EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

July 11, 2005 16:30 ET

EnerVest Diversified Income Trust: News Release

CALGARY, ALBERTA--(CCNMatthews - July 11, 2005) - EnerVest Diversified Management Inc., (TSX:EIT.UN) the manager of EnerVest Diversified Income Trust ("EnerVest"), announces that the EnerVest joint venture participants, a privately held joint venture that is the sole shareholder of the manager, has entered into an agreement with Avenir Operating Corp. ("Avenir") to sell all of their joint venture interests. Avenir is the operator of Avenir Diversified Income Trust (TSX symbol: AVF.UN) a business income trust with a market capitalization of approximately $275 million in assets. The transaction is scheduled to close on or about September 30, 2005.

Cypress Capital Management Ltd. will remain as the investment manager of EnerVest. The sale of the joint venture interests will have no impact on the investment management agreement between EnerVest Diversified Management Inc. and Cypress.

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.

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

Contact Information

  • 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.
    J. Ward Mallabone
    VP Law
    (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