EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

March 20, 2007 19:49 ET

EnerVest Diversified Income Trust Announces Financial Results for the Year Ended December 31, 2006

CALGARY, ALBERTA--(CCNMatthews - March 20, 2007) -

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

EnerVest Diversified Management Inc., the Manager of EnerVest Diversified Income Trust (TSX:EIT.UN) ("EnerVest"), is pleased to announce the financial results for the year ended December 31, 2006. The following is an excerpt from the management report of fund performance and annual financial statements of EnerVest for the year ended December 31, 2006. The management report of fund performance and annual financial statements can be found on our website at www.enervest.com or on SEDAR at www.sedar.com.

Management Report of Fund Performance

Results of Operations

The income trust sector was volatile during much of 2006. The prospect of rising interest rates, fluctuating commodity prices in the oil & gas industry, concerns of an economic slowdown, and, most importantly, the surprise announcement of the Conservative Government's "Tax Fairness Plan" created instability in the market. Oil & gas royalty trusts and business trusts were impacted the greatest. As a result, the BMO Nesbitt Burns Trust Composite Index declined by 2.1% over 2005. In comparison, EnerVest's return based on its net assets was negative 1.6% for the year, marginally better than the index as a result of its portfolio being underweight in the oil & gas sector and overweight in REITs. Based on its market price, EnerVest's return was negative 17.7%, the result of the widening discount between the trust's market price and its net asset value. Compared to December 31, 2005 when units were traded in line with its net asset value, EnerVest units traded at a 16.3% discount to its net asset value at December 31, 2006, significantly greater than it has historically been. We believe this large discount is substantially due to the Government's October 31 announcement and its negative impact on the sector and is consistent with the widening discounts experienced by other income trust investment funds in the closed-end fund market.

The S&P/TSX finished strongly again for a fifth straight year, reaching new highs in December. At year end prices, equity yields are comfortably above the current and prospective yields on cash or bonds. While earnings growth may slow this year, we are optimistic for continued increases in earnings. Smaller gains in the energy and utilities sectors contributed to the lower performance for the S&P/TSX this year compared to 2005. By comparison, financial services, consumer discretionary and industrial sectors continued their momentum into 2006. Technology and telecommunications rebounded from a poor 2005 to partially offset the performance of the energy and utilities sectors.

Portfolio

With the exception of the Oil & Gas sector, the portfolio composition did not change dramatically throughout the year. The portfolio weighting for Oil & Gas was reduced from 31.9% to 22.0% in anticipation of lower commodity prices in 2006 and subsequently lower earnings going forward. This was the result of a disposition of assets and a general decline in market values. Portfolio weightings were slightly increased in non-cyclical interest sensitive sectors such as Real Estate Investment Trusts and Energy & Utilities, and in sub-sectors Transportation, Diversified Financials, Communications and Media. Significant additions to the portfolio in 2006 included CI Financial Income Fund, Yellow Pages Income Fund, Telus Corp., Fort Chicago Energy Partners L.P., AltaGas Income Trust, and Extendicare Real Estate Investment Trust while portfolio disposals included Canetic Resources Trust, Harvest Energy Trust, and Chemtrade Logistics Income Fund.

Financial Performance

Approximately $172.1 million was received in distributions from portfolio assets during 2006, an increase of $37.2 million over 2005. This increase is mainly the result of the purchase of portfolio assets from the net proceeds of the rights offering, the investments received on the exchange offer and the resulting distributions received on these assets. Despite the instability experienced in the income trust sector during 2006, the portfolio yield of 8.1% was unchanged from 2005.

Total expenses for 2006 were $34.6 million, of which management fees and interest on the credit facility combined accounted for 86.8%. Management fees for 2006 totalled $19.3 million, an increase of approximately $3.8 million over 2005. Management fees are based on the daily average net asset value of EnerVest, therefore increases in the net asset value of EnerVest as a result of the rights offering, exchange offer and operations result in an increase in management fees paid by the trust. Approximately $10.7 million was incurred in interest expense during 2006, an increase of $3.7 million over 2005 as a result of higher interest rates.

EnerVest had net realized capital gains of $42.1 million. The most notable gains were generated from sales of Canadian Oil Sands Trust, Harvest Energy Trust and Bell Nordiq Income Fund. Unrealized gains in the portfolio decreased by $160.3 million as a result of the impact of the Federal Government's "Tax Fairness Plan" announcement on the Oil & Gas and Business Trust sectors and the volatile commodity prices in the Oil & Gas sector.

