NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA.
EnerVest Oil Sands Management Inc. (TSX:EOS.UN), the Administrator of EnerVest
Energy and Oil Sands Total Return Trust ("EnerVest"), is pleased to announce the
financial results for the year ended December 31, 2007. The following is an
excerpt from the management report of fund performance and annual financial
statements of EnerVest for the year ended December 31, 2007. The management
report of fund performance and annual financial statements can be found on our
website at www.enervest.com or on SEDAR at www.sedar.com.
Management Report of Fund Performance
Results of Operations
The past year marked the fifth successive year of an overall increase in global
equities. The subprime mortgage crisis worsened during the second half of 2007
and resulted in billions of dollars in write-downs. The subsequent global credit
crisis that ensued was not anticipated. Concerns that this will lead to a
significant slowdown in the United States and an ensuing slowdown in Canada are
being weighed against the relief that lower interest rates will bring.
EnerVest's portfolio was well positioned for the challenges of a global credit
crisis, royalty regime change, and future economic uncertainty. EnerVest's
returns were 31.2% and 31.6% based on its market price and net asset value per
unit, respectively, far outperforming the S&P/TSX Capped Energy Trust Index and
S&P/TSX Capped Energy Index returns of 3.3% and 11.2% . EnerVest's return was
one of the highest of all Canadian closed-end funds operating for the full year.
This performance is attributed to individual security selection. Athabasca Oil
Sands Corp. was the major contributor to EnerVest's performance in 2007.
EnerVest acquired this private company during its early growth stage and its
stock price tripled during 2007. EnerVest has divested a portion of its position
in order to reduce concentration in the portfolio and fund redemptions.
Royalty trusts remained active acquirers in 2007, completing transactions of
$12.4 billion, which was roughly 31.8% of total energy transactions in 2007.
While robust, this is lower than in the previous two years as a direct result of
the Tax Fairness Plan which has limited both the life of the current income
trust structure and growth prospects on acquisitions. In October 2007, oil & gas
trusts were dealt another blow as Alberta unveiled the new royalty regime which
resulted in an immediate sell off and a sharp decline in the sector. More
mergers are expected as the industry digests the new royalty structure. This
activity should continue until the Tax Fairness Plan goes into effect in 2011.
Portfolio
At December 31, 2007, Oil Sands Related Issuers were 64.1% of the portfolio
based on net assets and net of liabilities, up from 61.8% at December 31, 2006.
Oil and Gas Issuers comprised 35.6% of the portfolio, virtually unchanged from
35.9% at December 31, 2006. Private companies were approximately 34.4% of the
portfolio, the majority attributable to the remaining position in Athabasca Oil
Sands Corp.
Financial Performance
Investment revenues totalled $3.2 million for 2007, virtually all from
distribution income on portfolio holdings. Distributions from portfolio assets
are currently yielding 6.3% annually, down from the 7.0% yield at December 31,
2006 as a result of an increase in oil sands related companies relative to
royalty trusts; yields from oil sands related companies are typically lower than
royalty trusts. Total expenses for the year were $1.7 million, the largest being
administration and service fees of $564,937 and interest of $490,272. Net
investment income was $1.5 million for the year.
Realized losses on dispositions totalled $172,399. The portfolio had unrealized
gains of $8.9 million during the year, the majority on the appreciation of
Athabasca Oil Sands Corp. and Petrobank Energy and Resources Ltd. Return of
capital on distributions received totalled $256,115.
The increase in net assets from operations for the year was $10.0 million, or
$2.18 per unit. On November 15, 2007, EnerVest paid $13.7 million for the
redemption of 1.5 million units, approximately 31.5% of the then current number
of units outstanding, at a redemption price of $9.10 per unit. During 2007,
EnerVest paid $1.7 million under its mandatory repurchase program for the
purchase and cancellation of 209,133 units. Opening net assets decreased by
$222,984 due to a fair value adjustment to revalue December 31, 2006 investments
to bid prices as required under a new accounting standard. Costs of $174,594
were incurred under the warrants offering in October. In total, net assets
decreased by $8.0 million during the year. As at December 31, 2007, EnerVest's
net assets were $29.7 million or $9.22 per unit, compared to net assets at
December 31, 2006 of $37.7 million or $7.64 per unit, an increase of $1.58 per
unit.
