EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

November 15, 2005 09:00 ET

EnerVest Diversified Income Trust Announces Results of Exchange Offer

CALGARY, ALBERTA--(CCNMatthews - Nov. 15, 2005) -

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 the results of its exchange offer (the "Exchange Offer") pursuant to its preliminary short form prospectus filed on October 13, 2005. Through the Exchange Offer, EnerVest offered to issue its Units in exchange for units of selected income, royalty and real estate investment trusts and limited partnerships (the "Issuers") listed on the Toronto Stock Exchange (the "TSX"). Under the Exchange Offer (assuming no acceptances are withdrawn) EnerVest will issue 17,189,481 Units with an aggregate value of $ 124,210,158.34.

The number of EnerVest Units to be issued is based on Exchange Ratios determined by dividing the weighted average trading prices of the Issuers' units over the 20 trading days commencing on October 18, 2005 and ending on November 14, 2005 by the weighted average trading price of the EnerVest Units on the TSX during the same period. The weighted average trading price of EnerVest Units over the 20 trading days ended on November 14, 2005 was $7.23. The net asset value per EnerVest Unit on November 14, 2005 was $7.59, and the closing TSX market price was $7.29.

The following table identifies the weighted average trading prices of the units of the Issuers, the number of Issuer units to be acquired by EnerVest, the Exchange Ratios used to determine the EnerVest Units to be issued for each Issuer unit, and the number of EnerVest Units to be issued.



Exchange
Ratio
Issuer (EnerVest EnerVest
Weighted Units Units per Units
Average to be Issuer to be
ISSUER Price ($) Acquired Unit) Issued
------------------------------------------------------------------------

OIL AND GAS
Acclaim Energy Trust 17.19176 14,408 2.37917 34,279
Advantage Energy Income Fund 19.51440 56,254 2.70060 151,919
ARC Energy Trust 22.01661 7,716 3.04688 23,509
Baytex Energy Trust 15.61705 9,218 2.16125 19,922
Bonavista Energy Trust 32.88798 12,921 4.55138 58,808
Canadian Oil Sands Trust 110.40716 101 15.27927 1,543
Crescent Point Energy Trust 18.28414 6,500 2.53035 16,447
Daylight Energy Trust 11.76436 38,407 1.62807 62,529
Enerplus Resources Fund 49.43968 11,798 6.84197 80,721
Esprit Energy Trust 12.54435 110,688 1.73602 192,156
Fairborne Energy Trust 15.15774 - 2.09768 -
Focus Energy Trust 20.70672 - 2.86561 -
Freehold Royalty Trust 16.01721 63,864 2.21662 141,562
Harvest Energy Trust 33.13107 5 4.58502 22
Ketch Resources Trust 10.75824 415,500 1.48883 618,608
NAL Oil & Gas Trust 15.83416 12,130 2.19129 26,580
Paramount Energy Trust 20.51168 49,659 2.83862 140,963
Pengrowth Energy
Trust Cl. 'B' 18.85274 57,209 2.60903 149,259
Penn West Energy Trust 31.92764 22,202 4.41847 98,098
Petrofund Energy Trust 20.87521 9,177 2.88893 26,511
Peyto Energy Trust 23.72241 173,902 3.28295 570,911
PrimeWest Energy Trust 32.78065 22,147 4.53652 100,470
Progress Energy Trust 15.28124 15,981 2.11477 33,796
Provident Energy Trust 12.98078 100,943 1.79641 181,335
Sequoia Oil & Gas Trust 17.59258 - 2.43464 -
Shiningbank Energy
Income Fund 24.24222 4,275 3.35489 14,342
StarPoint Energy Trust 20.20654 111,315 2.79639 311,280
Thunder Energy Trust 12.47200 520,811 1.72600 898,919
Trilogy Energy Trust 23.45181 139,050 3.24550 451,286
Vault Energy Trust 11.17033 78,700 1.54586 121,659
Vermilion Energy Trust 25.47693 10 3.52576 35
Viking Energy Royalty Trust 9.14592 423,952 1.26571 536,600
Zargon Energy Trust 29.15179 2,400 4.03432 9,682

