EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

October 23, 2007 09:30 ET

EnerVest Diversified Income Trust Announces Closing of Exchange Offer

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

EnerVest Diversified Income Trust ("EnerVest") (TSX:EIT.UN) is pleased to announce that its exchange offer closed on October 22, 2007 (the "Closing Date"). EnerVest issued 33,941,261 units for gross proceeds of $201.5 million.

Under the terms of the prospectus, the Manager reserved the right to accept or reject, in its sole discretion, any securities tendered 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 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 were accepted under the Exchange Offer.

EnerVest Diversified Management Inc. (the "Manager"), the Manager of EnerVest, has issued 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.

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 accepted the Exchange Offer will receive EnerVest's October distribution to be paid on November 15, 2007.

GMP Securities L.P. acted as dealer manager in connection with this Exchange Offer.

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