EnerVest Natural Resource Fund Ltd.

EnerVest Natural Resource Fund Ltd.

August 22, 2008 19:00 ET

EnerVest Natural Resource Fund Ltd. Announces Financial Results for the Six Month Period Ended June 30, 2008

CALGARY, ALBERTA--(Marketwire - Aug. 22, 2008) - EnerVest Natural Resource Fund Ltd. ("EnerVest") is pleased to announce the financial results for the six month period ended June 30, 2008. The following is an excerpt from the management report of fund performance and interim financial statements of EnerVest for the six month period ended June 30, 2008. The interim report, which includes the entire management report of fund performance and financial statements, can be found on our website at www.enervest.com or on SEDAR at www.sedar.com.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Results of Operations

WTI crude oil and AECO natural gas prices increased 49% and 76%, respectively, since the beginning of the year. The energy sector has enjoyed exceptional performance from the strength in commodities thus far in 2008. EnerVest's return was 42.1% for the period, outperforming its benchmark S&P/TSX Capped Energy Index return of 28.6% and the Globe Natural Resources Peer Index return of 19.0%. EnerVest's superior performance is attributable to the portfolio's concentration in small and mid-cap energy companies which outperformed the large cap exploration and production companies and integrated producers. The junior energy exploration and production companies were able to rebound from their depressed 2007 valuations caused by a host of issues which plagued the sector, notably the Alberta Royalty Regime and lower commodity prices.

Two new areas within the Western Canadian Sedimentary Basin ("WCSB"), the Montney tight gas play in northeastern British Columbia and the Bakken light oil discovery in southeastern Saskatchewan, have garnered much attention this year. These areas have received renewed interest as recent advancements in horizontal fracturing technology have produced good results and are demonstrating that companies may be able to unlock more potential from the declining WCSB. The fund holds a number of companies that are involved in these areas of development which have contributed excellent returns year to date.

There have been a number of takeovers in the first half of 2008, with smaller and mid-sized companies combining for better leverage, income trusts acquiring companies to increase production, and senior producers acquiring smaller companies to augment land position in key areas. The fund held a number of companies involved in takeovers, including Berkana Energy Corp. purchased by Quatro Resources Inc., Bulldog Resources Inc. acquired by TriStar Oil and Gas Ltd., Burmis Energy Inc. bought by Baytex Energy Trust, Cyries Energy Inc. acquired by Iteration Energy Ltd., ExAlta Energy Inc. acquired by Galleon Energy Inc., Pacific Stratus Energy Ltd. purchased by Pacific Rubiales Energy Corp., RSX Energy Inc. acquired by Talisman Energy Inc., and Rider Resources Ltd. purchased by NuVista Energy Ltd.

On April 30, 2008, EnerVest issued 1.7 million mutual fund shares totaling $25.8 million in exchange for the investments of EnerVest FTS Limited Partnership 2006 ("FTS 2006") and EnerVest FTS Limited Partnership 2006 II ("FTS 2006 II"), based on EnerVest's net asset value of $15.06 per share and the net asset values of FTS 2006 and FTS 2006 II on that date. The general partners of FTS 2006 and FTS 2006 II were owned by EnerVest Management Ltd., the owner of EnerVest's management company. The transaction with FTS 2006 and FTS 2006 II has been measured at fair value.

The fund experienced redemptions of $11.7 million during the period, largely the result of new shareholders seeking liquidity after the rollovers of FTS 2006 and FTS 2006 II into the fund. These redemptions required significant investment sales in order to fund, typically resulting in the disposition of more liquid assets such as the mid to large cap producers.

Portfolio

EnerVest focuses on well-managed companies that display strong balance sheets and flexible capital programs. EnerVest's investment portfolio is segregated by market capitalization. At June 30, 2008, large capitalized companies represented 26.4% of the portfolio, down from 32.4% at December 31, 2007 due to sales required to fund redemptions. Emerging and junior companies combined accounted for 42.8% of the portfolio, down from 53.3%. Intermediate mid-cap producers increased from 5.2% at December 31, 2007 to 22.2% at June 30, 2008, the combined effect of corporate actions and increasing valuations moving junior companies into this market cap. Private companies were 8.3% of the portfolio at period end.

