EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

May 01, 2007 09:30 ET

EnerVest Diversified Income Trust Announces Initial Members of Independent Review Committee

CALGARY, ALBERTA--(CCNMatthews - May 1, 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 ("EnerVest") (TSX:EIT.UN), announces the appointment of the initial members of the independent review committee ("IRC") of EnerVest. National Instrument 81-107 ("NI 81-107") requires EnerVest to establish an IRC to oversee how EnerVest and its Manager will manage conflicts of interests.

The initial members of EnerVest's IRC are:

Allen B. Clarke - Mr. Clarke acts as a consultant on design, implementation and marketing of financial products and reviews on matters of corporate governance. He was the founder, CEO and Chief Investment Officer of Opus 2 Financial, an investment portfolio company, from 1999 to 2004. Prior to this, Mr. Clarke was a Senior Vice-President at AGF Funds.

William J. Byrne - Mr. Byrne was the former Deputy Minister of Alberta for Advanced Education. Other portfolios held by Mr. Byrne in his long career with the Government of Alberta included Alberta Community Development, Cultural Facilities and Historic Resources. He holds a Masters and Doctor of Philosophy from Yale University.

Catherine A. Brown - Ms. Brown is currently a professor and associate Dean of Research at the Faculty of Law, University of Calgary. Her areas of teaching and research are taxation, international trade and business planning. Ms. Brown's numerous administrative and professional appointments and honors conferred include an appointment to the Board of Governors Canadian Tax Foundation, to the International Tax Advisory Committee (Canada Revenue Agency) and a Fulbright Fellowship.

The Manager believes that these individuals are independent within the meaning of NI 81-107 and have the desired skills and experience to carry out the requirements of EnerVest's IRC. EnerVest has always been committed to high standards of corporate governance and believes that the IRC will play an important role in continuing to meet these high standards.

Under NI 81-107 the initial members of the IRC must be appointed by May 1, 2007 and full compliance of NI 81-107 must be achieved by November 1, 2007.

EnerVest is an actively managed, closed-end trust which 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 268,934,146 units outstanding, a net asset value of approximately $2 billion and a daily average trading volume of 494,440 units for the first three 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 Financial 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)
    Email: info@enervest.com
    Website: www.enervest.com