On April 30, 2007, EnerVest entered into a $12.5 million 364-day revolving term
credit facility with the Bank of Montreal, replacing the then existing credit
facility. The new facility is secured by a first-ranking and exclusive charge on
EnerVest's portfolio. Advances under the credit facility can be made by way of
prime loans, US base rate loans, LIBOR loans, bankers' acceptances, or any
combination thereof. During 2007, both prime loans and bankers' acceptances were
used. For each bankers' acceptance, the cost of borrowing equals the discount to
the face value of the bankers' acceptance plus a stamping fee. The maximum
borrowings during 2007 totalled $11.2 million while the minimum amount drawn was
$5.0 million. As at December 31, 2007, $7.4 million was outstanding,
representing 24.9% of EnerVest's net assets or 19.9% of total assets (as defined
under the credit facility). Such borrowing is limited to 25% of the value of
total assets after giving effect to the leverage.
Cash Distributions
EnerVest distributed $0.50 per unit during 2007, consistently distributing
$0.0417 per unit per month. Distributions are paid to unitholders of record as
of the last trading day of the month.
Recent Developments
Industry and Market Activity
The Canadian oil sands continue to attract significant investment from companies
worldwide despite cost escalation and longer development plans. This should
continue since the oil sands represent the second largest oil reserves worldwide
and are located in one of the most politically stable countries. Though the
royalty changes were viewed as detrimental, Alberta continues to provide the
lowest risk in terms of reserves in the world. The oil sands, in particular,
received much more modest changes than the review panel had originally proposed.
Opportunities exist for companies of all sizes from exploration and execution to
end stage production. Small companies with strong technical expertise can create
value in a relatively short time period. Once discovery is made, companies can
create value through successful development of the project. Because of high
capital costs, large companies are usually needed either as a partner or to
acquire the project, especially in integrated mining projects. Smaller in-situ
projects can be financed independently by smaller companies. As drilling rates
continue to ease, costs are expected to drop and capital efficiency should
improve in 2008.
The land rush of the past few years has left very few quality leases available
through land sales which may lead to increased merger and acquisition activity
or joint ventures for companies still seeking to enter the region. Integration
may be a key driver of this activity as companies look to reduce the risks of
general marketing and supply issues, as well as heavy oil differentials which
have been widening with increasing oil prices.
Emerging oil sands companies could offer upside potential to investors as they
have significantly lagged the performance of established producers over the last
few quarters. They are also attractive takeover targets as their valuations are
more attractively priced than larger integrated and exploration and producing
competitors. The fourth quarter saw increased merger and acquisition activity,
witnessing a number of consolidations within the royalty trust sector and junior
exploration and production companies. This activity is expected to continue in
2008 as trusts look for accretive acquisitions of assets at improved metrics
prior to the 2011 Tax Fairness Plan implementation deadline.
In times of bear or volatile markets, investors tend to flock to bonds and
distribution paying stocks. On a risk adjusted basis, trusts are trading at
yields not seen since 2003. If the U.S. Federal Reserve and Bank of Canada
continue to cut interest rates to mitigate a downturn in the economy, these risk
adjusted yields will continue to improve and these stocks will increase their
appeal to investors.
Though natural gas prices were depressed throughout 2007 due to excess storage
levels and pressure from liquefied natural gas imports, prices have recently
risen in response to colder winter weather and the resulting depleting storage
levels. Valuations generally look favourable in gas-weighted trusts, but winter
weather will remain the short-term catalyst to sector performance. Crude oil
prices have risen to record levels and traded over US $100 per barrel recently.
However, further retraction in the United States and global growth will make it
difficult for commodity prices to remain at these levels.