Financial Performance

Investment revenues totalled $53,568 for the period, an increase of $21,416 over 2007 largely on distributions received from Canadian Oil Sands Trust which was not held during the comparative period. Total expenses were $600,121, of which management fees of $419,794 accounted for 70%. Management fees are based on EnerVest's daily net asset values, therefore an increase in net asset value results in an increase in management fees. The $72,728 increase in management fees is due to higher daily net asset values during the period as compared to 2007. All other expenses totalled $180,327 for the period. Since these expenses are capped at 0.7% of the daily net asset value of the fund, the increase over the prior year is also the result of higher daily net asset values.

EnerVest had net realized capital gains of $2.4 million, the largest gains coming from the acquisition of Bulldog Resource Inc. by TriStar Oil and Gas Ltd. and sales of Talisman Energy Inc. Unrealized gains in the portfolio increased by $11.8 million due to the significant appreciation in valuations, particularly in the emerging and junior holdings, resulting from the considerable increase in commodity prices.

The increase in net assets from operations for the period was $13.6 million, or $5.43 per share. Proceeds on the issuance of shares were $26.3 million, significantly greater than the $11.7 million in redemptions. As a result of the increase from operations and the net inflow of $14.6 million on shareholder transactions, net assets have increased $28.3 million since December 31, 2007. As at June 30, 2008, EnerVest's net assets totalled $55.1 million, or $17.29 per share.

Recent Developments

The natural resource industry has experienced material change during the period, with stronger commodity prices, lower finding and development costs and improved transaction costs contributing to bring valuations to a reasonable level, especially in the junior and mid-cap energy sectors.

The recent strength in crude oil prices has been greater than anticipated, however it remains consistent with long term supply and demand fundamentals. While there has been much talk of the crude oil/US dollar hedge adding a speculative premium to the current commodity price levels, the longer term view will be focused on tight supply issues. With the crude oil market remaining tight, disappointing non-OPEC supply side response and no evidence to date of demand destruction, there is support for oil prices to remain at higher levels. There also remains the increased threat of potential military action between Iran and the United States. Given Iran is OPEC's second largest producer, any increased tension in the area will likely keep oil prices at an elevated level.

Natural gas prices remain strong even though US domestic supply increased while demand increased to a lesser degree. The growth in supply has been offset by a commensurate decrease in LNG imports as preferential pricing has being maintained in Europe and Asia. This has combined to create a more balanced market for natural gas than earlier in the year which may help to stabilize prices throughout the balance of the year. We expect continued growth in longer term natural gas demand for both electric power generation and oil sands extraction and upgrading and also expect these to be the primary drivers of pricing in North America.

Although volatility is likely to persist in oil and gas prices, strong cash flows, reasonable service costs, and solid balance sheets have all combined to form a favourable operating environment for energy companies. The recent pullback amid the broader economic concerns has led to a decline in prices while commodities have continued to remain high. This has occurred without any appreciable increase from the Canadian dollar which had previously mitigated the increases in the past year. This presents an opportunity to acquire good companies at reasonable prices.

Within the junior exploration and producing companies, continuing strength in commodity prices has resulted in strong cash flows for companies in the fund. We see these cash flows being applied to strengthen balance sheets, expand capital programs, and/or applied in asset or corporate acquisitions.

If higher commodity prices persist, it should translate into strong cash flows for the large cap integrated and exploration and production companies. As well, the junior and mid-cap sectors look poised to continue their recent advances due to the following key points:

- Financial strength - many small and mid-cap companies have reasonable debt levels which indicate good financial flexibility;

- Improving service costs and technology advancements - companies are having success using new horizontal drilling and multi-stage fracturing technologies in areas such as British Columbia's Montney and Saskatchewan's Bakken; and

- Undervalued prices - junior energy companies are currently being priced at commodity prices highly discounted to current strip prices, allowing valuations to increase along with improved cost structures, stronger cash flows and stronger commodity prices.

