EnerVest Diversified Income Trust Announces Beginning of Warrant Trading

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2012) -

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

EnerVest Diversified Income Trust ("EnerVest" or the "Fund") (TSX:EIT.UN) announced today that warrants recently issued to its unitholders under a Warrant Offering have begun trading on the Toronto Stock Exchange (TSX) under the symbol EIT.WT.C.

Each unitholder of record on August 22, 2012 was entitled to receive one-quarter of a warrant for each EnerVest unit held. Warrants will be distributed to client accounts by brokers and custodians on a best-efforts basis after the record date.

At any time prior to the expiry date of 5:00 p.m. (Calgary time) on February 22, 2013 each whole warrant will entitle the holder to subscribe for one unit of EnerVest upon payment of the subscription price of $13.26. Warrantholders must deliver payment and instructions sufficiently in advance to allow the broker/dealer to properly exercise the warrants on the Warrantholder's behalf. Warrantholders are encouraged to contact their broker/dealer, as each broker/dealer may have an earlier cut-off time to accept warrant exercise instructions.

Proceeds from exercise of the warrants will provide the Fund with additional capital, allowing the Fund to take advantage of investment opportunities and may reduce the ongoing management expense ratio of the Fund.

The current effective yield on the warrant subscription price of $13.26 is approximately 9 percent.

The Fund will pay an exercise fee of $0.30 per warrant at the time the warrant is exercised, payable to the investment advisor of the dealer whose client is exercising the warrant.

The warrants are not qualified for distribution in the United States of America. For further details please consult the final prospectus and your investment advisor. A copy of the final prospectus has been filed on SEDAR at www.sedar.com. Full details about the Warrant Offering are available on our website at www.canoefinancial.com or you can contact us at 1-877-434-2796.

Distribution

The EnerVest Diversified Income Trust pays a monthly distribution of $0.10 per unit, which has been confirmed for the remainder of 2012. The next monthly distribution will be paid on September 14, 2012 to unitholders of record on August 31, 2012. If a unitholder exercises their warrants sufficiently in advance of the distribution record date (August 31, 2012), the unitholder will be entitled to receive that monthly distribution. Units not issued prior to each monthly distribution record date will not be eligible to receive the applicable distribution. Record, payment and ex-distribution dates for each distribution will continue to be provided via news release on a monthly basis.

Proven Long-Term Performance
	Cumulative Compound Returns (July 31, 2002 to July 31, 2012)
	1 mo.	3 mo.	6 mo.	YTD	1 yr.	2 yr.	3 yr.	5 yr.	10 yr.
EIT.UN	1.1	-2.1	-3.4	-0.1	-3.4	3.8	12.3	3.6	9.6
Peer*	0.8	-4.3	-4.9	-0.7	-7.2	2.6	5.5	-0.6	8.5
*S&P/TSX Total Return Index

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 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. The Fund is managed by Bob Haber of Haber Trilix Advisors.

About Canoe Financial LP

Canoe Financial is the Portfolio Manager and Manager of the Fund. Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe is one of Canada's fastest-growing investment fund companies and currently manages approximately $1.6 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

Bob Haber is the Chief Executive Officer and Chief Investment Officer of Haber Trilix Advisors, LP, located in Boston, Massachusetts, who is a sub-advisor to Canoe Financial LP. Canoe is the registered Portfolio Manager and Manager of the Fund.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financials 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.