Accounting Changes
On April 1, 2005, the Canadian Institute of Chartered Accountants ("CICA")
issued new financial reporting standards for the accounting and disclosure of
financial instruments. Of importance to investment funds are new definitions and
requirements for determining the fair value of financial instruments,
particularly investments. Since current securities regulations require that
investment funds calculate Net Asset Value Per Share ("NAVPS") in accordance
with Generally Accepted Accounting Principles ("GAAP"), these new standards
impact the way in which net asset value is determined. For securities quoted on
an open market, the new standards require the use of bid prices as opposed to
the closing prices previously used. Bid prices are normally less than closing
prices which will result in lower net asset values. Under the old rules,
transaction costs such as broker commissions could be added to the cost base of
investments purchased and deducted from the proceeds of investments sold. The
new rules require that these costs be expensed. These new standards were
effective for fiscal years beginning on or after October 1, 2006, therefore
effective January 1, 2007 for EnerVest. Securities regulators have granted
relief from the requirement to calculate NAVPS in accordance with GAAP. This
relief is in effect until the date on which legislation with respect to
calculating net asset value for purposes other than financial statements is
changed. The Canadian Securities Administrators have proposed amendments to
National Instrument 81-106 Investment Fund Continuous Disclosure, Form 81-106F1,
Companion Policy 81-106CP, and other related consequential amendments, which
modify the requirements regarding the calculation of net asset value following
the introduction of the new accounting standards. Specifically it allows for
investment funds to have two different net asset values: one for financial
statements using bid prices (referred to as "net assets" or "net assets per
unit"); and another for all other purposes using closing prices (referred to as
"net asset value" or "net asset value per unit"). During the temporary relief
period, EnerVest calculates NAVPS under the old method, specifically using
closing rather than bid prices, for all purposes other than financial
statements. This Management Report of Fund Performance has been completed based
on the proposed amendments and the 2007 annual financial statements have been
presented in accordance with the new accounting rules.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about EnerVest and
are intended to help you understand EnerVest's financial performance since
inception.
EnerVest's Net Assets per Unit (1)
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2007 2006
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Net assets, beginning of period $ 7.64 $ 10.00
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Increase (decrease) from operations:
Total revenue 0.69 0.53
Total expenses (0.36) (0.21)
Realized losses (0.04) (0.28)
Unrealized gains (losses) 1.94 (1.44)
Return of capital (0.05) (0.04)
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Total increase (decrease) from operations (2) : 2.18 (1.44)
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Distributions:
From net investment income (0.34) (0.31)
Return of capital (0.16) (0.02)
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Total distributions (3) (0.50) (0.33)
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Net assets, at December 31 $ 9.22 $ 7.64
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(1) This information is derived from EnerVest's audited annual financial
statements. The net assets per unit presented in the financial
statements differs from the net asset value calculated for fund pricing
purposes. An explanation of these differences can be found in the notes
to the financial statements.
(2) Net assets and distributions are based on the actual number of units
outstanding at the relevant time. The increase/decrease from operations
is based on the weighted average number of units outstanding over the
financial period.
(3) Distributions were paid in cash, reinvested in additional units of
EnerVest, or both.
(4) This schedule is not a reconciliation of net assets since it does not
reflect unitholder transactions as shown on the Statement of Changes in
Net Assets. Columns may therefore not add.
Ratios and Supplemental Data
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2007 2006
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Total net asset value (1) (5) $ 29,807,838 $ 37,714,203
Number of units outstanding (1) 3,224,309 4,934,828
Management expense ratio ("MER") excluding
issue costs and interest (2) 2.61% 2.43%
MER including issue costs and interest (2) 4.37% 10.75%
Trading expense ratio (3) 0.52% 0.47%
Portfolio turnover rate (4) 18.14% 26.79%
Net asset value per unit (5) $9.24 $7.64
Closing market price $8.35 $6.95
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(1) This information is provided as at December 31 of the year shown.
(2) Management expense ratio is based on total expenses (excluding
commissions and other portfolio transaction costs) for the stated period
and is expressed as an annualized percentage of daily average net asset
value during the period. The MER has been presented excluding and
including the cost of issuance of EnerVest units and interest expense on
the credit facility.