We continue to favour companies that are exposed to unconventional assets, strong near-term production growth rates or are likely targets for acquisition.

Sale of Manager

On July 2, 2008, Canoe Financial LP indirectly acquired all of the issued and outstanding shares of EnerVest Funds Management Inc., the manager of EnerVest, from EnerVest Limited Partnership, an indirect subsidiary of Avenir Diversified Income Trust. Cypress Capital Management Ltd. continues to act as EnerVest's investment manager.

FINANCIAL HIGHLIGHTS

The following tables show selected key financial information about EnerVest and are intended to help you understand EnerVest's financial performance for the periods shown.



EnerVest's Net Assets per Share (1)
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2008 2007 2006 2005 2004 2003
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Net assets, beginning of
period 12.28 16.82 20.27 14.48 12.25 12.32
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Increase (decrease) from
operations:
Total revenue 0.02 0.03 0.03 0.08 0.04 0.06
Total expenses (0.24) (0.42) (0.55) (0.52) (0.41) (0.40)
Realized gains for period 0.95 0.15 2.37 2.80 2.82 3.21
Unrealized gains (losses) for
period 4.70 (2.33) (5.29) 4.46 1.67 (0.33)
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Total increase (decrease) from
operations(2) :
5.43 (2.57) (3.44) 6.82 4.12 2.54
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Distributions:
From capital gains - (1.69) - (1.17) (1.93) (2.72)
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Total distributions(3) - (1.69) - (1.17) (1.93) (2.72)
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Net assets, end of period (4) 17.29 12.28 16.82 20.27 14.48 12.25
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(1) This information is derived from EnerVest's audited annual financial
statements, except 2008 which is derived from the unaudited interim
financial statements. The net assets per share presented in the
financial statements differs from the net asset value calculated for
fund pricing purposes. An explanation of these differences can be found
in the notes to the financial statements.
(2) Net assets and distributions are based on the actual number of shares
outstanding at the relevant time. The increase/decrease from operations
is based on the weighted average number of shares outstanding over the
financial period.
(3) Distributions were paid in cash or reinvested in additional shares of
EnerVest.
(4) This information is provided as at December 31 of the year shown,
except 2008 which is provided as at June 30.
(5) This schedule is not a reconciliation of net assets since it does not
reflect shareholder transactions as shown on the Statement of Changes in
Net Assets. Columns may therefore not add.


Ratios and Supplemental Data
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2008 2007 2006 2005 2004 2003
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Total net asset value ($000s)
(1)(5) 56,055 27,030 36,016 52,902 29,603 23,982
Number of shares outstanding
(000's)(1) 3,188 2,184 2,142 2,610 2,044 1,958
Management expense ratio(2) 2.95% 2.95% 2.95% 2.95% 2.95% 2.95%
Trading expense ratio(3) 0.26% 0.12% 0.24% 0.29% 0.42% 0.52%
Portfolio turnover rate(4) 0.79% 4.54% 32.99% 41.57% 71.38% 49.14%
Net asset value per share(5) $ 17.58 $ 12.38 $ 16.82 $ 20.27 $ 14.48 $12.25
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(1) This information is provided as at December 31 of the year shown, except
2008 which is provided as at June 30.
(2) Management expense ratio is based on total expenses (excluding
commissions and other portfolio transaction costs) for the stated period
and is expressed as an annualized percentage of daily average net asset
value during the period.
(3) The trading expense ratio represents total commissions and other
portfolio transaction costs expressed as an annualized percentage of
daily average net asset value during the period.
(4) EnerVest's portfolio turnover rate indicates how actively EnerVest's
portfolio advisor manages its portfolio investments. A portfolio
turnover rate of 100% is equivalent to EnerVest buying and selling all
of the securities in its portfolio once in the course of the year. The
higher a fund's portfolio turnover rate in a year, the greater the
trading costs payable by the fund in the year and the greater the chance
of an investor receiving taxable capital gains in the year. There is not
necessarily a relationship between a high turnover rate and the
performance of a fund.
(5) The net asset value and net asset value per share calculated for fund
pricing purposes differs from the net assets and net assets per share
presented in the financial statements. An explanation of these
differences can be found in the notes to the financial statements.


