EnerVest Diversified Income Trust

EnerVest Diversified Income Trust

August 18, 2011 20:51 ET

EnerVest Diversified Income Trust Announces 2011 Voluntary Cash Redemption Information and August 2011 Distribution

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2011) -


EnerVest Diversified Income Trust ("EnerVest" or the "Fund") (TSX:EIT.UN) is pleased to announce the 2011 voluntary cash redemption information and the August 2011 distribution.

Voluntary Annual Cash Redemption Information

Requests for redemption of approximately 27.3 million units, representing approximately 28% of the current issued and outstanding units, have been submitted by unitholders. The Fund's Declaration of Trust limits the annual redemption to 10% of the issued and outstanding units on the Redemption Date of September 6, 2011. Accordingly, redemption requests will be pro rated so between 36% to 44% of units tendered will be redeemed. As there are a significant number of warrants outstanding that may be exercised for additional units of the Fund between now and the Redemption Date, this pro ration cannot be definitively determined at this time. For greater clarity, in the event no additional warrants are exercised by September 6, 2011, approximately 36% of units tendered will be redeemed. Conversely, if all of the outstanding warrants are exercised by September 6, 2011, approximately 44% of units tendered will be redeemed. The final results will be communicated to Unitholders as soon as practicable after September 6, 2011.

Units not accepted for redemption based on the initial calculation are expected to be returned to unitholders' accounts on or about August 22, 2011. On September 6, 2011 a calculation will be performed to finalize the pro ration based on the number of units outstanding on the Redemption Date.

Payment of the redemption proceeds will be made on or before September 13, 2011 at a redemption price equal to 95% of the average net asset value based on the three business days preceding September 6, 2011, less direct costs. Any remaining units not accepted for redemption will also be returned to redeeming unitholders on or before September 13, 2011.

Units that have been accepted for redemption will remain eligible for the August 2011 distribution.

August 2011 Distribution

The August distribution will be $0.10 per unit to be paid on September 15, 2011 to unitholders of record on August 31, 2011. The ex-distribution date for this payment is August 29, 2011. The Fund's objective is to deliver a consistent, high-yield, monthly cash distribution from a portfolio of income-generating and capital-growth oriented securities. At current unit prices, EIT.UN is providing unitholders with a yield of approximately 8.5%.

About the Fund

The Fund is one of Canada's largest, diversified closed-end investment funds and is listed on the TSX under the symbol EIT.UN. The Fund is managed by Bob Haber, an award-winning portfolio manager and former CIO of Fidelity Investments Canada. The Fund is actively managed and invests in a diversified portfolio of income-generating and capital-growth oriented securities listed primarily on the TSX. The Fund is designed to maximize distributions and net asset value for the benefit of its Unitholders.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians. Canoe currently manages approximately $1.7 billion in assets through its mutual funds and closed- end products. Canoe is a strong believer in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources and its sound fiscal structure, we believe Canada provides long-term growth potential for investors.

To learn more about Canoe Financial, visit our website at www.canoefinancial.com.

Bob Haber is the Chief Executive Officer and Chief Investment Officer of Haber Trilix Advisors, LP, who is a sub-advisor to Canoe Financial LP.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. Forward-looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

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