EnerVest Diversified Income Trust

EnerVest Diversified Income Trust

October 15, 2007 20:20 ET

EnerVest Diversified Income Trust Announces the Acceptance of Issuer Securities and Exchange Ratios for Its Exchange Offer

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) -


EnerVest Diversified Income Trust ("EnerVest") (TSX:EIT.UN) is pleased to announce the acceptance of Issuer Securities and the exchange ratios for its Exchange Offer as announced in the preliminary prospectus of EnerVest dated September 5, 2007.

Deposit Date and Closing

The Exchange Offer was open for acceptance by holders of Issuer Securities ("Holders") until 4:00 pm (Toronto time) on October 11, 2007 (the "Deposit Date"). The closing is expected to occur on or about October 22, 2007.

Determination of Exchange Ratios

The number of EnerVest Units to be issued for each Issuer Security (the "Exchange Ratio") has been determined by dividing the respective weighted average trading price of such Issuer Security on the Toronto Stock Exchange ("TSX") during the period of 3 consecutive trading days commencing on October 9, 2007 and ending on October 11, 2007 (the "Pricing Period") by the weighted average trading price of the EnerVest Units on the TSX during the Pricing Period (the "EnerVest Unit Price").

Unit Price and Net Asset Value

The weighted EnerVest Unit Price was $5.93732 per EnerVest Unit and the net asset value of EnerVest on October 11, 2007 was $7.10 per unit.

Reimbursement of Expenses

EnerVest Diversified Management Inc. (the "Manager"), the Manager of EnerVest, has agreed to issue a promissory note in favour of EnerVest on the closing of the Exchange Offer to reimburse EnerVest for all expenses related to the Exchange Offer incurred by EnerVest, including any fees payable to the Dealer Manager and soliciting dealers. The promissory note will be repaid in 28 equal quarterly instalments, together with interest, beginning on January 1, 2008.


Under the terms of the prospectus, the Manager reserved the right to accept or reject, in its sole discretion, any Issuer Securities under the Exchange Offer for any reason. The Manager felt it was prudent and in the best long term interests of EnerVest's existing unitholders to be highly selective in determining which of the Issuer Securities deposited were to be acquired and in doing so focused mainly on those securities which are advantageous to the fund or considered to be of the highest quality. Of the 137 listed Issuers, 57 have been accepted under the Exchange Offer.

The following table specifies the Issuer Securities to be acquired under the Exchange Offer, the weighted average trading price of the Issuer Securities on the TSX during the Pricing Period and the Exchange Ratios used to determine the number of EnerVest Units to be issued for each Issuer Security. Issuer Securities not listed on the below table have not been accepted by the Manager. The Exchange Ratios are rounded to five decimal places.

Weighted Average Exchange Ratio
Price(1) (EnerVest Units per
ISSUER ($) Issuer Security)

Aeroplan Income Fund 23.51515 3.96057
Algonquin Power Income Fund 9.03820 1.52227
Baytex Energy Trust 19.53490 3.29019
BCE Inc. 40.50789 6.82259
Bell Aliant Regional Communications
Income Fund 31.93962 5.37947
BFI Canada Income Fund 26.90281 4.53114
Bonavista Energy Trust 29.21931 4.92130
Bonterra Energy Income Trust 26.88764 4.52858
Canadian Oil Sands Trust 31.65571 5.33165
CI Financial Income Fund 27.08570 4.56194
Cominar Real Estate Investment Trust 21.74236 3.66198
Consumers' Waterheater Income Fund (The) 15.31528 2.57949
Contrans Income Fund 9.16188 1.54310
Crescent Point Energy Trust 21.67757 3.65107
Crombie Real Estate Investment Trust 13.10169 2.20667
Enbridge Income Fund 10.63108 1.79055
Energy Savings Income Fund 15.62688 2.63197
EPCOR Power L.P. 24.51490 4.12895
Fairborne Energy Trust 6.51497 1.09729
First National Financial Income Fund 16.52293 2.78289
Focus Energy Trust 17.41087 2.93245
Foremost Income Fund 12.95814 2.18249
Harvest Energy Trust 27.10310 4.56487
Innergex Power Income Fund 12.57120 2.11732
InnVest Real Estate Investment Trust 11.92423 2.00835
Jazz Air Income Fund 7.80833 1.31513
Keyera Facilities Income Fund 17.95706 3.02444
Labrador Iron Ore Royalty Income Fund 41.81858 7.04334
Morguard Real Estate Investment Trust 13.89023 2.33948
Morneau Sobeco Income Fund 13.00049 2.18962
NAL Oil & Gas Trust 12.44024 2.09526
Noranda Income Fund 10.00186 1.68458
North West Company Fund 20.33672 3.42524
Northern Property Real Estate
Investment Trust 22.96480 3.86787
Northland Power Income Fund 12.52340 2.10927
Pembina Pipeline Income Fund 17.61810 2.96735
Penn West Energy Trust 30.81444 5.18996
Primaris Retail Real Estate
Investment Trust 18.95014 3.19170
PrimeWest Energy Trust 26.33218 4.43503
Provident Energy Trust 12.48922 2.10351
Retrocom Mid-Market Real Estate
Investment Trust 5.02788 0.84683
Royal Utilities Income Fund 11.81260 1.98955
Saxon Financial Inc. 21.39664 3.60375
SFK Pulp Fund 3.62612 0.61073
Sleep Country Canada Income Fund 22.15745 3.73189
Taylor NGL Limited Partnership 9.23263 1.55502
Teranet Income Fund 9.92882 1.67227
TimberWest Forest Corp. 14.46691 2.43661
TransAlta Power, L.P. 7.20377 1.21330
TransForce Income Fund 11.11453 1.87198
Trilogy Energy Trust 7.72346 1.30083
Trimac Income Fund 7.72648 1.30134
Vault Energy Trust 4.28535 0.72177
Vicwest Income Fund 10.86989 1.83077
Wajax Income Fund 35.91718 6.04939
Westshore Terminals Income Fund 14.95817 2.51935
Yellow Pages Income Fund 14.01420 2.36036

The Exchange Ratios and other information disclosed above will be disclosed in the final short form prospectus which will be sent to all Holders who have participated in the Exchange Offer and filed with the securities regulatory authorities across Canada.

Dealer Manager

GMP Securities L.P. has been engaged as the dealer manager in connection with this Exchange Offer.


Distributions by EnerVest are paid on or about the 15th day of each month to Unitholders of record on the last TSX trading day of the preceding month. Holders who accept the Exchange Offer will receive EnerVest's October distribution to be paid on November 15, 2007. Holders of units of Issuers who accept the Exchange Offer will continue to be holders of record up to the closing date and accordingly will be entitled to receive all distributions in respect of such units of Issuers up to and including the closing date.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EnerVest Diversified Management Inc.
    Kevin W. Wolfe
    President & Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    EnerVest Diversified Management Inc.
    Sean J. H. Morgan
    Chief Financial Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    EnerVest Diversified Management Inc.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    EnerVest Diversified Management Inc.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    EnerVest Diversified Management Inc.
    Gary Sharpe
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    EnerVest Diversified Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    Email: info@enervest.com
    Website: www.enervest.com
    GMP Securities L.P.
    Matthew Sobolewski
    Investment Banking
    (403) 543-3030