EnerVest Diversified Income Trust Announces January 2009 Distribution and Portfolio Activity
CALGARY, ALBERTA--(Marketwire - Jan. 20, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
EnerVest Diversified Management Inc., the Manager of EnerVest Diversified Income Trust (TSX:EIT.UN) ("EnerVest"), today announced the January distribution of $0.07 per unit. The record date for this distribution is January 30, 2009 and the payment date will be February 13, 2009.
As stated in its Declaration of Trust, EnerVest's investment objective is to maximize distributions to Unitholders relative to risk and to maximize net asset value within a diversified investment portfolio. To meet this objective, the distribution policy will continue to be reviewed regularly.
In July 2007, Unitholders approved an amendment to the Declaration of Trust, allowing EnerVest to purchase a broader range of securities, acknowledging the impending impact of the government's pending changes to income trust tax legislation. The Manager continues to believe it is appropriate to diversify the portfolio into non- income trust investments in order to maintain EnerVest as an income-generating fund. Accordingly, the Manager confirms that it has begun the transition of the EnerVest portfolio to include a broader range of income-producing investments and other securities including corporate debt, convertible debentures and preferred shares in various industries and geographic regions. Currently, approximately 35% of the portfolio is invested in securities that will not be affected by changes to tax treatment in 2011. The Manager will continue to review and diversify the portfolio to meet the stated investment objective of EnerVest.
EnerVest is an actively managed, closed-end trust listed on the Toronto Stock Exchange under the symbol EIT.UN.
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Diversified Management Inc.'s (the "Manager") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.