REAL ESTATE
Alexis Nihon REIT 12.52891 300 1.73388 520
Allied Properties REIT 15.61917 4,150 2.16154 8,970
Boardwalk REIT 19.76468 500 2.73524 1,367
Calloway REIT 21.96877 29,829 3.04026 90,687
Canadian Hotel Income
Properties REIT 10.82132 900 1.49756 1,347
Canadian REIT 19.82029 9,701 2.74293 26,609
Chartwell Seniors
Housing REIT 14.20456 22,112 1.96577 43,467
Cominar REIT 18.54886 2,417 2.56698 6,204
Dundee REIT 24.76238 23,756 3.42687 81,408
H&R REIT 18.37133 312,826 2.54241 795,331
InnVest REIT 11.39505 10,000 1.57696 15,769
IPC US REIT 10.87374 38,060 1.50482 57,273
Legacy Hotels REIT 7.11084 21,749 0.98407 21,402
Northern Property REIT 17.50840 1,660 2.42299 4,022
Primaris Retail REIT 14.63518 12,900 2.02537 26,127
Retirement Residences REIT 7.44858 201,309 1.03081 207,511
Retrocom Mid-Market REIT 6.77662 1,058,735 0.93782 992,902
RioCan REIT 20.11807 68,733 2.78414 191,362
Royal Host REIT 5.91892 3,531 0.81912 2,892
Summit REIT 20.78926 80,934 2.87703 232,849
Sunrise Senior Living REIT 12.36348 36,500 1.71099 62,451
TGS North American REIT 7.28608 189,961 1.00832 191,541

INDUSTRIALS
Ag Growth Income Fund 14.59162 - 2.01934 -
Arriscraft International
Income Fund 3.61359 14,000 0.50009 7,001
Badger Income Fund 16.35998 92,400 2.26406 209,199
Builders Energy
Services Trust 16.08189 - 2.22558 -
Canexus Income Fund 8.38303 245,206 1.16013 284,470
CanWel Builing Materials
Income Fund 5.00191 - 0.69222 -
Cathedral Energy Services
Income Trust 9.08871 36 1.25779 45
Chemtrade Logistics
Income Fund 12.04253 80,611 1.66657 134,343
Great Lakes Carbon
Income Fund 9.12632 46,719 1.26299 59,005
Hardwoods Distribution
Income Fund 7.81131 - 1.08101 -
High Arctic Energy
Services Trust 11.43841 59,000 1.58296 93,394
K-Bro Linen Income Fund 11.99601 139,885 1.66013 232,227
KCP Income Fund 9.43259 9,007 1.30538 11,757
PBB Global Logistics
Income Fund 17.01127 1,600 2.35419 3,766
Phoenix Technology
Income Fund 8.65595 12,000 1.19790 14,374
Spinrite Income Fund 9.82956 252,300 1.36031 343,206
Stoneham Drilling Trust 24.30247 4,400 3.36322 14,798
TerraVest Income Fund 10.26696 835 1.42085 1,186
Total Energy Services Trust 12.73275 15,300 1.76209 26,959
Trinidad Energy Services
Income Trust 14.16210 6,306 1.95990 12,359
Vicwest Income Fund 11.32263 - 1.56694 -
Wajax Income Fund 23.54501 3,000 3.25840 9,775

CONSUMER PRODUCTS
A&W Revenue Royalties
Income Fund 12.11650 1,300 1.67681 2,179
ACS Media Income Fund 8.99237 3,100 1.24446 3,857
Arctic Glacier Income Fund 10.03402 37,522 1.38861 52,103
Big Rock Brewery
Income Trust 16.55797 24,700 2.29146 56,599
Boston Pizza Royalties
Income Fund 14.16465 1,200 1.96025 2,352
Brick Group Income
Fund (The) 9.05760 - 1.25348 -
Cineplex Galaxy Income Fund 12.87801 419 1.78219 746
CML Healthcare Income Fund 12.56291 47,781 1.73858 83,071
Connors Bros. Income Fund 11.43865 47,250 1.58300 74,796
Consumers' Waterheater
Income Fund (The) 13.88680 9,152 1.92180 17,588
Davis + Henderson
Income Fund 18.14474 17,520 2.51106 43,993
DirectCash Income Fund 14.56092 200 2.01509 403
E.D. Smith Income Fund 9.76040 20,812 1.35074 28,111
Firm Capital Mortgage
Investment Trust 10.02932 1,400 1.38796 1,943
Gateway Casinos Income Fund 15.09221 40,501 2.08861 84,590
Gienow Windows & Doors
Income Fund 8.54036 40,570 1.18190 47,949
Golf Town Income Fund 10.78080 4,300 1.49196 6,415
Home Equity Income Trust 12.33170 16,002 1.70659 27,308
Hot House Growers
Income Fund 6.85685 24,500 0.94892 23,248
Keg Royalties Income
Fund (The) 11.24731 9 1.55652 14
Lakeport Brewing Income Fund 11.23353 32,250 1.55461 50,136
Liquor Stores Income Fund 15.55668 6,010 2.15289 12,938
Menu Foods Income Fund 4.71638 3,100 0.65270 2,023
North West Company Fund 29.45568 44,500 4.07638 181,398
Rogers Sugar Income Fund 3.64798 38,067 0.50484 19,217
Somerset Entertainment
Income Fund 8.20347 3,600 1.13528 4,087
Sterling Shoes Income Fund 8.25056 70,400 1.14180 80,382
UE Waterheater Income Fund 11.57909 75,260 1.60243 120,598
XS Cargo Income Fund 12.52359 109,360 1.73314 189,536
Yellow Pages Income Fund 13.61376 366,097 1.88401 689,730