The decrease in net assets from operations for the year was $12.1 million, or $0.05 per unit. This decrease partially offset the proceeds from the exchange and rights offerings, resulting in an overall increase in net assets of $316.6 million, or 19.8%, after distributions of $201.2 million were paid to unitholders during 2006. As at December 31, 2006, EnerVest's net assets totalled $1.9 billion, or $7.12 per unit.

One element of EnerVest's investment strategy is the use of leverage. EnerVest does not consider substantial levels of debt financing appropriate and its Declaration of Trust limits borrowing to 20% of the value of total assets after giving effect to the leverage. During 2006, the maximum borrowings during the year were $328.0 million, while the minimum amount drawn on the credit facility was nil. As at December 31, 2006, $284.0 million was utilized.

Cash Distributions

EnerVest distributed $0.84 per unit in 2006, consistently distributing $0.07 per unit per month. These distributions represent an annualized pre-tax yield of 12.2% based on EnerVest's weighted average market price of $6.89 per unit in 2006.

It is anticipated that 40.6% of the distributions paid during 2006 will be non-taxable. This equates the 12.2% yield on EnerVest units to an equivalent pre-tax interest rate of 14.9%, assuming a 46.41% tax rate and payment of capital gains tax on the return of capital upon disposition of EnerVest units. In 2006, EnerVest continued its track record of paying consistent monthly distributions since its inception as distributions were paid to unitholders of record as of the last trading day of the month.

Trading Volume

The 2006 daily average trading volume of EnerVest units on the TSX was 678,183 units, an increase of 41.4% over 2005. This increased liquidity is primarily the result of the larger number of units outstanding. With a market capitalization of approximately $1.6 billion at December 31, 2006, EnerVest is both the largest and most liquid closed-end fund in Canada, providing our investors with the ability to easily move in and out of the market without a discernible effect on the price of EnerVest units.

Recent Developments

Income Trust Tax Announcement

On October 31, 2006, the Federal Minister of Finance proposed to apply a tax at the trust level on distributions of certain income from publicly traded mutual fund trusts at rates of tax comparable to the combined federal and provincial corporate tax and to treat such distributions as dividends to the unitholders (the "October 31 Proposals"). On December 21, 2006, the Federal Minister of Finance released draft legislation to implement the October 31 Proposals pursuant to which, commencing January 1, 2011 (provided the trust only experiences "normal growth" and no "undue expansion" before then), certain distributions from the trust which would have otherwise been taxed as ordinary income generally will be characterized as dividends in addition to being subject to tax at corporate rates at the trust level. Assuming the October 31 Proposals are ultimately enacted in their form, the implementation of such legislation could result in adverse tax consequences to the trust and certain Unitholders (including most Unitholders that are tax deferred or non-residents of Canada). It is not known at this time when the October 31 Proposals will be enacted by Parliament, if at all, or whether the October 31 Proposals will be enacted in the form currently proposed.

The surprise announcement had an immediate negative reaction on the income trust sector with some trusts declining ten to twenty five percent of their previously traded price. This had a direct and considerable impact on the portfolio as virtually all income trusts, other than certain excluded real estate investment trusts, were affected. Business trusts and oil & gas royalty trusts were hit particularly hard. Fortunately, EnerVest's portfolio was well positioned as it was underweight in the Oil & Gas sector and had a healthy weighting in real estate investment trusts. Despite the negative implications of the October 31 Proposals, there are still positive attributes for the income trust sector including low interest rates, low core inflation, healthy fundamentals and an increased appetite for yield products.

Repurchase of EnerVest Units

During November, EnerVest announced its intention to repurchase units under its normal course issuer bid. By year end, EnerVest purchased 2,711,100 units in the open market for cancellation at a net cost of $16.2 million. EnerVest has continued purchasing units during 2007 to date pursuant to the terms of its normal course issuer bid.

Credit Facility

On January 30, 2007, EnerVest entered into a syndicated credit facility evidenced by a Credit Agreement between EnerVest, as borrower, and Canadian Imperial Bank of Commerce and Bank of Montreal for an amount up to $400 million. This facility replaced the then existing $350 million facility. The new facility allows EnerVest the opportunity to borrow at lower interest rates, thereby decreasing interest expense charged to EnerVest.

