EnerVest Energy and Oil Sands Total Return Trust

EnerVest Energy and Oil Sands Total Return Trust

March 25, 2010 19:06 ET

EnerVest Energy and Oil Sands Total Return Trust Releases 2009 Year-End Financials

CALGARY, ALBERTA--(Marketwire - March 25, 2010) -


EnerVest Energy and Oil Sands Total Return Trust ("EnerVest" or the "Fund") (TSX:EOS.UN) is pleased to announce its financial results for the year-ended December 31, 2009.

Our achievements for the year:

- Generated a total return of 75.4% on a net asset value basis, outperforming the benchmark S&P/TSX Capped Energy (Total Return) index by 33.9%. On a market price basis, the Fund generated a 98.6% total return.

- Actively managed the Fund and generated strong returns by persevering through the down markets and reaping the rewards as oil prices recovered.

- Distributed $0.50 per unit for the year.

- Created the Calgary-based Energy Sector Advisory Group (ESAG), a group with local area energy expertise, to advise the Portfolio Manager on potential investment opportunities.

The annual Management Report of Fund Performance (MRFP), audited financial statements and notes will be available on SEDAR and at www.enervest.com.

2009 Year in Review

Companies with oil sands investments and those businesses that directly service the industry were particularly hard hit by the global economic crisis of 2008. Due to the capital intensity of oil sands production, many projects came to a standstill in late 2008 and early 2009, which had negative consequences for those who service and supply the industry. In late 2009, with increased oil prices, capital once again began to flow into oil sands projects, the majority of which are backed by well-funded senior companies.

The Fund stayed the course and held onto those investments with strong management teams and supportive balance sheets through the difficult markets. The Fund held strategic investments in a number of private companies including Athabasca Oil Sands Corp. and Laricina Energy Ltd. In addition, the Fund experienced gains with its investments in conventional heavy oil businesses as pricing for heavy crude outperformed light crude in 2009. The strategies paid off as evidenced by the Fund's exceptional returns. Near the end of 2009 and more recently, the Fund has benefited from the resurgence in the demand for high quality oil sands investments due to the scarcity of pure-play oil sands projects.

New Portfolio Manager

Effective February 1, 2010, RiverStream Asset Management Ltd. ("RiverStream") assumed the role of Portfolio Manager from Cypress Capital Management Ltd. The team at RiverStream, led by Mr. Rafi G. Tahmazian, have been members of ESAG since its inception early last year. This Calgary-based team will allow for more direct and timely investing at the frontline of new exploration and resource plays and the energy service sector.

About EnerVest

The Fund is listed on the TSX under the symbol EOS.UN and is an actively managed, diversified closed-end trust investing in developers and miners of the oil sands, businesses that are indirectly involved with the oil sands through the provision of supplies and services, and oil and gas businesses.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Management Ltd's and its affiliates (the "Administrator") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Administrator believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Administrator undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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