PAST PERFORMANCE

The performance data provided assumes that all distributions made by EnerVest in the periods shown were reinvested in additional shares of EnerVest and does not take into account sales, distribution or other optional charges that would have reduced returns or performance. Past performance does not necessarily indicate how EnerVest will perform in the future.

Annual Compound Returns

The below table shows annual compound returns for the periods ended June 30, 2008 for EnerVest compared to the S&P/TSX Capped Energy Index and S&P/TSX Composite Index.



S&P/TSX S&P/TSX
Capped Energy Composite
EnerVest Index(1) Index(2)
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Six months 42.1% 28.6% 6.0%
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One year 18.7% 28.2% 6.7%
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Three years 6.7% 22.0% 16.2%
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Five years 19.3% 29.7% 18.2%
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Return since inception 21.8% 24.0% 8.4%
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(1) The S&P/TSX Capped Energy Index is composed of firms whose primary
business is related to the exploration, extraction or production of
natural resources.
(2) The S&P/TSX Composite Index tracks the performance of some of the
largest and most widely held stocks listed on the Toronto Stock
Exchange.


SUMMARY OF INVESTMENT PORTFOLIO

Portfolio Breakdown

Emerging 18.03%
Junior 24.79%
Intermediate 22.15%
Senior 26.42%
Private 8.32%
Cash & Cash Equivalents 0.87%
Liabilities, net of Other Assets (0.58%)
--------
Net Asset Value 100.0%


Top 25 Holdings

Issuer Name % of Net Asset Value (1)
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Nexen Inc. 3.63%
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Southern Pacific Resources Corp. 3.53%
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OPTI Canada Inc. 3.42%
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TriStar Oil & Gas Ltd. 3.38%
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Iteration Energy Ltd. 3.09%
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Canadian Natural Resources Limited 3.06%
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EnCana Corporation 2.83%
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Questerre Energy Corporation 2.54%
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Century Oilfield Services Inc. 2.50%
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TUSK Energy Corporation 2.38%
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Pacific Rubiales Energy Corp. 2.30%
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Duvernay Oil Corp. 2.22%
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Birchcliff Energy Ltd. 2.20%
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Talisman Energy Inc. 2.18%
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Crew Energy Inc. 1.98%
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Twin Butte Energy Ltd. 1.91%
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Suncor Energy Inc. 1.90%
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ProEx Energy Ltd. 1.89%
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Petrobank Energy and Resources Ltd. 1.80%
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Galleon Energy Inc. 1.80%
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Cirrus Energy Corporation 1.80%
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UTS Energy Corporation 1.75%
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Oilexco Incorporated 1.70%
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Canext Energy Ltd. 1.69%
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Highpine Oil & Gas Limited 1.67%
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(1) The above % of net asset value is based on closing market prices and
differs from the % of net assets presented in the Statement of
Investment Portfolio due to the use of bid prices used for financial
statement purposes.


The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available on our website at www.enervest.com or can be requested by calling 1-800-459-3384 or writing to EnerVest Funds Management Inc., Suite 2800, 700 9th Avenue SW, Calgary, Alberta, T2P 3V4.