(3) The trading expense ratio represents total commissions and other
portfolio transaction costs expressed as an annualized percentage of
daily average net asset value during the period.
(4) EnerVest's portfolio turnover rate indicates how actively EnerVest's
portfolio advisor manages its portfolio investments. A portfolio
turnover rate of 100% is equivalent to EnerVest buying and selling all
of the securities in its portfolio once in the course of the year. The
higher a fund's portfolio turnover rate in a year, the greater the
trading costs payable by the fund in the year and the greater the chance
of an investor receiving taxable capital gains in the year. There is not
necessarily a relationship between a high turnover rate and the
performance of a fund.
(5) The net asset value and net asset value per unit calculated for fund
pricing purposes differs from the net assets and net assets per unit
presented in the financial statements. An explanation of these
differences can be found in the notes to the financial statements.
PAST PERFORMANCE
The performance data provided assumes that all distributions made by EnerVest in
the periods shown were reinvested in additional units of EnerVest and does not
take into account sales, distribution or other optional charges that would have
reduced returns or performance. Past performance does not necessarily indicate
how EnerVest will perform in the future.
Annual Compound Returns
The below table shows annual compound returns for the periods ended December 31,
2007 for EnerVest based on market price and net asset value and compared to the
S&P/TSX Capped Energy Trust and Capped Energy Indices.
EnerVest S&P/TSX
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Capped
Based on Based on Energy Capped
Market Net Asset Trust Energy
Price Value Index (1) Index(2)
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One year 31.2% 31.6% 3.3% 11.2%
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Since Inception (2.9)% 6.4% (6.3)% 1.1%
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(1) The S&P/TSX Capped Energy Trust Index, a subset of the S&P/TSX Income
Trust Index, is composed of income trusts whose primary business is
related to the exploration, extraction or production of natural
resources.
(2) The S&P/TSX Capped Energy Index is composed of firms whose primary
business is related to the exploration, extraction or production of
natural resources.
EnerVest's portfolio is predominately oil sands related. There is no known index
with a similar portfolio composition mix to which our performance can be easily
compared. EnerVest's portfolio consists mainly of royalty trusts making it most
comparable to the S&P/TSX Capped Energy Trust. Compared to a 3.3% increase in
this index, EnerVest's return based on its net assets was 31.6% . Based on its
market price, EnerVest's return was 31.2%, one of the highest of all Canadian
closed-end funds operating for the full year, largely due to the significant
appreciation of Athabasca Oil Sands Corp.
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio Breakdown
Oil Sands Related Issuers 80.17%
Oil and Gas Issuers 44.50%
Cash 0.32%
Liabilities, net of Other Assets (24.99%)
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Net Asset Value 100.00%
Top 25 Holdings
Issuer Name % of Net Assets
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Athabasca Oil Sands Corp. 19.25%
Canadian Oil Sands Trust 8.44%
Petrobank Energy and Resources Ltd. 8.20%
Crescent Point Energy Trust 7.72%
Black Diamond Income Fund 6.57%
Daylight Resources Trust 6.33%
Baytex Energy Trust 5.10%
Canadian Natural Resources Limited 4.87%
Progress Energy Trust 4.73%
Range Royalty Limited Partnership 4.56%
Oil Sands Underground Mining Corp. 4.54%
OPTI Canada Inc. 4.23%
Bonavista Energy Trust 4.11%
True Energy Trust 3.88%
Royal Utilities Income Fund 3.23%
North West Upgrading Inc. 3.21%
Enerplus Resources Fund 3.08%
Suncor Energy Inc. 2.53%
Wajax Income Fund 2.47%
Fort Chicago Energy Partners L.P. 2.18%
Fairborne Energy Ltd. 2.09%
Cross Oilsands Contracting Ltd. 1.94%
Finning International Inc. 1.92%
UTS Energy Corporation 1.81%
Deepwell Energy Services Trust 1.76%
Statements of Net Assets
December 31, 2007 and 2006
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2007 2006
$ $
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ASSETS
Investments 37,083,694 47,741,024
Cash 95,604 881,665
Distributions receivable 187,649 303,906
Prepaid interest 130,698 72,515
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37,497,645 48,999,110
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LIABILITIES
Credit facility 7,400,000 10,500,000
