EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

October 24, 2006 09:30 ET

EnerVest Diversified Income Trust Announces Closing of Exchange Offer

CALGARY, ALBERTA--(CCNMatthews - Oct. 24, 2006) -

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

EnerVest Diversified Income Trust ("EnerVest") (TSX:EIT.UN) announces that the exchange offer closed on October 24, 2006 (the "Closing Date"). EnerVest issued 37,527,748 units, having a value of $257.5 million, in exchange for units of selected income, royalty and real estate investment trusts, limited partnerships and similar issuers (the "Issuers") all of which are listed on the Toronto Stock Exchange (the "TSX").

EnerVest Diversified Management Inc. will reimburse all expenses related to the Exchange Offer incurred by EnerVest, including any fees payable to the dealer manager and the soliciting dealers, in 24 quarterly installments, together with interest, beginning January 1, 2007.

The following table identifies the number of Issuer units tendered and accepted under the Exchange Offer, the Exchange Ratios used to determine the EnerVest Units issued for each Issuer unit, and the number of EnerVest Units issued.


Exchange
Units Ratio EnerVest
Tendered (EnerVest Units
and Units per to be
ISSUER Accepted Issuer Unit) Issued
------------------------------------------------------------------------

OIL & GAS
Conventional Oil & Gas
Advantage Energy Income Fund 33,904 1.98495 67,297
ARC Energy Trust 11,020 3.78139 41,670
Baytex Energy Trust 28,674 3.20761 91,975
Bonavista Energy Trust 110,463 4.54142 501,658
Bonterra Energy Income Trust 2,300 4.69814 10,805
Canetic Resources Trust 191,414 2.69713 516,268
Crescent Point Energy Trust 15,200 2.62474 39,896
Daylight Resources Trust 155,616 1.73701 270,306
Enerplus Resources Fund 1,695 8.04131 13,630
Enterra Energy Trust 157,258 1.47609 232,126
Fairborne Energy Trust 56,050 1.68980 94,713
Focus Energy Trust - 3.10887 -
Harvest Energy Trust 13,291 4.33651 57,636
NAL Oil & Gas Trust 29,774 2.47015 73,546
Paramount Energy Trust 83,996 2.36721 198,836
Pengrowth Energy Trust 483,085 3.11972 1,507,089
Penn West Energy Trust 58,707 5.79846 340,410
Peyto Energy Trust 2,811 2.95175 8,297
PrimeWest Energy Trust 10,616 4.00699 42,538
Progress Energy Trust 3,000 2.19915 6,597
Shiningbank Energy Income Fund 60,944 2.61421 159,320
Sound Energy Trust 401,495 0.94164 378,063
Thunder Energy Trust 131,134 1.03816 136,138
Trilogy Energy Trust 240,915 2.27285 547,563
True Energy Trust 209,334 1.53642 321,624
Vault Energy Trust 294,100 0.99804 293,523
Vermilion Energy Trust 6,150 4.84005 29,766
Zargon Energy Trust 400 4.60365 1,841

Unconventional Oil & Gas
Canadian Oil Sands Trust 631,181 4.27600 2,698,929
Freehold Royalty Trust 6,082 2.72768 16,589
Provident Energy Trust 107,192 1.87787 201,292

BUSINESS TRUSTS
Consumer Services/Restaurants
A&W Revenue Royalties Income Fund 1,500 2.45320 3,679
Boston Pizza Royalties Income
Fund - 2.78670 -
Consumers' Waterheater Income
Fund (The) 4,276 2.32450 9,939
Gateway Casinos Income Fund 4,600 2.57884 11,862
UE Waterheater Income Fund 142,320 2.17345 309,325

Media
ACS Media Income Fund 21,600 1.35352 29,236
Aeroplan Income Fund 7,508 2.18568 16,410
CanWest MediaWorks Income Fund 28,800 1.11958 32,243
Cineplex Galaxy Income Fund - 2.02950 -
Cinram International Income Fund - 3.23454 -
Osprey Media Income Fund 76,200 0.93890 71,544
Yellow Pages Income Fund 169,969 2.07997 353,530

