EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

May 07, 2007 09:30 ET

EnerVest Diversified Income Trust Announces Special Meeting of Unitholders to Vote on Amendments to Declaration of Trust

CALGARY, ALBERTA--(CCNMatthews - May 7, 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"), announces that a special meeting of EnerVest's unitholders will be held on July 5, 2007, in Calgary, Alberta, to consider and vote on amendments to EnerVest's Declaration of Trust. The Record Date for the special meeting is May 31, 2007. A complete information package, including Information Circular, Proxy Statement and Letter from the President, will be mailed to unitholders.

The proposed amendments arise as a result of a number of recent legislative changes. The amendments will:

1. broaden the Declaration of Trust to clarify and allow for a greater percentage of investments in debt and equity, including shares of corporations. The Manager believes that those amendments will provide EnerVest and its unitholders the ability to address the proposed legislative changes, announced by the Minister of Finance on October 31, 2006, on the taxation of income trusts;

2. incorporate new national securities legislation (National Instrument 81-107) which requires all investment funds to establish an Independent Review Committee by May 1, 2007. The primary role of the Independent Review Committee will be to review and make recommendations on potential conflicts of interest matters that involve EnerVest or its Manager; and

3. update the Declaration of Trust so that the existing provisions relating to unitholder communications and deliveries conform with the guidelines for such items set out in National Instrument 54-101 - "Communications with Beneficial Owners of Securities of a Reporting Issuer."

EnerVest and the Manager continue to look for ways of operating more efficiently and competitively. We believe these amendments to the Declaration of Trust will assist us in achieving EnerVest's investment objectives of maximizing monthly distributions relative to risk, maximizing net asset value and maintaining a diversified portfolio.

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. EnerVest currently has 268,934,146 units outstanding, a net asset value of approximately $2 billion and a daily average trading volume of 522,210 units for the first four 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
    or
    EnerVest Diversified Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    (403) 571-5554 (FAX)
    Email: info@enervest.com
    Website: www.enervest.com