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 six month period ended June 30, 2008. The following is
an excerpt from the management report of fund performance and interim financial
statements of EnerVest for the six months ended June 30, 2008. The management
report of fund performance and interim 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
WTI crude oil and AECO natural gas prices increased 49% and 76%, respectively,
since the beginning of the year. The energy sector has enjoyed exceptional
performance from the strength in commodities thus far in 2008. EnerVest's
returns were 31.3% and 37.8% based on its market price and net asset value per
unit, respectively. The S&P/TSX Capped Energy Trust Index and S&P/TSX Capped
Energy Index had returns of 41.6% and 28.6%, respectively.
EnerVest's performance is largely attributable to a few key holdings, most
notably Athabasca Oil Sands Corp., a privately held company, which saw a
significant increase in value as the development of their oil sands project
continues. Though EnerVest divested a portion of its position during 2007 in
order to reduce concentration in the portfolio and fund redemptions, it still
represents the largest holding at 20.6% of net asset value. Baytex Energy Trust,
a heavy oil producing royalty trust, increased 83% in market price over the
period as a result of the very strong heavy oil pricing and narrowing
differentials. Other major contributors to EnerVest's performance include
Crescent Point Energy Trust, Daylight Resources Trust and Canadian Oil Sands
Trust.
The recent announcement on Nexen Inc. and OPTI Canada Inc.'s ("OPTI") Long Lake
project confirmed that initial bitumen production levels and steam-oil ratios
were in line with OPTI's expectations, generally above consensus expectations,
and further project development remains on track. OPTI shares currently trade at
a significant discount to their underlying asset value. By comparison, proven
oil sands operators such as Canadian Oil Sands Trust and Suncor Energy Inc. are
trading in line or at a premium to their underlying net asset value. It is
therefore the view of EnerVest's Investment Manager that the OPTI shares will
appreciate in value as the company demonstrates the commercial production
capability of its oil sands leases and that its upgrading technology works.
Four portfolio positions were the subject of mergers & acquisitions during the
period, as Focus Energy Trust was acquired by Enerplus Resources Fund, Royal
Utilities Income Fund was purchased by Sherritt International Corp. and the
Ontario Teachers' Pension Plan, Sikanni Services Ltd. merged with Irontree
Oilfield Services Corp. to form Enquest Energy Services Corp., and Vault Energy
Trust was bought by Penn West Energy Trust.
The royalty trust sector saw several distribution increases over the period,
including Baytex Energy Trust, Crescent Point Energy Trust, Daylight Resources
Trust, and Trilogy Energy Trust, as cash flows have increased greatly alongside
the higher oil and gas prices being realized this year. Though other trusts have
increased in value, distribution hikes have yet to materialize. This has
resulted in a decrease in the effective yield of the portfolio from 6.3% at
December 31, 2007 to 4.9% at June 30, 2008. Additional distribution increases
are expected should these higher commodity prices persist.
Portfolio
At June 30, 2008, Oil Sands Related Issuers were 58.4% of the portfolio based on
net asset value and net of liabilities, down from 64.1% at December 31, 2007.
Oil and Gas Issuers comprised 41.3% of the portfolio, up from 35.6% at December
31, 2007. Private companies were approximately 29.5% of the portfolio, the
majority attributable to the remaining position in Athabasca Oil Sands Corp.
Financial Performance
Investment revenues totalled $1.1 million (2007 - $1.6 million) during the
period, all on distribution income from portfolio holdings. Total expenses for
the period were $707,743 (2007 - $857,293), the largest being administration and
service fees of $260,063 (2007 - $281,093) and interest of $173,227 (2007 -
$268,415). Net investment income was $432,689 (2007 - $735,777) for the period.
Realized losses on dispositions totalled $265,592 (2007 - $358,489 gain), mostly
on sales of Fairborne Energy Ltd. and the Focus Energy Trust and Vault Energy
Trust corporate actions. The portfolio had unrealized gains of $12.4 million
(2007 - $2.7 million) during the period, the majority on the appreciation of
Athabasca Oil Sands Corp., Crescent Point Energy Trust, Daylight Resources Trust
and Baytex Energy Trust.