Statements of Net Assets
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As at June 30, 2008
(Unaudited) Dec. 31, 2007
$ $
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ASSETS
Investments 54,972,901 26,889,704
Cash 486,101 35,657
Proceeds receivable for investments sold - 84,752
Subscriptions receivable for shares issued 15,000 -
Distributions receivable 20,060 15,696
------------------------------

55,494,062 27,025,809
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LIABILITIES
Accounts payable and accrued liabilities 143,389 66,371
Redemptions payable 243,454 131,191
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386,843 197,562
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NET ASSETS 55,107,219 26,828,247
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------------------------------

SHARES ISSUED AND OUTSTANDING 3,188,002 2,183,979
------------------------------
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NET ASSETS PER SHARE $ 17.29 $ 12.28
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Statements of Operations and Comprehensive Income
For the Six Month Periods Ended June 30, 2008 and 2007
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2008 2007
(Unaudited) $ $
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INVESTMENT REVENUES
Distribution income 52,815 31,320
Interest income 753 832
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53,568 32,152
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EXPENSES
Management fees 419,794 347,066
Brokerage commissions 49,427 18,958
Administration fees 46,553 41,472
Goods and services tax 26,224 25,757
Audit fees 23,265 18,399
Legal fees 17,479 7,560
Directors' fees 11,125 7,875
Securityholder reporting costs 3,702 6,267
Custodial fees 1,386 232
Independent Review Committee fees and expenses 1,166 414
------------------------------

600,121 474,000
------------------------------

NET INVESTMENT LOSS (546,553) (441,848)
------------------------------

GAIN (LOSS) ON INVESTMENTS
Net realized gains on sale of investments 2,394,303 597,647
Net change in unrealized portfolio gains 11,796,546 (832,496)
------------------------------

14,190,849 (234,849)
------------------------------

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 13,644,296 (676,697)
------------------------------
------------------------------

WEIGHTED AVERAGE SHARES OUTSTANDING 2,513,583 2,152,999
------------------------------
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INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
PER SHARE $ 5.43 ($0.31)
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Statements of Changes in Net Assets
For the Six Month Periods Ended June 30, 2008 and 2007
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2008 2007
(Unaudited) $ $
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NET ASSETS, BEGINNING OF PERIOD 26,828,247 36,015,663
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FAIR VALUE ADJUSTMENT
Value adjustment to December 31, 2006 bid
prices - (206,427)
------------------------------

INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS 13,644,296 (676,697)
------------------------------

SHAREHOLDER TRANSACTIONS
Proceeds from issuance of shares 26,325,295 120,524
Amounts paid on redemption of shares (11,690,619) (9,371,330)
Shares issued on reinvestment of distributions - 3,572,341
------------------------------

