EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

April 25, 2008 17:24 ET

EnerVest Diversified Income Trust: News Release

CALGARY, ALBERTA--(Marketwire - April 25, 2008) -

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 ("EnerVest") (TSX:EIT.UN), announces that EnerVest Limited Partnership, a limited partnership interest controlled by Avenir Diversified Income Trust, has entered into an agreement with Canoe Financial LP ("Canoe") to sell, indirectly, its interests in the Manager. Canoe is a private entity owned by Mr. M. Bruce Chernoff. Mr. Chernoff is a businessman resident in Calgary, Alberta.

The transaction is expected to close on or about May 16, 2008.

Cypress Capital Management Ltd. ("Cypress"), the Investment Manager of EnerVest, and management and staff of the Manager will remain in their current roles. This transaction will have no impact on the investment management agreement between the Manager and Cypress.

EnerVest is an actively managed, closed-end trust which invests in a diversified portfolio of income, royalty and real estate investment trusts, limited partnerships, and corporations or other securities listed 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 300,578,624 Units outstanding, a net asset value of approximately $2.0 billion and a daily average trading volume of 718,478 units for the first three months of 2008.

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
    (403) 571-5554 (FAX)
    or
    EnerVest Diversified Management Inc.
    Sean J. H. Morgan
    Chief Financial Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Diversified Management Inc.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Diversified Management Inc.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    or
    EnerVest Diversified Management Inc.
    Suite 2800, 700 - 9th Avenue S.W.
    Calgary, Alberta T2P 3V4
    Email: info@enervest.com
    Website: www.enervest.com