The increase in net assets from operations for the period was $12.6 million, or
$3.84 per unit (2007 - $3.8 million, or $0.77 per unit). Combined with net
proceeds of $3.6 million (2007 - nil) on the exercise of warrants, $779,882
(2007 - $779,829) paid on the purchase of EnerVest units under the mandatory
repurchase program and $831,052 (2007 - $1.2 million) in distributions paid to
unitholders during the period, net assets increased by $14.5 million (2007 -
$1.6 million) during the period. As at June 30, 2008, EnerVest's net assets were
$44.2 million, or $12.41 per unit, compared to net assets of $29.7 million, or
$9.22 per unit, at December 31, 2007.
On April 15, 2008, EnerVest renewed its $12.5 million 364-day revolving term
credit facility with its senior lender. The 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 the period, both
prime loans and bankers' acceptances were used. The cost of borrowing for
bankers' acceptances equals the discount to the face value of the bankers'
acceptance plus a stamping fee. Prime loans bear interest at prime. The maximum
borrowing during the period was $7.6 million while the minimum amount drawn was
$7.4 million. As at June 30, 2008, $7.6 million was outstanding, representing
17.2% of EnerVest's net assets or 14.9% 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 borrowing.
On October 23, 2007, EnerVest filed a final prospectus relating to a warrant
offering of 1,631,340 units available to all unitholders. One-half of one whole
warrant was issued for no consideration for each EnerVest unit held as of the
November 1, 2007 record date. Each whole warrant entitles the holder to purchase
one EnerVest unit at a price of $8.70 after January 1, 2008 but on or before
October 2, 2008. During the period, 420,945 warrants were exercised for net
proceeds of $3.6 million. At June 30, 2008, 1,210,395 warrants were outstanding.
It is expected that the remaining warrants outstanding will be exercised by the
October 2, 2008 expiry date based on the $8.70 exercise price and the current
trading price of EnerVest units. Warrants are listed and traded on the TSX under
the symbol EOS.WT.
Cash Distributions
EnerVest distributed $0.25 per unit during the period, 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
Though WTI and WCS heavy crude prices have increased 46% and 60% year to date,
respectively, valuations of oil & gas equities have lagged the increase in crude
prices since the beginning of the year. Strong diesel demand outside of North
America has driven oil prices upwards. Oil prices should be able to stabilize at
a higher average price if such demand from emerging markets continues. Canadian
heavy oil prices have benefited from heavy/light oil differentials significantly
narrowing over the six months.
As a group, oil sands companies have not performed as well as the more natural
gas oriented companies due to skepticism over the ability of crude prices to
remain at current levels. Environmental, regulatory and cost concerns have
further weighed on the group. The longer crude oil prices stay at elevated
levels, the more apparent the value of these projects will become which should
attract more attention from investors.
While the performance of royalty trusts has been very strong to date this year,
valuations continue to lag the significant rise in commodity prices. Although
volatility may persist, the combination of strong cash flows, reasonable service
costs, realistic payout ratios and strong balance sheets have combined to form a
favorable operating environment. The recent pullback amid the broader economic
concerns has led to a decline in equity prices while commodities have continued
to stay at or near new highs. This has occurred without any appreciable increase
from the Canadian dollar which had previously mitigated the increases in the
past year. This presents an opportunity to acquire good companies at reasonable
prices.
Sale of Administrator
On May 16, 2008, Canoe Financial LP indirectly acquired all of the issued and
outstanding shares of EnerVest Oil Sands Management Inc., the administrator of
EnerVest, from EnerVest Limited Partnership, an indirect subsidiary of Avenir
Diversified Income Trust. Cypress Capital Management Ltd. continues to act as
EnerVest's investment manager.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about EnerVest and
are intended to help you understand EnerVest's financial performance for the
periods shown.
EnerVest's Net Assets per Unit (1)
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2008 2007 2006
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Net assets, beginning of period $9.22 $7.64 $10.00
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Increase (decrease) from operations:
Total revenue 0.35 0.69 0.53
Total expenses (0.22) (0.36) (0.21)
Realized losses (0.08) (0.04) (0.28)
Unrealized gains (losses) 3.78 1.94 (1.44)
Return of capital 0.01 (0.05) (0.04)
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Total increase (decrease) from operations (2) : 3.84 2.18 (1.44)
----------------------------------------------------------------------------
Distributions:
From net investment income (0.13) (0.34) (0.31)
Return of capital (0.12) (0.16) (0.02)
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Total distributions (3) (0.25) (0.50) (0.33)
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Net assets, end of period (4) $12.41 $9.22 $7.64
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(1) This information is derived from EnerVest's audited annual financial
statements, except 2008 which is derived from the
unaudited interim 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 or reinvested in additional units of
EnerVest.
