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

EnerVest Energy and Oil Sands Total Return Trust

September 11, 2013 18:51 ET

EnerVest Energy and Oil Sands Total Return Trust Announces Merger With Canoe Energy Income Class

CALGARY, ALBERTA--(Marketwired - Sept. 11, 2013) -

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 announced that, subject to receiving regulatory approval, the Fund will merge with Canoe Energy Income Class which is an open-ended mutual fund managed by Canoe Financial LP (the "Manager"). The merger will be effected on or about November 19, 2013 (the "Effective Date"), in accordance with the "permitted merger" provisions set out in the declaration of trust of the Fund and with the applicable regulations. The merger has been approved by the fund's Independent Review Committee, which believes that the merger will achieve a fair and reasonable result for the funds.

The investment objectives and strategies of Canoe Energy Income Class are similar to those of the Fund. Pursuant to the merger, unitholders of the Fund will receive Series A shares of Canoe Energy Income Class in exchange for their units of the Fund. The exchange ratio used for determining the number of Series A shares of Canoe Energy Income Class to be received, in exchange for each unit of the Fund upon implementation of the Merger, will be calculated based on the relative net asset values of the Series A shares of Canoe Energy Income Class and the units of the Fund as at the close of business on the Effective Date. Any fractional Series A shares will be rounded down to the nearest whole number. A further news release will be issued confirming the Exchange Ratio on the business day following the Effective Date. The merger will be completed on a taxable basis.

The Manager believes that the merger will provide investors with enhanced liquidity and pricing by providing them with the continuous right to subscribe for additional units or redeem units of Canoe Energy Income Class on a daily basis at their net asset value. Shareholders of Canoe Energy Income Class will also be able to switch their shares into other series offered by Canoe Energy Income Class and into other mutual funds offered by the Manager.

REDEMPTION

Unitholders wishing to redeem their units prior to the merger should provide notice by October 11, 2013. The redemption date will coincide with the Fund's annual redemption date of October 31, 2013. The redemption price will be calculated in accordance with the declaration of trust and is the average net asset value per unit on the three business days immediately preceding the redemption date of October 31, 2013, less the total of estimated brokerage fees and other direct costs associated with the disposition of a corresponding amount of the portfolio securities to fund the redemption. Payment of the redemption will be made on or about November 8, 2013.

Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.

SUSPENSION OF DRIP

The Fund's DRIP will be suspended for any distribution payments made after October 15, 2013.

SEPTEMBER AND OCTOBER 2013 DISTRIBUTION

The Fund's monthly distribution of $0.0417 per unit will be paid on October 15, 2013 to unitholders of record on September 30, 2013. The ex-distribution date for this payment is September 26, 2013.

The Fund's monthly distribution of $0.0417 per unit will be paid on November 8, 2013 to unitholders of record on October 31, 2013. The ex-distribution date for this payment is October 29, 2013. This will be the final distribution for the Fund. Please note that unitholders who have redeemed their units will not be eligible to receive the October distribution.

About The Fund

The Fund is listed on the TSX under the symbol EOS.UN and seeks to achieve income and long-term capital growth through investments in equity and fixed income securities of energy issuers by investing primarily in companies that are involved in the exploration, development, production or supply of oil and natural gas in Canada and abroad and in companies which service such industries. The Fund is suited for investors who want an actively managed portfolio targeting this strategy, which has the potential for capital appreciation while delivering a tax-advantaged monthly distribution. The Fund is managed by Rafi G. Tahmazian, Senior Portfolio Manager at Canoe Financial.

About Canoe Energy Income Class

The Canoe Canadian Energy Income Class is an open end natural resource mutual fund managed by Rafi G. Tahmazian, Senior Portfolio Manager at Canoe Financial. Canoe Energy Income Class seeks to provide dividend income and long-term capital growth by investing in energy equity and fixed income securities. Additional information about Canoe Energy Income Class can be found on our website, www.canoefinancial.com.

About Canoe Financial LP

Canoe Financial is the Portfolio Manager and Manager of the Fund. Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe is one of Canada's fastest-growing mutual fund companies and as at August 31, 2013, manages approximately $1.75 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. Forward-looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, the receipt of regulatory approval for the merger, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

Contact Information