EnerVest FTS Limited Partnership 2008 Announces Return of Capital Contribution
CALGARY, ALBERTA--(Marketwire - Jan. 28, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
EnerVest 2008 General Partner Corp. (the "General Partner"), the general partner of EnerVest FTS Limited Partnership 2008 (the "Partnership") announces that it will be returning capital contributions, including interest, in the amount of $5,040,000 to Unitholders of the Partnership (the "Limited Partners"). These funds are being returned in accordance with the Amended and Restated Limited Partnership agreement dated August 28, 2008 (the "Partnership Agreement"). The Partnership Agreement states that any available funds that have not been committed to purchase flow-through securities by December 31, 2008 shall be returned to the Limited Partners on a pro rata basis, on or before January 31, 2009, together with accrued interest. The payment will be $6.00 per limited partnership unit.
"A new management team is in place at EnerVest with a renewed focus on serving the best interests of our investors," stated Jacob Roorda, President and CEO. "Our preference would have been to invest one hundred percent of our unitholders' funds. However we did not believe the flow-through products available in 2008 offered maximum long-term returns, nor did they meet the requirements under our risk tolerance criteria. Returning excess contributions to our unitholders is a prudent decision" concluded Mr. Roorda.
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Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Management Ltd. (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.