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 past five years. This information is derived from EnerVest's audited annual financial statements.



EnerVest's Net Asset Value ("NAV") per Unit
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2006 2005 2004 2003 2002
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Net asset value, beginning
of year 8.22 8.01 7.22 6.50 6.85
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Increase (decrease) from
operations:
Total revenue 0.73 0.77 0.73 0.75 0.78
Total expenses (0.15) (0.15) (0.15) (0.15) (0.17)
Realized gains for year 0.18 0.24 0.18 0.07 0.25
Unrealized gains (losses)
for year (0.68) 0.68 1.49 1.56 0.17
Return of capital (0.13) (0.20) (0.24) (0.26) (0.30)
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Total (decrease) increase
from operations(1) : (0.05) 1.34 2.01 1.97 0.73
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Distributions:
From net investment income (0.58) (0.60) (0.58) (0.59) (0.59)
From capital gains (0.17) (0.24) (0.17) (0.07) (0.24)
Return of capital (0.09) - (0.09) (0.18) (0.01)
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Total annual distributions(2) (0.84) (0.84) (0.84) (0.84) (0.84)
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Net asset value, at
December 31 7.12 8.22 8.01 7.22 6.50
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(1) Net asset value and distributions are based on the actual number of
units outstanding at the relevant time. The increase/decrease from
operations is based on the weighted average number of units outstanding
over the financial period.
(2) Distributions were paid in cash, reinvested in additional units of
EnerVest, or both.
(3) This schedule is not a reconciliation of NAV since it does not reflect
unitholder transactions as shown on the Statement of Changes in Net
Assets. Columns may therefore not add.


Ratios and Supplemental Data
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2006 2005 2004 2003 2002
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Net assets ($000s)(1) 1,914,596 1,597,955 1,187,695 723,366 392,607
Number of units
outstanding (000s)(1) 269,010 194,329 148,300 100,205 60,392
Management expense ratio
("MER") excluding issue
costs and interest (2) 1.32% 1.37% 1.49% 1.68% 2.08%
MER including issue
costs and interest (2) 2.12% 2.45% 3.14% 3.72% 5.35%
Portfolio turnover rate(3) 23.99% 17.27% 20.52% 37.61% 33.65%
Trading expense ratio(4) 0.12% 0.10% 0.15% 0.33% 0.26%
Closing market price $ 5.96 $ 8.23 $ 8.40 $ 6.77 $ 6.58
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(1) This information is provided as at December 31 of the year shown.
(2) Management expense ratio is based on total expenses for the stated year
and is expressed as an annualized percentage of daily average net assets
during the year. The MER has been presented excluding and including the
cost of issuance of EnerVest units and interest expense on the credit
facility.
(3) 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.
(4) The trading expense ratio represents total commissions and other
portfolio transaction costs expressed as an annualized percentage of
daily average net assets during the year.


SUMMARY OF INVESTMENT PORTFOLIO
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Portfolio Breakdown
Business Trusts 26.97%
Energy & Utilities 24.30%
Real Estate Investment Trusts 24.24%
Oil & Gas 22.01%
Industrials 15.15%
Cash and Cash Equivalents 1.42%
Other Assets less Liabilities (14.71%)
---------
Net Assets 100.00%

Top 25 Holdings
Issuer Name % of Net Assets
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Canadian Oil Sands Trust 6.67%
Yellow Pages Income Fund 4.84%
AltaGas Income Trust 4.39%
CI Financial Income Fund 4.16%
BFI Canada Income Fund 3.83%
Newalta Income Fund 3.76%
Fort Chicago Energy Partners L.P. 3.69%
Dundee Real Estate Investment Trust 3.36%
Vermilion Energy Trust 2.69%
Sunrise Senior Living Real Estate Investment Trust 2.69%
Keyera Facilities Income Fund 2.51%
Inter Pipeline Fund 2.40%
TELUS Corp. 2.28%
Boardwalk Real Estate Investment Trust 2.22%
Canadian Real Estate Investment Trust 2.17%
RioCan Real Estate Investment Trust 2.15%
Calpine Power Income Fund 2.03%
Bell Aliant Regional Communications Income Fund 1.70%
Taylor NGL Limited Partnership 1.64%
Alexis Nihon Real Estate Investment Trust 1.61%
H&R Real Estate Investment Trust 1.61%
Great Lakes Hydro Income Fund 1.60%
Westshore Terminals Income Fund 1.59%
Labrador Iron Ore Royalty Income Fund 1.54%
ARC Energy Trust 1.49%

