Qwest Energy Investment Management Ltd.

Qwest Energy Investment Management Ltd.

October 26, 2005 18:18 ET

Qwest Energy Investment Management and ClaringtonFunds Inc. Termination of Roll-over Relationship

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2005) - Qwest Energy Investment Management Ltd. ("Qwest Energy") announces that Qwest Energy and ClaringtonFunds Inc. ("Clarington") have mutually agreed to terminate their Strategic Agreement entered into in 2004 and amended March 24th, 2005 pursuant to which Qwest Energy agreed to transfer the assets of its current and future flow-through offerings (including the Qwest Energy RSP/Flow-Through, Qwest Energy IV Flow-Through, Qwest Energy 2004 Flow-Through, Qwest Energy 2005 Flow-Through, Qwest Energy 2005-II Flow-Through and Qwest Energy 2005-III Flow-Through offerings) to Series A shares of the Clarington Canadian Resources Inc. mutual fund. The Agreement terminated on October 14, 2005.

Qwest Energy is excited about moving to the more traditional flow-through issuer model where it maintains a greater degree of control over the assets post-rollover and expects to provide its flow-through investors with enhanced liquidity and the potential for long-term growth of capital and income, which may involve a roll over, on a tax deferred basis, to a mutual fund.

Qwest Energy has successfully raised and subsequently invested over $150 million into Canada's oil and gas industry over the past 5 years, including approximately $115 million in Qwest Energy's flow-through limited partnerships.

Qwest Energy is an oil and gas investment management company focused on identifying and delivering Canadian based oil and gas investment opportunities to investors. Qwest Energy has offices in Vancouver, Calgary and Toronto.

Maurice Levesque, Director

Contact Information

  • Qwest Energy
    Cindy Bower
    Manager, Business Development & Client Services
    (604) 602-1142 or 1-866-602-1142
    cbower@qwestenergy.com