EnerVest Diversified Income Trust

EnerVest Diversified Income Trust

November 18, 2010 21:00 ET

EnerVest Diversified Income Trust Announces November 2010 Distribution and 2010 Warrant Offering

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2010) -


EnerVest Diversified Income Trust ("EnerVest" or the "Fund") (TSX:EIT.UN) announces the November distribution of $0.10 per unit. The record date for this distribution is November 30, 2010 and the payment date will be December 15, 2010. The ex-distribution date for this payment is November 26, 2010.

About the Distribution

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 our unitholders with a yield of approximately 8.5%.

2010 Warrant Offering

The Fund also announces that it has filed its preliminary prospectus, for an offering of Warrants (the "Offering") to unitholders of the Fund. Subject to the Fund obtaining all necessary regulatory and TSX approvals, unitholders will receive Warrants on the basis of one-quarter of a Warrant for each whole unit held on the record date, which will be determined upon the filing of the final prospectus.

Each whole Warrant will entitle the holder to subscribe for one unit upon payment of the subscription price which will be the lesser of (i) $15.27, which is 95% of the most recently calculated NAV per unit prior to the date of the preliminary prospectus and (ii) 95% of the most recently calculated NAV per unit prior to the date of filing the final prospectus. Subject to more specific terms outlined in the prospectus, the Warrants will be exercisable for nine months following their date of issue, subject to a call right exercisable by the Fund should the trading price of the units exceed the subscription price for 10 consecutive trading days.

The Fund has applied to list the Warrants distributed under this prospectus, and the units issuable upon the exercise thereof, on the TSX. Once the Warrants begin trading, warrant holders will have the opportunity to buy or sell their Warrants, which will trade independently of the existing EnerVest units. 

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

About EnerVest

The Fund is one of Canada's largest, most liquid, diversified closed-end investment funds. The Fund is listed on the TSX under the symbol EIT.UN and is an actively managed, diversified portfolio of income-generating and capital growth oriented securities listed on the TSX. The Fund is designed to maximize distributions and Net Asset Value for the benefit of its Unitholders. 

About Canoe Financial

Canoe Financial is a privately owned investment management firm which together with its subsidiaries has over $1.6 billion in assets under management and a solid performance track record. We are focused on helping Canadian investors and advisors meet their financial goals. Canoe Financial, through its subsidiaries, provides investors with well managed, diversified, tax effective investment products through the EnerVest family of funds. 

Forward Looking Statement: Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect Canoe Financial LP's and its affiliates ("Canoe") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Canoe believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Canoe undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This communication is not to be construed as a public offering to se11, or a solicitation of an offer to buy securities. Investors should contact their Investment Advisor to review their investment objectives and strategies. This information is for review purposes only, and investors should consult their Investment Advisor for complete details and risk factors on specific strategies and various investment products.

Contact Information