EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

January 17, 2007 09:30 ET

EnerVest Diversified Income Trust Announces January 2007 Distribution and Responds to Inquiries Regarding Rights Offering

CALGARY, ALBERTA--(CCNMatthews - Jan. 17, 2007) -

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

EnerVest Diversified Management Inc. (TSX:EIT.UN), the Manager of EnerVest Diversified Income Trust ("EnerVest"), announces that the record date for the next monthly distribution is January 31, 2007. The payment date will be February 15, 2007.

EnerVest's net asset value per unit was $7.13 for January 16, 2007.

EnerVest will distribute $0.07 per unit, which represents a current yield of 13.9% based on the closing price of $6.06 per unit on January 16, 2007. The Manager anticipates that approximately 40% of the distributions declared for the current fiscal year will not be included in taxable income for 2007.

In response to numerous inquiries the Board of Directors of the Manager has decided not to proceed with a Rights Offering with respect to EnerVest units. Given the continued uncertainty in the market following the Minister of Finance's October 31, 2006 announcement on the taxation of income trusts the Board does not believe it is in the best interests of EnerVest unitholders to proceed with a Rights Offering at this time.

EnerVest is an actively managed, closed-end trust which invests in a diversified portfolio of income, royalty and real estate investment trusts, and limited partnerships, all of which trade on the Toronto Stock Exchange. EnerVest's objectives are to maximize monthly distributions relative to risk, reduce investment risk, and maximize net asset value over its life. EnerVest currently has 269,010,026 units outstanding, a net asset value of approximately $1.9 billion and a daily average trading volume of 678,183 units for the twelve month period ended December 31, 2006.

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.
    J. Ward Mallabone
    Chief Operating 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.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    Email: info@enervest.com
    Website: www.enervest.com