EnerVest Energy and Oil Sands Total Return Trust
TSX : EOS.UN

EnerVest Energy and Oil Sands Total Return Trust

August 28, 2007 09:30 ET

EnerVest Energy and Oil Sands Total Return Trust Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Aug. 28, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

EnerVest Energy and Oil Sands Total Return Trust (TSX:EOS.UN) (the "Trust" or "EnerVest") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 425,764 of its 4,826,845 currently issued and outstanding trust units (being no greater than 10% of the public float, which public float is 4,257,645 trust units) on the open market through the facilities of the TSX. The total number of trust units the Trust is permitted to purchase in any 30-day period is 96,536 trust units (being 2% of the current issued and outstanding trust units). The price that the Trust will pay for any units acquired under the Bid will be the prevailing market price on the TSX at the time of such purchase. Trust units acquired under the Bid will be cancelled.

The Bid will commence on August 29, 2007 and will terminate on August 28, 2008 or such earlier time as the Bid is completed or terminated at the option of the Trust. There were no purchases made by the Trust under its previous Bid which ran from June 19, 2006 to June 18, 2007.

EnerVest and its investment manager, Cypress Capital Management Ltd., believe that from time to time the market price of the EnerVest units may not reflect their underlying value and that, at such times, the purchase of units for cancellation will increase the proportionate interest of, and be advantageous to, all remaining unitholders. In addition, the purchases by the Trust under the Bid may increase liquidity to the Trust's unitholders wishing to sell their units.

EnerVest is an actively managed closed-end trust which invests in a diversified portfolio of: (i) companies and income trusts involved directly and indirectly in the Canadian oil sands; and (ii) traditional oil and gas royalty trusts. EnerVest's investment objectives are to maximize total return through capital appreciation in the portfolio and to provide Unitholders with a consistent monthly cash distribution.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EnerVest Oil Sands Management Inc.
    Kevin W. Wolfe
    President & Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Oil Sands Management Inc.
    Sean J.H. Morgan
    Chief Financial Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Oil Sands Management Inc.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Oil Sands Management Inc.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Oil Sands 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