, 808 - 1st Street S.W.
    Calgary, Alberta T2P 1M9
    (403) 237-9949
    (403) 237-0903 (FAX)
    The Toronto Stock Exchange and the TSX Venture Exchange have not
    reviewed and do not accept responsibility for the adequacy or accuracy
    of this release.