Retailing
AutoCanada Income Fund 23,000 1.77154 40,745
North West Company Fund 55,300 2.56718 141,965
Sleep Country Canada Income Fund 900 3.39680 3,057

Consumer Staples
Arctic Glacier Income Fund 1,970 1.95200 3,845
Connors Bros. Income Fund 88,759 1.57903 140,153
KCP Income Fund 237,490 1.38909 329,894
Rogers Sugar Income Fund 7,808 0.63208 4,935

Materials
Canexus Income Fund 45,469 1.11921 50,889
Canfor Pulp Income Fund 2,880 1.68416 4,850
Chemtrade Logistics Income Fund 21,700 1.56392 33,937
Fording Canadian Coal Trust 30,689 4.15830 127,614
Great Lakes Carbon Income Fund 6,250 1.43202 8,950
Labrador Iron Ore Royalty Income
Fund 50,784 3.85013 195,525
Noranda Income Fund 32,424 1.65457 53,647
Royal Utilities Income Fund - 1.73213 -
SFK Pulp Fund 2,500 0.62324 1,558
Supremex Income Fund 1,286 1.45509 1,871
TimberWest Forest Corp. 2,700 2.05754 5,555

Healthcare
CML Healthcare Income Fund 8,345 2.29063 19,115

Diversified Financials
CI Financial Income Fund 696,064 4.23023 2,944,510
Davis + Henderson Income Fund 132,210 2.78159 367,754

First National Financial Income
Fund - 1.83793 -
GMP Capital Trust 172,294 2.93361 505,443
Morneau Sobeco Income Fund 2,000 1.84385 3,687

Information Technology
Teranet Income Fund 289,450 1.53739 444,997

PIPELINE & UTILITIES
Energy
AltaGas Income Trust 2,800 4.07455 11,408
Duke Energy Income Fund 81,600 1.76406 143,947
Enbridge Income Fund 6,800 1.97843 13,453
Essential Energy Services Trust 470,739 1.17230 551,847
Fort Chicago Energy Partners
L.P. 43,049 1.70379 73,346
Inter Pipeline Fund 53,238 1.48993 79,320
Keyera Facilities Income Fund 34,900 3.00853 104,997
Parkland Income Fund - 4.42290 -
Pembina Pipeline Income Fund 39,835 2.52733 100,676
Taylor NGL Limited Partnership 25,836 1.39763 36,109

Energy Equipment & Services
Bonnett's Energy Services Trust 49,041 3.01533 147,874
Builders Energy Services Trust 171,183 2.20252 377,033
Cathedral Energy Services Income
Trust 42,900 1.31423 56,380
CCS Income Trust 7,300 5.19717 37,939
Eveready Income Fund 55,300 0.98135 54,268
Peak Energy Services Trust - 1.26591 -
Precision Drilling Trust 1,098,961 4.81767 5,294,431
Total Energy Services Trust 275,203 2.05353 565,137
Trinidad Energy Services Income
Trust 498,462 2.05576 1,024,718
Wellco Energy Services Trust 231,709 1.38135 320,071

Utilities
Algonquin Power Income Fund 193,419 1.49108 288,403
Boralex Power Income Fund 72,930 1.54457 112,645
Calpine Power Income Fund 58,015 1.46651 85,079
Energy Savings Income Fund 1,550 2.46051 3,813
EPCOR Power L.P. 7,900 4.66264 36,834
Gaz Métro Limited Partnership 4,050 2.57174 10,415
Great Lakes Hydro Income Fund 49,221 2.79198 137,424
Innergex Power Income Fund 14,903 2.05689 30,653
Macquarie Power & Infrastructure
Income Fund 64,400 1.65994 106,900
Northland Power Income Fund 152,380 2.19063 333,808
TransAlta Power, L.P. 71,486 1.13434 81,089

INDUSTRIALS
Capital Goods
Ag Growth Income Fund 300 2.18818 656
Badger Income Fund 27,916 2.43302 67,920
Foremost Income Fund 57,195 2.80281 160,306
Superior Plus Income Fund 31,949 1.82514 58,311
Vicwest Income Fund 4,655 2.51761 11,719
Wajax Income Fund 104,754 5.03281 527,206