PIPELINE AND UTILITY
Atlantic Power
Corporation IPS 10.04927 44,500 1.39072 61,887
Bell Nordiq Income Fund 15.38246 1,500 2.12878 3,193
Boralex Power Income Fund 9.77654 77,208 1.35298 104,460
Calpine Power Income Fund 9.07507 86,343 1.25590 108,438
Enbridge Income Fund 12.15965 8,918 1.68278 15,007
EPCOR Power L.P. 31.84648 18,855 4.40724 83,098
Great Lakes Hydro
Income Fund 16.76684 36,700 2.32037 85,157
Innergex Power Income Fund 12.04205 8,900 1.66650 14,831
Inter Pipeline Fund 9.48485 1,614,192 1.31261 2,118,804
Macquarie Power Income Fund 9.64433 316,831 1.33468 422,867
Pembina Pipeline Income Fund 13.83328 22,701 1.91439 43,458
Primary Energy Recycling
Corporation EIS 8.92433 107,900 1.23504 133,260
Taylor NGL Limited
Partnership 8.09075 107,618 1.11968 120,497
TransAlta Power, L.P. 8.94331 104,208 1.23767 128,975

PAPER AND FOREST PRODUCTS
SFK Pulp Fund 3.82131 29,855 0.52883 15,788
TimberWest Forest Corp. 13.66230 29,225 1.89073 55,256

TRANSPORTATION AND ENVIRONMENT
BFI Canada Income Fund 25.02651 10,250 3.46342 35,500
CCS Income Trust 28.27762 300 3.91335 1,174
Contrans Income Fund 11.44816 56,409 1.58431 89,369
Livingston International
Income Fund 18.87491 2,402 2.61210 6,274
Newalta Income Fund 20.17144 500 2.79153 1,395
TransForce Income Fund 14.59165 10,398 2.01934 20,997
Westshore Terminals
Income Fund 11.82085 63,800 1.63589 104,369

ENERGY DISTRIBUTION
AltaGas Income Trust 24.73933 29,193 3.42368 99,947
Energy Savings Income Fund 16.90411 47,850 2.33936 111,938
Gaz Metro Limited
Partnership 19.95751 38,350 2.76192 105,919
Keyera Facilities
Income Fund 17.21034 87,801 2.38174 209,119
Parkland Income Fund 18.25543 800 2.52637 2,021
Superior Plus Income Fund 22.54386 329,809 3.11985 1,028,954

METALS AND MINERALS
Fording Canadian Coal Trust 41.93821 25,706 5.80384 149,193
Labrador Iron Ore Royalty
Income Fund 23.88505 41,107 3.30546 135,877
Noranda Income Fund 10.69495 48,324 1.48008 71,523


The following table indicates the number of units of each Issuer held by EnerVest on November 14, 2005, the number of deposited units of each Issuer which EnerVest will acquire on the closing date (scheduled to close on or before November 22, 2005, the "Closing Date"), assuming no acceptances are withdrawn, and the number of units of each Issuer that would be held by EnerVest, after giving effect to the acquisition of such units.