14,634,676 (5,678,465)
------------------------------

NET ASSETS, END OF PERIOD 55,107,219 29,454,074
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Statement of Investment Portfolio
June 30, 2008
(Unaudited)
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Average
Number of Cost Fair Value % of Net
Issuer Name Shares $ $ Assets
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EMERGING
Accrete Energy Inc. 90,925 453,019 528,274 0.96%
Alberta Star Development Corp. 145,000 50,025 47,125 0.09%
AltaCanada Energy Corp. 960,000 574,166 268,800 0.49%
Arsenal Energy Inc. 500,000 350,000 380,000 0.69%
Bellamont Exploration Ltd., Cl. A 140,000 168,000 254,800 0.46%
Bellamont Exploration Ltd., Cl. B 32,200 128,800 161,000 0.29%
Buffalo Resources Corp. 349,698 429,404 444,116 0.81%
Canadian Zinc Corp. 602,173 255,924 349,260 0.63%
Canext Energy Ltd. 946,658 592,715 927,725 1.68%
Cash Minerals Ltd. 140,000 30,100 35,000 0.06%
Cinch Energy Corp. 244,000 849,481 409,920 0.74%
Desmarais Energy Corporation 73,000 93,440 13,870 0.03%
El Nino Ventures Inc. 475,000 142,500 87,875 0.16%
Fairmount Energy Inc. 200,000 181,000 224,000 0.41%
Flagship Energy Inc. 56,000 14,000 4,480 0.01%
Great Plains Exploration Inc. 961,609 1,374,488 913,529 1.66%
Masters Energy Inc. 120,000 455,554 435,600 0.79%
metalCORP Ltd. 112,500 58,500 90,000 0.16%
MGM Energy Corp. 800 584 456 0.00%
NuLoch Resources Inc. 100,000 174,000 217,000 0.39%
One Exploration Inc., Cl. A 260,000 286,000 345,800 0.63%
One Exploration Inc., Cl. B 58,500 215,280 266,175 0.48%
Pegasus Oil & Gas Inc., Cl. A 90,000 198,000 180,000 0.33%
Redcliffe Exploration Ltd., Cl. A 160,000 96,000 104,000 0.19%
Redcliffe Exploration Ltd., Cl. B 36,000 108,360 129,600 0.24%
Silverwing Energy Inc. 200,000 15,000 15,000 0.03%
Southern Pacific Resources Corp. 2,825,500 2,345,165 1,977,850 3.59%
Stonefire Energy Corp. 200,000 220,000 438,000 0.79%
Tango Energy Inc. 335,000 97,150 142,375 0.26%
Trafalgar Energy Ltd. 54,000 189,000 211,680 0.38%
Upper Lake Oil & Gas Limited 185,000 131,350 155,400 0.28%
Welton Energy Corporation 290,000 114,550 81,200 0.15%
Yoho Resources Inc. 18,600 63,612 67,890 0.12%
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10,455,167 9,907,800 17.98%
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JUNIOR
Arcan Resources ltd. 125,000 315,000 362,500 0.66%
Berens Energy Ltd. 650,000 1,013,346 754,000 1.37%
Bow Valley Energy Ltd. 55,000 231,556 339,350 0.62%
Breaker Energy Ltd. 45,600 177,840 570,912 1.04%
Celtic Exploration Ltd. 25,000 98,750 494,000 0.90%
Cirrus Energy Corporation 210,000 249,900 989,100 1.79%
Cordero Energy Inc. 54,426 233,901 263,966 0.48%
Crocotta Tree Energy Ltd. 58,736 185,018 235,531 0.43%
Crowflight Minerals Inc. 760,000 501,600 361,000 0.65%
Highpine Oil & Gas Limited 70,000 1,000,269 935,200 1.70%
Mahalo Energy Ltd. 264,000 1,039,555 699,600 1.27%
Orleans Energy Ltd. 50,000 207,500 262,000 0.47%
Profound Energy Inc. 68,625 253,913 328,028 0.59%
ProspEx Resources Ltd. 270,000 1,018,427 931,500 1.69%
Pure Energy Services Ltd. 23,700 213,300 187,230 0.34%
Questerre Energy Corporation, Cl. A 400,659 823,452 1,426,346 2.59%
Rock Energy Inc. 84,816 287,270 373,190 0.68%
Sabretooth Energy Ltd. 124,906 289,786 342,242 0.62%
Terra Energy Corp. 265,000 437,250 556,500 1.01%
TUSK Energy Corporation 457,972 978,726 1,328,119 2.41%
Twin Butte Energy Ltd. 257,311 756,494 1,049,829 1.90%
Vero Energy Inc. 44,784 78,994 485,906 0.88%
West Energy Ltd. 61,000 204,350 234,850 0.43%
Zapata Energy Corp. 64,000 240,000 294,400 0.53%
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10,836,197 13,805,299 25.05%
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INTERMEDIATE
Birchcliff Energy Ltd. 80,000 880,000 1,231,200 2.24%
Crew Energy Inc. 60,000 434,522 1,106,400 2.01%
Fairborne Energy Ltd. 30,000 272,400 391,500 0.71%
Galleon Energy Inc. 49,000 818,970 1,008,910 1.83%
Iteration Energy Ltd. 210,000 1,350,561 1,732,500 3.14%
