EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

September 24, 2007 15:36 ET

EnerVest Diversified Income Trust Announces Renewal of Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Sept. 24, 2007) -

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

EnerVest Diversified Management Inc. (the "Manager"), the Manager of EnerVest Diversified Income Trust (TSX:EIT.UN) ("EnerVest"), announced today that it has renewed its normal course issuer bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The TSX has accepted EnerVest's Notice of Intention to have a NCIB in place. The purchases pursuant to the NCIB will be for cancellation. Under the NCIB EnerVest may purchase up to 26,877,510 of its issued and outstanding units on the open market through the facilities of the TSX, representing 10 percent of the public float, but not more than 2% during any 30 day period. As of September 24, 2007 the public float of EnerVest was 268,775,099 units. The price which EnerVest will pay for any units purchased will be the prevailing market price of such units on the TSX at the time of purchase. Decisions regarding purchases of units pursuant to the NCIB will be made by the Manager of EnerVest, and by Cypress Capital Management Ltd. (the "Investment Manager"), the Investment Manager of EnerVest.

The NCIB will commence on September 26, 2007, and will terminate on September 25, 2008 or at such earlier times as the NCIB is completed or terminated at the option of EnerVest.

During the 12 months preceding September 24, 2007, EnerVest repurchased 3,750,925 units at a weighted average trading price of $6.04 per unit.

The Investment Manager believes that from time to time the market price of the EnerVest units may not reflect their underlying value and that, at such times, the purchase of units for cancellation will increase the proportionate interest of, and be advantageous to, all remaining unitholders. Any purchases made by EnerVest will also afford increased liquidity to those unitholders of EnerVest who may wish to dispose of their units.

EnerVest is an actively managed, closed-end fund which invests in a diversified portfolio of income, royalty and real estate investment trusts, limited partnerships and debt and equity securities, 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 268,833,274 units outstanding, a net asset value of approximately $1.9 billion and an average trading volume of 485,395 units per day for the first eight months of 2007.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • EnerVest Diversified Management Inc.
    Kevin W. Wolfe
    President and Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Sean Morgan
    Chief Financial Officer
    (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.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    Email: info@enervest.com
    Website: www.enervest.com