Statements of Net Assets
December 31, 2006 and 2005
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2006 2005
($ thousands except per unit amounts) $ $
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ASSETS
Investments 2,169,141 1,795,246
Cash 27,106 21,894
Distributions receivable 15,519 14,176
Promissory note receivable 9,433 -
Deferred financing charges - 85
------------------------
2,221,199 1,831,401
------------------------
------------------------

LIABILITIES
Credit facility 284,000 217,572
Distributions payable 18,831 13,603
Accounts payable and accrued liabilities 3,772 2,271
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306,603 233,446
------------------------

NET ASSETS 1,914,596 1,597,955
------------------------
------------------------

UNITS ISSUED AND OUTSTANDING (000s) 269,010 194,329
------------------------
------------------------

NET ASSET VALUE PER UNIT $ 7.12 $ 8.22
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Statements of Operations
Years Ended December 31, 2006 and 2005
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2006 2005
($ thousands except per unit amounts) $ $
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INVESTMENT REVENUES
Distribution income 172,129 134,908
Securities lending revenue 256 -
Interest income 209 18
------------------------

172,594 134,926

EXPENSES
Management fees 19,325 15,488
Interest on credit facility 10,695 6,959
General and administrative 2,529 1,788
Goods and services tax 1,454 1,259
Securityholder reporting costs 188 214
Legal fees 179 20
Custodial fees 91 588
Directors' fees 63 58
Trustees' fees 40 39
Audit fees 35 34
------------------------

34,599 26,447
------------------------

NET INVESTMENT INCOME 137,995 108,479

GAIN ON INVESTMENTS
Net realized gains on sale of portfolio assets 42,080 42,651
Net change in unrealized portfolio gains (160,318) 120,253
Return of capital (31,811) (35,202)
------------------------

(150,049) 127,702
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(DECREASE) INCREASE IN NET ASSETS FROM
OPERATIONS (12,054) 236,181
------------------------
------------------------

WEIGHTED AVERAGE UNITS OUTSTANDING (000s) 234,907 176,387

(DECREASE) INCREASE IN NET ASSETS FROM
OPERATIONS PER UNIT ($0.05) $ 1.34
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Statements of Changes in Net Assets
Years Ended December 31, 2006 and 2005
----------------------------------------------------------------------------

2006 2005
($ thousands) $ $
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NET ASSETS, BEGINNING OF YEAR 1,597,955 1,187,695

(DECREASE) INCREASE IN NET ASSETS FROM
OPERATIONS (12,054) 236,181

UNITHOLDER TRANSACTIONS
Net proceeds on issuance of units 539,091 318,046
Proceeds from distribution reinvestment plan 7,049 5,964
Amounts paid for repurchase of units (16,232) -
Distributions to unitholders
- from net investment income (137,995) (107,280)
- from realized gains on sale of portfolio assets (42,080) (42,651)
- from return of capital (21,138) -
------------------------

328,695 174,079
------------------------

NET ASSETS, END OF YEAR 1,914,596 1,597,955
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Statement of Investment Portfolio
December 31, 2006
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($ thousands)
---------------

%
Units / Average Market of Net
Shares Cost Value Assets
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OIL & GAS (22.01%)