Liability for purchase of portfolio assets - 499,800
Distributions payable 134,454 205,782
Accounts payable to the Administrator 234,133 79,325
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7,768,587 11,284,907
NET ASSETS 29,729,058 37,714,203
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UNITS ISSUED AND OUTSTANDING 3,224,309 4,934,828
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NET ASSETS PER UNIT $9.22 $7.64
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Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2007 and the Period from Inception on
February 22, 2006 to December 31, 2006
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2007 2006
$ $
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INVESTMENT REVENUES
Distribution income 3,153,177 2,627,019
Interest income 21,214 28,891
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3,174,391 2,655,910
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EXPENSES
Administration and service fees 564,937 450,281
Interest on credit facility 490,292 329,653
Brokerage commissions 197,269 -
General and administrative 133,397 73,259
Directors' fees 66,375 61,834
Legal fees 58,629 11,592
Trustees' fees 47,445 38,354
Goods and services tax 43,958 38,730
Audit fees 36,134 26,442
Unitholder reporting costs 26,444 25,121
Custodial fees 3,080 6,031
Independent Review Committee fees and expenses 2,468 -
--------------------------
1,670,428 1,061,297
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NET INVESTMENT INCOME 1,503,963 1,594,613
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GAIN ON INVESTMENTS
Net realized loss on sale of portfolio assets (172,399) (1,423,435)
Net change in unrealized portfolio gains (losses) 8,884,011 (7,231,006)
Return of capital (256,115) (183,308)
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8,455,497 (8,837,749)
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INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 9,959,460 (7,243,136)
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WEIGHTED AVERAGE UNITS OUTSTANDING 4,576,539 5,019,168
--------------------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
PER UNIT $2.18 ($1.44)
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Statements of Changes in Net Assets
For the Year Ended December 31, 2007 and the Period from Inception on
February 22, 2006 to December 31, 2006
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2007 2006
$ $
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CASH FLOW FROM OPERATING ACTIVITIES
Net investment income 1,503,963 1,594,613
Cash proceeds on disposition of portfolio assets 27,578,963 14,009,139
Purchase of portfolio assets (8,689,120) (70,587,912)
Net change in non-cash working capital items (286,918) 202,704
--------------------------
20,106,888 (54,781,456)
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CASH FLOW FROM FINANCING ACTIVITIES
Cash proceeds on issuance of units - 50,595,180
Compensation paid on issuance of units - (3,025,993)
Offering costs on warrants issued (174,594)
Redemptions (13,662,613) -
Repurchase of units (1,656,526) (940,987)
Drawings on credit facility 3,100,000 12,500,000
Repayments on credit facility (6,200,000) (2,000,000)
Cash distributions to unitholders (2,299,216) (1,465,079)
--------------------------
(20,892,949) 55,663,121
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(DECREASE) INCREASE IN CASH (786,061) 881,665
CASH, BEGINNING OF PERIOD 881,665 -
--------------------------
CASH, END OF YEAR 95,604 881,665
--------------------------
SUPPLEMENTARY INFORMATION
Interest paid 548,475 402,168
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Statement of Investment Portfolio
December 31, 2007
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Average %
Units / Cost Fair Value of Net
Shares $ $ Assets
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OIL SANDS RELATED ISSUERS (80.30%)
Energy
Athabasca Oil Sands Corp.(i),
Warrants 850,000 - 5,737,500 19.30%
Canadian Natural Resources Limited 20,000 1,348,004 1,450,800 4.88%
Canadian Oil Sands Trust 65,000 2,050,124 2,513,550 8.45%
Oil Sands Underground Mining
Corp.(i) 166,700 500,100 1,351,937 4.55%
OPTI Canada Inc. 76,000 1,617,992 1,260,840 4.24%
Petrobank Energy and Resources Ltd 42,000 664,805 2,445,240 8.23%
Suncor Energy Inc. 7,000 659,980 755,370 2.54%
UTS Energy Corporation 100,000 753,910 538,000 1.81%
---------------------------------
7,594,915 16,053,237 54.00%
---------------------------------
Energy Equipment and Services
Cross Oilsands Contracting Ltd.(i) 142,800 499,800 571,200 1.92%
Cross Oilsands Contracting Ltd.
