Swank Energy Income Advisors L.P.

November 28, 2007 17:50 ET

Swank Energy Income Advisors, L.P.: Acquisition of Common Shares of El Nino Ventures Inc.

DALLAS, TEXAS--(Marketwire - Nov. 28, 2007) - Swank Energy Income Advisors, L.P. ("Swank Advisors"), as general partner of The Dalrymple Global Resources Master Fund, LP ("Dalrymple"), announces that on August 30, 2007, Dalrymple acquired 2,340,000 common shares ("Shares") and 1,170,000 common share purchase warrants ("Warrant") (the "First Acquisition") of El Nino Ventures Inc. (the "Issuer"). The Warrants entitle Dalrymple to acquire up to 1,170,000 additional Shares. Following the First Acquisition Dalrymple beneficially owned 3,204,700 Shares and 1,170,000 Warrants of the Issuer. Assuming the exercise of all Warrants held by Dalrymple and assuming no other warrants of the Issuer are exercised, together with its existing holdings, Swank Advisors had control and direction over collectively 4,374,700 securities or 12.64% of the issued and outstanding common shares of the Issuer as at the date of the First Acquisition.

Subsequent to the First Acquisition, Dalrymple made further acquisitions and by November 7, 2007 Swank Advisors had acquired a further 751,100 Shares of the Issuer (collectively, the "Second Acquisition"). The Second Acquisition increased the number of securities over which Swank Advisors had control and direction to 3,955,800 Shares and 1,170,000 Warrants. Assuming the exercise of all the Warrants held by Dalrymple and assuming no other warrants of the Issuer are exercised, Swank Advisors had control and direction over 14.8% of the issued and outstanding common shares of the Issuer as at the date of the Second Acquisition.

Subsequent to the Second Acquisition, Dalrymple made further acquisitions and as at the date hereof, Swank Advisors had acquired a further 291,300 Shares of the Issuer (collectively, the "Third Acquisition"). The Third Acquisition increased the number of securities over which Swank Advisors had control and direction to 1,170,000 Warrants and 4,247,100 Shares. Assuming the exercise of all the Warrants held by Dalrymple and assuming no other warrants of the Issuer are exercised, Swank Advisors had control and direction over 15.65% of the issued and outstanding common shares of the Issuer as at the date hereof.

The First Acquisition by Dalrymple of the 2,340,000 Shares and 1,170,000 Warrants of the Issuer was made pursuant to a Subscription Agreement, Dalrymple provided representations and warranties to the Issuer with respect to its status as an exempt purchaser and purchase the securities at a price of $0.90 per unit (each such unit consisting of one Share and one half of one Warrant). The purchases relating to the Second Acquisition and the Third Acquisition by Dalrymple were made on the open market.

The securities acquired by Dalrymple were made for investment purposes. Swank Advisors, as general partner on behalf of Dalrymple or other entities may, from time to time, acquire additional securities of the Issuer, dispose of some or all of the securities they hold, or may continue to hold their current positions. Swank Capital, LLC is the general partner of Swank Energy Income Advisors, LP, and Mr. Jerry V. Swank is the managing member of Swank Capital, LLC.

To obtain a copy of the related early warning report filed with applicable securities commissions, please refer to the SEDAR website (www.sedar.com).

Contact Information

  • Swank Energy Income Advisors, LP
    Chris Cocotos
    (214) 692-6334
    (214) 219-2353 (FAX)
    or
    Swank Energy Income Advisors, LP
    3300 Oak Lawn Avenue, Suite 650
    Dallas, Texas 75219