Issuer
Issuer Units Total
Units to be Issuer
ISSUER Held Acquired Units
------------------------------------------------------------------------

OIL AND GAS
Acclaim Energy Trust 919,054 14,408 933,462
Advantage Energy Income Fund - 56,254 56,254
ARC Energy Trust 1,066,651 7,716 1,074,367
Baytex Energy Trust - 9,218 9,218
Bonavista Energy Trust 537,090 12,921 550,011
Canadian Oil Sands Trust 656,942 101 657,043
Crescent Point Energy Trust 1,138,134 6,500 1,144,634
Daylight Energy Trust 1,591,200 38,407 1,629,607
Enerplus Resources Fund 429,947 11,798 441,745
Esprit Energy Trust 274,600 110,688 385,288
Fairborne Energy Trust 500,000 - 500,000
Focus Energy Trust 607,594 - 607,594
Freehold Royalty Trust 394,129 63,864 457,993
Harvest Energy Trust 658,968 5 658,973
Ketch Resources Trust 1,224,658 415,500 1,640,158
NAL Oil & Gas Trust - 12,130 12,130
Paramount Energy Trust 652,024 49,659 701,683
Pengrowth Energy Trust Cl. 'B' - 57,209 57,209
Penn West Energy Trust 100,000 22,202 122,202
Petrofund Energy Trust - 9,177 9,177
Peyto Energy Trust - 173,902 173,902
PrimeWest Energy Trust - 22,147 22,147
Progress Energy Trust 1,478,796 15,981 1,494,777
Provident Energy Trust - 100,943 100,943
Sequoia Oil & Gas Trust 35,000 - 35,000
Shiningbank Energy Income Fund - 4,275 4,275
StarPoint Energy Trust 1,513,110 111,315 1,624,425
Thunder Energy Trust - 520,811 520,811
Trilogy Energy Trust 218,300 139,050 357,350
Vault Energy Trust 1,110,000 78,700 1,188,700
Vermilion Energy Trust 1,465,642 10 1,465,652
Viking Energy Royalty Trust 1,530,582 423,952 1,954,534
Zargon Energy Trust - 2,400 2,400

REAL ESTATE
Alexis Nihon REIT 1,807,345 300 1,807,645
Allied Properties REIT 764,500 4,150 768,650
Boardwalk REIT 1,422,775 500 1,423,275
Calloway REIT 953,544 29,829 983,373
Canadian Hotel Income Properties REIT 506,696 900 507,596
Canadian REIT 803,783 9,701 813,484
Chartwell Seniors Housing REIT 1,295,000 22,112 1,317,112
Cominar REIT 542,007 2,417 544,424
Dundee REIT 873,512 23,756 897,268
H&R REIT 905,204 312,826 1,218,030
InnVest REIT - 10,000 10,000
IPC US REIT - 38,060 38,060
Legacy Hotels REIT - 21,749 21,749
Northern Property REIT 551,534 1,660 553,194
Primaris Retail REIT 419,383 12,900 432,283
Retirement Residences REIT 1,250,573 201,309 1,451,882
Retrocom Mid-Market REIT 507,359 1,058,735 1,566,094
RioCan REIT 1,586,472 68,733 1,655,205
Royal Host REIT 745,125 3,531 748,656
Summit REIT - 80,934 80,934
Sunrise Senior Living REIT 3,103,850 36,500 3,140,350
TGS North American REIT 298,469 189,961 488,430

INDUSTRIALS
Ag Growth Income Fund 597,600 - 597,600
Arriscraft International Income Fund - 14,000 14,000
Badger Income Fund 549,293 92,400 641,693
Builders Energy Services Trust - - -
Canexus Income Fund 269,400 245,206 514,606
CanWel Building Materials Income Fund - - -
Cathedral Energy Services Income Trust - 36 36
Chemtrade Logistics Income Fund 2,259,681 80,611 2,340,292
Great Lakes Carbon Income Fund 1,840,005 46,719 1,886,724
Hardwoods Distribution Income Fund - - -
High Arctic Energy Services Trust - 59,000 59,000
K-Bro Linen Income Fund - 139,885 139,885
KCP Income Fund - 9,007 9,007
PBB Global Logistics Income Fund - 1,600 1,600
Phoenix Technology Income Fund - 12,000 12,000
Spinrite Income Fund - 252,300 252,300
Stoneham Drilling Trust - 4,400 4,400
TerraVest Income Fund - 835 835
Total Energy Services Trust - 15,300 15,300
Trinidad Energy Services Income Trust - 6,306 6,306
Vicwest Income Fund - - -
Wajax Income Fund - 3,000 3,000

