EnerVest Natural Resource Fund Ltd.

EnerVest Natural Resource Fund Ltd.

July 11, 2005 16:30 ET

EnerVest Natural Resource Fund Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - July 11, 2005) - (ENV 040) EnerVest Funds Management Inc., the manager of EnerVest Natural Resource Fund Ltd. ("EnerVest Resource Fund"), announces that the EnerVest joint venture participants, a privately held joint venture that is the sole shareholder of the manager, has entered into an agreement with Avenir Operating Corp. ("Avenir") to sell all of their joint venture interests. Avenir is the operator of Avenir Diversified Income Trust (TSX symbol: AVF.UN) a business income trust with a market capitalization of approximately $275 million in assets. The transaction is scheduled to close on or about September 30, 2005.

Cypress Capital Management Ltd. will remain as the investment manager of EnerVest Resource Fund. The sale of the joint venture interests will have no impact on the investment management agreement between EnerVest Funds Management Inc. and Cypress.

EnerVest Resource Fund is an open-end mutual fund corporation, specializing in energy investments and is actively managed by Cypress Capital Management Ltd. EnerVest trades under the symbol ENV 040.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • EnerVest Funds Management Inc.
    David J. Fischer
    Chief Financial Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Funds Management Inc.
    J. Ward Mallabone
    VP Law
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Funds Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    Email: info@enervest.com
    Website: www.enervest.com