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

EnerVest Energy and Oil Sands Total Return Trust

March 06, 2009 18:18 ET

EnerVest Energy and Oil Sands Total Return Trust Announces Taxation of Distributions Declared in 2008

CALGARY, ALBERTA--(Marketwire - March 6, 2009) -

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) announced today that for the period ended December 31, 2008, distributions to Canadian resident unitholders of EnerVest Energy and Oil Sands Total Return Trust ("EnerVest") are to be treated for income tax purposes as follows:

1. 0.88196% of the distributions received are taxable as "other taxable income" (Investment Income);

2. 19.05249% of the distributions received are taxable as "other taxable income" (Not Investment Income);

3. 0.0% of the distributions received are taxable as "capital gains";

4. 1.75344% of the distributions received are taxable as "actual amount of eligible dividends";

5. 3.60347% of the distributions received are taxable as "foreign business income";

6. 0.31595% of the distributions received are taxable as "foreign non-business income";

7. 75.64734% of the distributions received are return of capital; and

8. (1.25465%) of the distribution is foreign business income tax paid.
100.00%

The 75.64734% return of capital to Unitholders reduces the adjusted cost base of the Unitholder's trust Unit. Please note that the above allocations including the foreign business and non-business income taxes paid add to a combined total of 100%.

EnerVest distributed $0.5004 per Unit in 2008, distributing $0.0417 per unit per month to Unitholders of record on the last trading day of each month.

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.

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