November 14, 2005 08:30 ET

Eveready Announces Acquisition of Oilfield Equipment Rental Assets

EDMONTON, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Eveready Income Fund ("Eveready")(TSX:EIS.UN) announces that it has entered into an agreement (the "Agreement") to acquire the majority of the assets and business of a private Alberta oilfield equipment rental company. The assets include, among other items, well-site units, generators, truck and trailer units, and camps used for employee housing. The purchase price will be equal to the fair market value of the assets acquired, but subject to a minimum purchase price of $15.7 million. Fair market value will be determined by third party appraisers approved by the vendor and Eveready.

Management estimates that the acquired assets and business will generate revenues of between $12.0 and $14.0 million and that EBITDA will approximate $5.0 to $6.0 million for the year ended December 31, 2006.

Rod Marlin, Eveready's President and Chief Executive Officer comments "This acquisition builds on the oilfield equipment rental company acquired earlier this month and will allow us to continue our expansion into the oilfield equipment rental industry."

This Agreement is anticipated to close on or before December 9, 2005.

Eveready is a growth oriented income fund that provides industrial and oilfield services, health, safety, and environmental services, and oilfield equipment rental services to the energy, resource, and manufacturing sectors. The Units of Eveready trade on the Toronto Stock Exchange under the trading symbol "EIS.UN".

This press release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of Eveready to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for services provided by Eveready, industry competition and Eveready's ability to attract and retain both customers and key personnel.

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