EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

May 16, 2008 16:30 ET

EnerVest Diversified Income Trust: News Release

CALGARY, ALBERTA--(Marketwire - May 16, 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 Canoe Financial LP ("Canoe") has completed its previously announced acquisition of EnerVest Limited Partnership.

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. The members of the Independent Review Committee have also been reappointed as per National Instrument 81-107.

Canoe is pleased to announce the appointment to the board of the Manager the following individuals:

M. Bruce Chernoff, Director

Professional Engineer; Chairman of Harvest Energy Trust; President and Director of Caribou Capital Corp. (a private investment management company) since June 1999;

David J. Rain, Director

Chartered Accountant; Vice President and Director of Caribou Capital Corp. since June 1999; Vice President, Chief Financial Officer of Harvest Energy Trust from July 2004 to February 2006 and Corporate Secretary since July 2002.

Craig Spurn, Director

Barrister and Solicitor; Partner of Blake, Cassels & Graydon LLP, Calgary, Alberta (a law firm).

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 $2.1 billion and a daily average trading volume of 654,144 units for the first four 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