Nuvista Energy Ltd. 36,478 601,522 638,730 1.16%
Oilsands Quest Inc. 100,000 438,176 662,805 1.20%
Pacific Rubiales Energy Corp. 95,833 736,000 1,285,121 2.33%
Paramount Resources Limited 20,000 365,000 414,000 0.75%
ProEx Energy Ltd. 46,000 673,117 1,056,160 1.92%
TriStar Oil & Gas Ltd. 92,000 1,207,076 1,896,120 3.44%
UTS Energy Corporation 165,000 903,700 981,750 1.78%
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8,681,044 12,405,196 22.51%
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SENIOR
Canadian Natural Resources Limited 17,000 183,631 1,714,280 3.11%
Canadian Oil Sands Trust 10,000 322,500 546,900 0.99%
Duvernay Oil Corp. 20,000 961,400 1,245,000 2.26%
EnCana Corporation 17,000 576,403 1,587,120 2.88%
Nexen Inc. 50,000 1,410,115 2,033,000 3.69%
Niko Resources Ltd. 9,000 476,764 879,660 1.60%
Oilexco Incorporated 49,000 181,300 953,540 1.73%
OPTI Canada Inc. 83,000 1,665,478 1,913,980 3.47%
Petro-Canada 4,000 118,157 227,000 0.41%
Petrobank Energy and Resources Ltd. 19,000 887,596 1,006,240 1.83%
Suncor Energy Inc. 18,000 200,595 1,065,600 1.93%
Talisman Energy Inc. 54,000 712,014 1,215,000 2.21%
Trican Well Service Ltd. 16,000 40,058 404,800 0.74%
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7,736,011 14,792,120 26.85%
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PRIVATE
1321713 Alberta Limited 375,000 53,250 43,959 0.08%
Artemis Exploration Inc. 312,500 265,625 265,625 0.48%
Cabrerra Resources Ltd. 120,000 180,000 204,000 0.37%
Century Oilfield Services Inc., Cl.A 560,000 700,000 1,120,000 2.03%
Cipher Energy Inc. 17,508 17,508 17,508 0.03%
Greenfield Resources Ltd. 250,000 587,500 877,500 1.59%
Huron Energy Corp. 210,000 336,000 336,000 0.61%
Java Petroleum Corp. 384,700 153,880 96,175 0.18%
Racing Resources Ltd. 375,000 412,500 300,000 0.55%
Spry Energy Ltd. 2,475 13,118 10,519 0.02%
Temple Energy Inc. 492,000 863,000 541,200 0.98%
Vigilant Exploration Inc. 250,000 250,000 250,000 0.45%
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3,832,381 4,062,486 7.37%
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41,540,800 54,972,901 99.76%
BROKERAGE COMMISSIONS (78,297) - -
--------------------------------
TOTAL INVESTMENT PORTFOLIO 41,462,503 54,972,901 99.76%
CASH & CASH EQUIVALENTS 486,101 0.88%
LIABILITIES, NET OF OTHER ASSETS (351,783) (0.64%)
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NET ASSETS 55,107,219 100.00%
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EnerVest is an open-end mutual fund corporation, specializing in investing in the oil and gas industry and is actively managed by Cypress Capital Management Ltd. The fund code for EnerVest is ENV 040.

This news release contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond our control, including the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations, including the Canadian Income Tax Act, fluctuations in interest rates, commodity prices and foreign exchange, stock market volatility, and market valuations of portfolio holdings. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of these events anticipated by the forward looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, that we will derive therefrom.

Contact Information

  • EnerVest Funds 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 Funds 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 Funds Management Inc.
    Investor Relations
    Kristie Allen
    (403) 571-5550 or Toll Free:1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Funds Management Inc.
    Investor Relations
    Linda Koroluk
    (403) 571-5550 or Toll Free:1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Funds Management Inc.
    Investor Relations
    Gary Sharpe
    (403) 571-5550 or Toll Free:1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Funds Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    Email: info@enervest.com
    Website: www.enervest.com