Commercial Services & Supplies
Atlas Cold Storage Income Trust 52,000 1.07526 55,913
BFI Canada Income Fund 500 4.27068 2,135
Newalta Income Fund 1,063,915 4.68654 4,986,080
Resolve Business Outsourcing
Income Fund 186,470 1.25555 234,122
Trimac Income Fund 22,534 1.49438 33,674
Versacold Income Fund 317,352 1.40683 446,460

Transportation
Contrans Income Fund 1,350 2.06936 2,793
Jazz Air Income Fund 69,370 1.36166 94,458
Livingston International Income
Fund 1,006 3.36068 3,380
TransForce Income Fund 7,581 2.46169 18,662
Westshore Terminals Income Fund 5,813 1.48212 8,615

Telecommunication Services
Bell Aliant Regional
Communications Income Fund 549,575 5.03929 2,769,467
Bell Nordiq Income Fund 26,348 2.68474 70,737

REAL ESTATE INVESTMENT TRUSTS
Alexis Nihon Real Estate
Investment Trust 250 1.97751 494
Allied Properties Real Estate
Investment Trust 2,000 2.74609 5,492
Boardwalk Real Estate Investment
Trust 3,900 4.73848 18,480
Calloway Real Estate Investment
Trust 50,288 3.94154 198,212
Canadian Apartment Properties REIT 4,000 2.67313 10,692
Canadian Hotel Income Properties
REIT 48,811 1.95974 95,656
Canadian Real Estate Investment
Trust 2,800 3.89647 10,910
Chartwell Seniors Housing REIT 259,183 2.04584 530,246
Cominar Real Estate Investment
Trust - 3.02167 -
Crombie Real Estate Investment
Trust 9,450 1.73316 16,378
Dundee Real Estate Investment
Trust 11,400 4.92817 56,181
H&R Real Estate Investment Trust 22,910 3.38267 77,496
InnVest Real Estate Investment
Trust 3,700 1.90658 7,054
IPC US Real Estate Investment
Trust - 1.59892 -
Lanesborough Real Estate
Investment Trust 2,000 0.84210 1,684
Legacy Hotels Real Estate
Investment Trust 783,882 1.38907 1,088,866
Morguard Real Estate Investment
Trust 73,435 1.63125 119,790
Northern Property Real Estate
Investment Trust - 3.37220 -
Primaris Retail Real Estate
Investment Trust 11,265 2.65721 29,933
Retirement Residences REIT 37,144 1.18430 43,989
Retrocom Mid-Market Real Estate
Investment Trust 140,997 0.87496 123,366
RioCan Real Estate Investment
Trust 23,627 3.56025 84,118
Royal Host Real Estate Investment
Trust 16,705 0.89914 15,020
Sunrise Senior Living Real Estate
Investment Trust 33,000 1.48047 48,855


Distributions by EnerVest are paid on or about the 15th day of each month to Unitholders of record on the last TSX trading day of the preceding month. Holders who accepted the Exchange Offer will receive EnerVest's October distribution to be paid on November 15, 2006. Holders of units of Issuers who accepted the Exchange Offer will continue to be holders of record up to the Closing Date and accordingly will be entitled to receive all distributions in respect of such units of Issuers up to and including the Closing Date.

EnerVest currently distributes $0.07 per unit per month, representing an annualized yield of 12% based on the closing price of $7.01 per unit on October 23, 2006. The Manager anticipates that approximately 40% of the distributions declared for the current fiscal year will not be included in taxable income for 2006.

GMP Securities L.P. acted as dealer manager in connection with this Exchange Offer.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EnerVest Diversified Management Inc.
    Kevin W. Wolfe
    President & Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    J. Ward Mallabone
    Chief Operating Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Gary Sharpe
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    Email: info@enervest.com
    Website: www.enervest.com
    or
    GMP Securities L.P.
    Matthew Sobolewski
    Investment Banking
    (403) 543-3030