Heating Oil Partners Income Fund

Heating Oil Partners Income Fund

May 15, 2006 13:36 ET

Heating Oil Partners Income Fund Announces Appointment of Interim Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) -

Not for distribution to U.S. newswire services or for dissemination in the US.

Heating Oil Partners Income Fund (the "Fund")(TSX:HIF.UN) announced today that its operating subsidiary Heating Oil Partners, L.P. ("HOP" or the "Company") has appointed Sean A. Gumbs as its interim Chief Financial Officer. Mr. Gumbs, a Senior Managing Director with FTI Palladium Partners, was serving as the Company's VP-Restructuring.

Michael Anton, HOP's CEO, stated "I am extremely pleased with the selection and appointment of Sean as HOP's interim CFO. Sean's strong knowledge of the business and intense focus on cash management, financial planning, and cost reduction will be extremely valuable to us as HOP prepares to emerge from US bankruptcy proceedings."

Mr. Anton continued, "Mr. Gumbs will be filling the position vacated by the current CFO, Carlos L. Rojas, who will be returning to Arizona and resuming his turnaround consultancy. Carlos joined the Company last year during a difficult phase in its history; he was instrumental in securing the financing last October that enabled us to provide uninterrupted service to HOP's customers. Under Carlos' leadership the organization improved both cash generation and cost controls. As a result of those efforts, HOP is now positioned to exit bankruptcy within the next 60 days. HOP's Board of Directors and I wish Carlos the best in his future endeavors."

This news release contains forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors outside of Management's control that could cause actual results to differ materially from those described in the forward-looking statements. The Fund does not assume responsibility for the accuracy and completeness of these forward-looking statements and does not undertake the obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Additional information, including the Fund's complete financial statements for the fiscal year ended September 30, 2005, can be found at www.sedar.com or on the Fund's website at www.hif-un.com.

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