EnerVest Diversified Income Trust

EnerVest Diversified Income Trust

March 24, 2005 12:34 ET

EnerVest Diversified Income Trust Announces Taxation of Distributions Declared in 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ENERVEST DIVERSIFIED INCOME TRUST

TSX SYMBOL: EIT.UN

MARCH 24, 2005 - 12:34 ET

EnerVest Diversified Income Trust Announces Taxation
of Distributions Declared in 2004

CALGARY, ALBERTA--(CCNMatthews - March 24, 2005) - EnerVest Diversified
Income Trust (TSX:EIT.UN)

For the year ended December 31, 2004, distributions to Canadian resident
unitholders of EnerVest Diversified Income Trust are to be treated for
income tax purposes as follows:



1. 28.49709% of the distributions received are taxable as "other
income";
2. 5.05757% of the distributions received are taxable as "dividend
income";
3. 0.01345% of the distributions received are taxable as "foreign
business income";
4. 0.30594% of the distributions received are taxable as "foreign
non-business income";
5. 22.63101% of the distributions received are taxable as "capital
gains";
6. 43.49494% of the distributions received are not taxable in 2004.


The non-taxable portion (43.49494%) will be considered a return of
capital to the unitholder and will reduce the adjusted cost base of the
unitholder's trust unit. The tax identification number of EnerVest
Diversified Income Trust is T18-759-107.

Distributions totaling $0.84 per unit were made to unitholders during
2004, $0.07 per unit per month to unitholders of record at month end for
the period January 2004 to December 2004. Based on the December 2003
closing price of $6.77 per unit and the December 2004 closing price of
$8.40 per unit, the annualized cash on cash return to unitholders for
the year was 12.4% and the total return to unitholders was 36.5%.

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,
reduce investment risk, and maximize net asset value over its life.
EnerVest currently has 178,133,390 units outstanding, a net asset value
of approximately $1.4 billion and an average trading volume of 699,100
per day for the first two months of 2005.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    EnerVest Diversified Management Inc.
    Michael L. Streukens
    President & Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    David J. Fischer
    Chief Financial Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Andrea Watkins
    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
    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.