Conventional Oil & Gas
ARC Energy Trust 1,280,387 17,517 28,553 1.49%
Bonavista Energy Trust 760,474 16,209 21,407 1.12%
Crescent Point Energy Trust 1,376,234 16,149 24,222 1.26%
Daylight Resources Trust 1,806,242 24,878 18,442 0.96%
Enerplus Resources Fund 468,440 19,243 23,740 1.24%
Enterra Energy Trust 157,258 1,561 1,455 0.08%
Fairborne Energy Trust 664,650 8,430 6,946 0.36%
Focus Energy Trust 1,007,594 16,244 18,318 0.96%
Paramount Energy Trust 784,679 10,173 9,730 0.51%
Pengrowth Energy Trust 483,085 10,340 9,633 0.50%
Penn West Energy Trust 525,909 20,189 18,707 0.98%
Peyto Energy Trust 548,113 13,785 9,702 0.51%
Progress Energy Trust 1,697,777 22,251 21,341 1.11%
Sound Energy Trust 401,495 2,594 2,052 0.11%
Thunder Energy Trust 131,134 914 743 0.04%
Trilogy Energy Trust 698,265 12,872 7,960 0.42%
Vault Energy Trust 1,767,800 15,588 9,723 0.51%
Vermilion Energy Trust 1,471,802 15,219 51,513 2.69%
-------------------------
244,156 284,187 14.85%
Unconventional Oil & Gas
Canadian Oil Sands Trust 3,916,396 99,437 127,714 6.67%
Freehold Royalty Trust 636,075 7,575 9,420 0.49%
-------------------------
107,012 137,134 7.16%
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BUSINESS TRUSTS (26.97%)

Consumer Services/Restaurants
A&W Revenue Royalties Income Fund 494,582 5,381 6,222 0.32%
Boston Pizza Royalties Income Fund 386,344 3,553 5,838 0.30%
The Consumers' Waterheater Income
Fund 1,164,090 13,365 15,622 0.82%
Gateway Casinos Income Fund 1,064,003 15,476 18,194 0.95%
UE Waterheater Income Fund 1,184,326 13,063 16,687 0.87%
-------------------------
50,838 62,563 3.26%
Media
CanWest MediaWorks Income Fund 2,414,400 22,342 16,659 0.87%
Cineplex Galaxy Income Fund 890,314 13,928 12,064 0.63%
Yellow Pages Income Fund 7,197,540 102,919 92,632 4.84%
-------------------------
139,189 121,355 6.34%
Telecommunications Services
Bell Aliant Regional Communications
Income Fund 1,207,371 41,016 32,551 1.70%
TELUS Corporation 839,200 50,452 43,663 2.28%
-------------------------
91,468 76,214 3.98%
Healthcare
CML Healthcare Income Fund 1,397,338 16,414 19,493 1.02%
-------------------------
16,414 19,493 1.02%
Consumer Staples
Connors Bros. Income Fund 2,396,589 34,530 25,164 1.32%
KCP Income Fund 237,490 2,263 1,767 0.09%
Menu Foods Income Fund 1,255,190 17,009 8,573 0.45%
Rogers Sugar Income Fund 2,673,452 10,004 9,838 0.51%
-------------------------
63,806 45,342 2.37%
Materials
Great Lakes Carbon Income Fund 1,882,974 19,868 21,278 1.11%
Labrador Iron Ore Royalty Income
Fund 1,186,094 18,562 29,415 1.54%
Noranda Income Fund 998,509 8,165 9,835 0.51%
PRT Forest Regeneration Income Fund 392,500 3,808 3,234 0.17%
SFK Pulp Fund 2,024,355 9,945 8,361 0.44%
Supremex Income Fund 1,501,286 15,013 12,716 0.66%
-------------------------
75,361 84,839 4.43%
Diversified Financials
Davis + Henderson Income Fund 1,744,035 19,221 26,963 1.41%
CI Financial Income Fund 2,980,364 88,807 79,635 4.16%
-------------------------
108,028 106,598 5.57%
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ENERGY & UTILITIES (24.30%)

Energy
AltaGas Income Trust 3,206,963 74,416 84,022 4.39%
Duke Energy Income Fund 1,170,500 10,708 12,173 0.64%
Essential Energy Services Trust 1,370,739 10,887 7,142 0.37%
Fort Chicago Energy Partners L.P. 6,159,909 61,866 70,654 3.69%
Inter Pipeline Fund 5,090,327 36,076 46,016 2.40%
Keyera Facilities Income Fund 2,883,280 39,579 47,978 2.51%
Pembina Pipeline Income Fund 754,134 7,858 11,938 0.62%
Taylor NGL Limited Partnership 3,601,554 27,020 31,370 1.64%
-------------------------
268,410 311,293 16.26%
Energy Equipment and Services
Builders Energy Services Trust 171,783 2,575 1,878 0.10%
Enerflex System Income Fund 200,000 2,705 2,210 0.12%
Trinidad Energy Services Income Trust 498,462 7,008 6,879 0.36%
Wellco Energy Services Trust 231,709 2,187 1,684 0.09%
-------------------------
14,475 12,651 0.67%
Utilities
Calpine Power Income Fund 3,103,458 25,978 38,979 2.03%
Energy Savings Income Fund 1,571,180 19,484 21,132 1.10%
EPCOR Power L.P. 468,700 11,525 12,538 0.65%
Great Lakes Hydro Income Fund 1,595,704 20,706 30,638 1.60%
Innergex Power Income Fund 1,454,353 12,984 19,285 1.01%
Macquarie Power & Infrastructure
Income Fund 1,038,031 9,905 10,432 0.54%
TransAlta Power, L.P. 1,123,814 7,946 8,395 0.44%
-------------------------
108,528 141,399 7.37%
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INDUSTRIALS (15.77%)