CONSUMER PRODUCTS
A&W Revenue Royalties Income Fund 491,782 1,300 493,082
ACS Media Income Fund 1,609,117 3,100 1,612,217
Arctic Glacier Income Fund 573,082 37,522 610,604
Big Rock Brewery Income Trust - 24,700 24,700
Boston Pizza Royalties Income Fund 385,144 1,200 386,344
Brick Group Income Fund (The) - - -
Cineplex Galaxy Income Fund 1,063,395 419 1,063,814
CML Healthcare Income Fund 1,341,212 47,781 1,388,993
Connors Bros. Income Fund 2,260,580 47,250 2,307,830
Consumers' Waterheater Income
Fund (The) 1,150,662 9,152 1,159,814
Davis + Henderson Income Fund 1,594,535 17,520 1,612,055
DirectCash Income Fund - 200 200
E.D. Smith Income Fund - 20,812 20,812
Firm Capital Mortgage Investment Trust - 1,400 1,400
Gateway Casinos Income Fund 1,214,427 40,501 1,254,928
Gienow Windows & Doors Income Fund - 40,570 40,570
Golf Town Income Fund 300,000 4,300 304,300
Home Equity Income Trust 142,600 16,002 158,602
Hot House Growers Income Fund - 24,500 24,500
Keg Royalties Income Fund (The) - 9 9
Lakeport Brewing Income Fund - 32,250 32,250
Liquor Stores Income Fund - 6,010 6,010
Menu Foods Income Fund 1,252,090 3,100 1,255,190
North West Company Fund - 44,500 44,500
Rogers Sugar Income Fund 2,627,577 38,067 2,665,644
Somerset Entertainment Income Fund - 3,600 3,600
Sterling Shoes Income Fund - 70,400 70,400
UE Waterheater Income Fund 1,016,946 75,260 1,092,206
XS Cargo Income Fund - 109,360 109,360
Yellow Pages Income Fund 2,653,537 366,097 3,019,634

PIPELINE AND UTILITY
Atlantic Power Corporation IPS 1,625,000 44,500 1,669,500
Bell Nordiq Income Fund 577,881 1,500 579,381
Boralex Power Income Fund 153,409 77,208 230,617
Calpine Power Income Fund 2,391,910 86,343 2,478,253
Enbridge Income Fund - 8,918 8,918
EPCOR Power L.P. 306,918 18,855 325,773
Great Lakes Hydro Income Fund 1,509,783 36,700 1,546,483
Innergex Power Income Fund 1,430,550 8,900 1,439,450
Inter Pipeline Fund 3,422,897 1,614,192 5,037,089
Macquarie Power Income Fund - 316,831 316,831
Pembina Pipeline Income Fund 691,598 22,701 714,299
Primary Energy Recycling
Corporation EIS 1,500,000 107,900 1,607,900
Taylor NGL Limited Partnership 3,081,100 107,618 3,188,718
TransAlta Power, L.P. 2,248,120 104,208 2,352,328

PAPER AND FOREST PRODUCTS
SFK Pulp Fund 2,092,000 29,855 2,121,855
TimberWest Forest Corp. 27,000 29,225 56,225

TRANSPORTATION AND ENVIRONMENT
BFI Canada Income Fund 1,967,735 10,250 1,977,985
CCS Income Trust - 300 300
Contrans Income Fund 1,055,934 56,409 1,112,343
Livingston International Income Fund 538,706 2,402 541,108
Newalta Income Fund 992,800 500 993,300
TransForce Income Fund - 10,398 10,398
Westshore Terminals Income Fund 2,518,044 63,800 2,581,844

ENERGY DISTRIBUTION
AltaGas Income Trust 1,841,220 29,193 1,870,413
Energy Savings Income Fund 1,521,780 47,850 1,569,630
Gaz Metro Limited Partnership 49,677 38,350 88,027
Keyera Facilities Income Fund 1,797,328 87,801 1,885,129
Parkland Income Fund - 800 800
Superior Plus Income Fund 1,103,674 329,809 1,433,483

METALS AND MINERALS
Fording Canadian Coal Trust - 25,706 25,706
Labrador Iron Ore Royalty Income Fund 1,094,203 41,107 1,135,310
Noranda Income Fund 803,861 48,324 852,185


The above noted results of the Exchange Offer will be incorporated in a final short form prospectus which will be sent to all unitholders ("Holders") who have participated in the Exchange Offer.

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 accept the Exchange Offer will receive EnerVest's November distribution to be paid on December 15, 2005. Holders of units of Issuers who accept 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, set for November 22, 2005.

GMP Securities Ltd. is acting as dealer managers in connection with this Exchange Offer.

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

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.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    (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 Ltd.
    Matthew Sobolewski
    Investment Banking
    (403) 543-3030