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

EnerVest Energy and Oil Sands Total Return Trust

February 26, 2009 14:39 ET

EnerVest Energy and Oil Sands Total Return Trust Announces Redemption

CALGARY, ALBERTA--(Marketwire - Feb. 26, 2009) -

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 (the "Fund") (TSX:EOS.UN) today announces it has lifted the suspension and will effect the redemption as at February 25, 2009 (the Redemption Date"). Total units submitted for redemption by unitholders were 2,282,104 as of February 24, 2009 or approximately 57% of the current issued and outstanding units.

Payment of the redemptions will be made on or before March 13, 2009 at a redemption price of $4.22 per unit. The redemption price is calculated as the average net asset value per unit on the three business days immediately preceding the Redemption Date, less the total of estimated brokerage fees and other costs associated with the disposition of a corresponding amount of the portfolio securities to fund the redemption.

"The past several months have been difficult for investors everywhere and we recognize that EOS unitholders have not been immune. Over the past several months, we have been selling securities at opportune times to fund the redemption. In addition, we have adjusted the values of the other securities that remained in the fund," explained Jake Roorda, President and CEO.

Background

On October 29, 2008, EnerVest Oil Sands Management Inc., (the "Administrator") concluded that, in light of market conditions at that time, it was impractical to sell sufficient securities to raise the required redemption proceeds by the initial deadline of October 31, 2008. As a result, the redemption was suspended for up to 120 days or no later than February 27, 2009 with payment to occur 15 days thereafter.

About EnerVest

The Fund 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 natural gas royalty trusts. The Fund's investment objectives are to maximize total return through capital appreciation in the portfolio and to provide Unitholders with a consistent monthly cash distribution.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Oil Sands Management Inc.'s (the "Administrator") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Administrator believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Administrator undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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.
    Rhonda Bennetto
    1-877-434-2796
    Website: www.enervest.com