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

EnerVest Energy and Oil Sands Total Return Trust

April 25, 2008 17:38 ET

EnerVest Energy and Oil Sands Total Return 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 Oil Sands Management Inc. (TSX:EOS.UN)(the "Administrator"), the Administrator of EnerVest Energy and Oil Sands Total Return Trust ("EnerVest"), 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 Administrator. 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 Administrator will remain in their current roles. This transaction will have no impact on the investment management agreement between the Administrator and Cypress.

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