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

EnerVest Energy and Oil Sands Total Return Trust

February 17, 2009 19:54 ET

EnerVest Energy and Oil Sands Total Return Trust Announces February 2009 Distribution and Redemption Update

CALGARY, ALBERTA--(Marketwire - Feb. 17, 2009) -

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

EnerVest Oil Sands Management Inc. today announced a distribution of $0.0417 per unit to Unitholders of EnerVest Energy and Oil Sands Total Return Trust (the "Fund") (TSX:EOS.UN). The record date for this distribution is February 27, 2009 and the payment date will be March 13, 2009.

Redemption Update

On October 2, 2008, unitholders had submitted redemption requests for approximately 2.3 million units, representing approximately 60% of the issued and outstanding units. 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 and will occur on or before February 27, 2009 (the "Redemption Date").

If unitholders wish to continue with their redemption, the redemption price will equal 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 associated costs. The price calculated on the Redemption Date will be paid within 15 business days of the Redemption Date, or March 13, 2009.

Unitholders who wish to withdraw their redemption request can do so by notifying their investment advisor to deliver a written notice to The Canadian Depository for Securities Limited ("CDS") of their intention to withdraw their redemption request. Such notice must be received by CDS prior to the Redemption Date.

Redemption Distributions

Unitholders who elect to redeem their units on or before the Redemption Date will not be entitled to receive the February distribution.

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