Capital Goods
Badger Income Fund 669,609 10,239 10,064 0.53%
Foremost Income Fund 57,195 1,100 895 0.05%
Superior Plus Income Fund 2,453,232 45,297 26,274 1.37%
-------------------------
56,636 37,233 1.95%
Commercial Services & Supplies
BFI Canada Income Fund 2,726,485 45,543 73,342 3.83%
Newalta Income Fund 2,557,215 69,956 71,986 3.76%
Resolve Business Outsourcing Income
Fund 2,186,470 21,606 18,585 0.97%
-------------------------
137,105 163,913 8.56%
Transportation
Contrans Income Fund 1,057,693 13,624 12,713 0.66%
Livingston International Income
Fund 1,053,714 21,123 21,938 1.15%
Westshore Terminals Income Fund 2,586,657 16,026 30,497 1.59%
-------------------------
50,773 65,148 3.40%
Income Deposit Securities
Atlantic Power Corporation 1,669,500 16,608 18,849 0.98%
Primary Energy Recycling
Corporation 1,607,900 15,857 16,803 0.88%
-------------------------
32,465 35,652 1.86%
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REAL ESTATE INVESTMENT TRUSTS ("REIT")
(24.24%)
Alexis Nihon REIT 1,807,895 16,977 30,843 1.61%
Allied Properties REIT 1,000,650 12,176 23,265 1.21%
Boardwalk REIT 1,027,175 15,502 42,412 2.22%
Calloway REIT 50,288 1,352 1,388 0.07%
Canadian Hotel Income Properties
REIT 556,407 5,916 8,307 0.43%
Canadian REIT 1,321,534 21,233 41,589 2.17%
Chartwell Seniors Housing REIT 1,673,295 17,536 23,326 1.22%
Cominar REIT 544,411 6,978 12,249 0.64%
Crombie REIT 1,609,450 15,912 20,923 1.09%
Dundee REIT 1,663,718 37,384 64,303 3.36%
Extendicare REIT 1,395,400 19,880 20,275 1.06%
H&R REIT 1,279,260 15,533 30,817 1.61%
Legacy Hotels REIT 783,882 7,439 7,431 0.39%
Northern Property REIT 985,694 15,970 27,550 1.44%
Primaris Retail REIT 436,048 4,346 8,233 0.43%
Retirement Residences REIT 733,626 6,486 6,074 0.32%
Retrocom Mid-Market REIT 477,591 3,691 2,493 0.13%
RioCan REIT 1,639,204 15,985 41,226 2.15%
Sunrise Senior Living REIT 4,823,900 51,467 51,423 2.69%
-------------------------
291,763 464,127 24.24%
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TOTAL INVESTMENT PORTFOLIO 1,856,427 2,169,141 113.29%
CASH & CASH EQUIVALENTS 27,106 1.42%
OTHER ASSETS LESS LIABILITIES (281,651) (14.71%)
-------------------------
NET ASSETS 1,914,596 100.00%
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EnerVest is an actively managed, closed-end trust which primarily invests in a diversified portfolio of income, royalty and real estate investment trusts, and limited partnerships, all of which trade on the Toronto Stock Exchange. EnerVest's objectives are to maximize monthly distributions relative to risk, reduce investment risk, and maximize net asset value over its life. EnerVest currently has 268,876,965 units outstanding, a net asset value of approximately $1.9 billion and a daily average trading volume of 530,152 units for the first two months of 2007.

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
    (403) 571-5554 (FAX)
    or
    EnerVest Diversified Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    Email: info@enervest.com
    Website: www.enervest.com