(4) This information is provided as at December 31 of the year shown,
except 2008 which is provided as at June 30.
(5) 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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2008 2007 2006
----------------------------------------------------------------------------
Total net asset value (1)(5) $ 44,348,991 $ 29,807,838 $ 37,714,203
Number of units outstanding (1) 3,565,143 3,224,309 4,934,828
Management expense ratio ("MER")
excluding issue costs and
interest (2) 3.04% 2.61% 2.43%
MER including issue costs and
interest (2) 4.57% 4.37% 10.75%
Trading expense ratio (3) 0.13% 0.52% 0.47%
Portfolio turnover rate (4) 8.33% 18.14% 26.79%
Net asset value per unit (5) $12.44 $9.24 $7.64
Closing market price $10.69 $8.35 $6.95
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(1) This information is provided as at December 31 of the year shown, except
2008 which is provided as at June 30.
(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 June 30,
2008 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
----------------------------------------------------------------------------
Capped
Based on Based on Energy Capped
Market Net Asset Trust Energy
Price Value Index (1) Index(2)
----------------------------------------------------------------------------
Six months 31.3% 37.8% 41.6% 28.6%
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One year 50.2% 63.7% 36.0% 28.2%
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Since Inception 10.5% 21.3% 11.3% 13.0%
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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 its performance can be easily
compared. EnerVest's portfolio consists mainly of royalty trusts making it more
comparable to the S&P/TSX Capped Energy Trust. Compared to the 41.6% increase in
this index, EnerVest's return based on its net asset value was 37.8%. EnerVest's
underperformance compared to this benchmark is largely attributable to its
relative underweight positions in Canadian Oil Sands Trust and Penn West Energy
Trust which appreciated 42.1% and 33.4%, respectively, over the period, offset
by EnerVest's gains on Athabasca Oil Sands Corp. which is not held in the index.
Based on its market price, EnerVest's return was 31.3%.
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio Breakdown
Oil Sands Related Issuers 67.12%
Oil and Gas Issuers 47.50%
Cash 0.29%
Liabilities, net of Other Assets (14.91%)
---------
Net Asset Value 100.00%
Top 25 Holdings
% of Net Asset
Issuer Name Value (1)
----------------------------------------------------------------------------
Athabasca Oil Sands Corp. 20.60%
Crescent Point Energy Trust 8.34%
Daylight Resources Trust 7.52%
Canadian Oil Sands Trust 7.01%
Baytex Energy Trust 6.28%
Bonavista Energy Trust 5.49%
Black Diamond Income Fund 5.36%
Enerplus Resources Fund 5.19%
Petrobank Energy and Resources Ltd. 4.44%
OPTI Canada Inc. 4.17%
Canadian Natural Resources Limited 4.14%
Progress Energy Trust 4.13%
True Energy Trust 3.53%
Oil Sands Underground Mining Corp. 3.05%
Fort Chicago Energy Partners L.P. 2.95%
Range Royalty Limited Partnership 2.87%
Trilogy Energy Trust 2.60%
North West Upgrading Inc. 2.37%
UTS Energy Corporation 2.35%
Suncor Energy Inc. 1.76%
Wajax Income Fund 1.72%
Penn West Energy Trust 1.55%
Deepwell Energy Services Trust 1.55%
TransCanada Corp. 1.33%
Cross Oilsands Contracting Ltd. 1.31%
(1) The above % of net asset value is based on closing market prices and
differs from the % of net assets presented in the Statement of
Investment Portfolio due to the use of bid prices used for financial
statement purposes.
The summary of investment portfolio may change due to ongoing portfolio
transactions of the investment fund. A quarterly update is available on our
website at www.enervest.com or can be requested by calling 1-800-459-3384 or
writing to EnerVest Oil Sands Management Inc., Suite 2800, 700 9th Avenue SW,
Calgary, Alberta, T2P 3V4.