(i), Warrants 14,280 - 7,140 0.02%
Deepwell Energy Services Trust,
Cl. B 100,000 990,090 521,000 1.75%
Empire Industries Ltd. 1,000,000 450,000 430,000 1.45%
Engineered Drilling Solutions
Inc.(i) 200,000 400,000 266,000 0.89%
North West Upgrading Inc.(i) 225,000 900,000 956,250 3.22%
North West Upgrading Inc.(i),
Warrants 112,500 - - 0.00%
Sikanni Services Ltd. 1,235,000 708,026 197,600 0.66%
Sikanni Services Ltd., Warrants 617,500 32,975 - 0.00%
---------------------------------
3,980,891 2,949,190 9.91%
---------------------------------
Industrials
Black Diamond Income Fund 160,000 1,437,919 1,956,800 6.58%
Finning International Inc. 20,000 393,500 572,800 1.93%
Wajax Income Fund 23,000 929,190 737,150 2.48%
---------------------------------
2,760,609 3,266,750 10.99%
---------------------------------
Utilities
Fort Chicago Energy Partners L.P.,
Cl. A 60,000 702,964 649,800 2.19%
---------------------------------
702,964 649,800 2.19%
---------------------------------
Materials
Royal Utilities Income Fund 90,000 893,643 953,100 3.21%
---------------------------------
893,643 953,100 3.21%
---------------------------------
OIL AND GAS ISSUERS (44.44%)
Energy
Baytex Energy Trust 80,000 1,735,214 1,512,000 5.09%
Bonavista Energy Trust 43,000 1,467,527 1,220,340 4.10%
Crescent Point Energy Trust 92,804 1,970,134 2,291,331 7.71%
Daylight Resources Trust 260,850 4,571,773 1,875,512 6.31%
Enerplus Resources Fund 23,000 1,354,172 914,480 3.08%
Fairborne Energy Ltd. 95,000 1,427,207 618,450 2.08%
Focus Energy Trust 30,000 755,977 501,600 1.69%
Progress Energy Trust 130,000 2,216,656 1,406,600 4.73%
Range Royalty Limited
Partnership(i),Cl. B S1 85,000 1,496,000 1,360,000 4.57%
True Energy Trust 345,600 2,150,501 1,154,304 3.88%
Vault Energy Trust 100,000 568,537 357,000 1.20%
---------------------------------
19,713,698 13,211,617 44.44%
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35,646,720 37,083,694 124.74%
BROKERAGE COMMISSIONS (56,763) - 0.00%
---------------------------------
TOTAL INVESTMENT PORTFOLIO 35,589,957 37,083,694 124.74%
CASH & CASH EQUIVALENTS 95,604 0.32%
LIABILITIES, NET OF OTHER ASSETS (7,450,240) (25.06%)
---------------------
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NET ASSETS 29,729,058 100.00%
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(i) Indicates private company
EnerVest is an actively managed closed-end trust which invests in a diversified
portfolio of: (i) companies and income trusts involved directly and indirectly
in the Canadian oil sands; and (ii) traditional oil and gas royalty trusts.
EnerVest's investment objectives are to maximize total return through capital
appreciation in the portfolio and to provide Unitholders with a consistent
monthly cash distribution.
This news release contains certain forward looking statements that involve
substantial known and unknown risks and uncertainties, some of which are beyond
our control, including the impact of general economic conditions in Canada and
the United States, industry conditions, changes in laws and regulations,
including the Canadian Income Tax Act, fluctuations in interest rates, commodity
prices and foreign exchange, stock market volatility, and market valuations of
portfolio holdings. Our actual results, performance or achievement could differ
materially from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurances can be given that any of these events
anticipated by the forward looking statements will transpire or occur, or if any
of them do, what benefits, including the amount of proceeds, that we will derive
therefrom.
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