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

EnerVest Energy and Oil Sands Total Return Trust

May 16, 2008 16:30 ET

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