Shiningbank Energy Income Fund
TSX : SHN.UN

Shiningbank Energy Income Fund

November 03, 2006 19:28 ET

Shiningbank Energy Responds to Proposed Changes in Taxation

CALGARY, ALBERTA--(CCNMatthews - Nov. 3, 2006) - Shiningbank Energy Income Fund (the "Fund") (TSX:SHN.UN) today announced that it has joined the Coalition of Canadian Energy Trusts ("CCET") in an effort to protect the value of unitholders in Canadian energy trusts.

Shiningbank believes that the recent proposal of the federal government to tax income trusts is ill-conceived and will do significant damage to the Canadian economy, the reputation of Canadian capital markets, and particularly to the well being of investors, both retired and actively working, who rely on their own investment income for their present and future standard of living.

Shiningbank has a ten year track record of superior investment returns averaging 28% per annum prior to the announcement of these tax changes. Shiningbank was created in 1996 with a $53 million public offering of trust units. Since then, Shiningbank has paid over $850 million in taxable distributions to its investors and has grown to have a value of over $1.5 billion through a combination of efficient exploitation of existing oil and gas reservoirs and acquisition of properties. Shiningbank has grown from only 8 employees in 1996 to over 120 employees and consultants in 2006. We believe that this Canadian success story is directly a result of the capital discipline imposed by the royalty trust structure and is in direct conflict with the assertions of the federal government that income trusts threaten Canada's long-term economic growth and limit the ability of Canadian capital intensive corporations to invest, grow and compete.

WE ENCOURAGE OUR UNITHOLDERS AND OTHER CONCERNED INDIVIDUALS TO WRITE, EMAIL OR VISIT THE CONSTITUENCY OFFICES OF THEIR MEMBERS OF PARLIAMENT TO PROTEST THIS ILL-CONCEIVED POLICY CHANGE AND TO DEMAND THAT A PROPER CONSULTATION PROCESS BE INITIATED IN WHICH A FAIR HEARING OF THE ISSUES CAN BE AIRED.

A directory of members of Parliament can be found at www.canada.gc.ca/directories/direct_e.html.

Unitholders may also wish to contact the Minister of Finance, the Honourable Jim Flaherty:



Email: flaherty.J@parl.gc.ca
Fax: (613) 992-8320
Mail: Honourable Jim Flaherty
House of Commons
Ottawa, ON, K1A 0A6


Shiningbank Energy Income Fund is a natural gas focused energy trust founded in 1996. The Fund purchases, develops and operates producing properties for the direct benefit of its unitholders. Shiningbank has one of the highest weightings of natural gas production in the energy trust sector at 77%.

Shiningbank is listed on the Toronto Stock Exchange under the symbol SHN.UN. For further information please visit our website www.shiningbank.com.


Contact Information

  • Shiningbank Energy Income Fund
    David M. Fitzpatrick
    President and C.E.O.
    (403) 268-7477 or Toll Free: 1-866-268-7477
    (403) 268-7499 (FAX)
    or
    Shiningbank Energy Income Fund
    Bruce K. Gibson
    Vice President, Finance and C.F.O.
    (403) 268-7477 or Toll Free: 1-866-268-7477
    (403) 268-7499 (FAX)
    or
    Shiningbank Energy Income Fund
    Debbie Carver
    Investor Relations Coordinator
    (403) 268-7477 or Toll Free: 1-866-268-7477
    (403) 268-7499 (FAX)
    Email: irinfo@shiningbank.com
    Website: www.shiningbank.com