Statements of Net Assets
----------------------------------------------------------------------------
As at June 30, Dec. 31,
2008 2007
(Unaudited)
$ $
----------------------------------------------------------------------------
ASSETS
Investments 50,734,014 37,083,694
Cash 127,701 95,604
Warrant proceeds receivable 1,150,062 -
Distributions receivable 176,914 187,649
Prepaid interest 66,336 130,698
----------------------------
52,255,027 37,497,645
----------------------------
LIABILITIES
Credit facility 7,600,000 7,400,000
Distributions payable 148,796 134,454
Accounts payable to the Administrator 224,017 234,133
Liability for mandatory purchase of units 33,591 -
---------------------------
8,006,404 7,768,587
---------------------------
NET ASSETS 44,248,623 29,729,058
---------------------------
UNITS ISSUED AND OUTSTANDING 3,565,143 3,224,309
---------------------------
NET ASSETS PER UNIT
Basic $12.41 $9.22
Diluted $11.42 $9.22
----------------------------------------------------------------------------
Statements of Operations and Comprehensive Income
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
2008 2007
(Unaudited) $ $
----------------------------------------------------------------------------
INVESTMENT REVENUES
Distribution income 1,140,432 1,593,070
EXPENSES
Administration and service fees 260,063 281,093
Interest on credit facility 173,227 268,415
General and administrative 53,335 66,860
Audit fees 45,627 22,710
Legal fees 37,949 66,363
Trustees' fees 35,555 35,202
Directors' fees 30,800 32,500
Unitholder reporting costs 25,773 24,286
Goods and services tax 21,308 29,959
Brokerage commissions 21,275 27,782
Custodial fees 1,766 1,573
Independent Review Committee fees and expenses 1,065 550
---------------------------
707,743 857,293
---------------------------
---------------------------
NET INVESTMENT INCOME 432,689 735,777
---------------------------
---------------------------
GAIN ON INVESTMENTS
Net realized (loss) gain on sale of investments (265,592) 358,489
Net change in unrealized portfolio gains
(losses) 12,371,037 2,749,589
Return of capital 14,332 (68,785)
---------------------------
12,119,777 3,039,293
---------------------------
---------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 12,552,466 3,775,070
---------------------------
---------------------------
WEIGHTED AVERAGE UNITS OUTSTANDING
Basic 3,269,272 4,874,327
Diluted 3,497,467 4,874,327
INCREASE IN NET ASSETS FROM OPERATIONS PER UNIT
Basic $3.84 $0.77
Diluted $3.59 $0.77
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
2008 2007
(Unaudited) $ $
----------------------------------------------------------------------------
NET ASSETS, BEGINNING OF PERIOD 29,729,058 37,714,203
---------------------------
FAIR VALUE ADJUSTMENT
Value adjustment to December 31,
2006 bid prices - (222,984)
---------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 12,552,466 3,775,070
UNITHOLDER TRANSACTIONS
Net proceeds on issuance of units on
exercise of warrants 3,578,033 -
Amounts paid for repurchase of units (779,882) (779,829)
Distributions to unitholders
- from net investment income (432,689) (735,777)
- from realized gains on sale of investments - (358,489)
- from return of capital (398,363) (123,915)
---------------------------
1,967,099 (1,998,010)
---------------------------
NET ASSETS, END OF PERIOD 44,248,623 39,268,279
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Statements of Cash Flows
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
2008 2007
(Unaudited) $ $
----------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Net investment income 432,689 735,777
Cash proceeds on disposition of investments 3,473,471 7,859,099
Purchase of investments (5,004,013) (7,694,332)
Net change in non-cash working capital items (1,051,492) (414,619)
---------------------------
(2,149,345) 485,925
---------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Cash proceeds from issuance of units on
exercise of warrants 3,662,222 -
Broker warrant exercise fees (84,189) -
Repurchase of units (779,882) (779,829)
Drawings on credit facility 200,000 700,000
Cash distributions to unitholders (816,709) (1,222,684)
---------------------------
2,181,442 (1,302,513)
---------------------------
INCREASE (DECREASE) IN CASH 32,097 (816,588)
CASH, BEGINNING OF PERIOD 95,604 881,665
---------------------------
CASH, END OF PERIOD 127,701 65,077
---------------------------
SUPPLEMENTARY INFORMATION
Interest paid 108,865 278,184
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----------------------------------------------------------------------------
Statement of Investment Portfolio
June 30, 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Average
Units / Cost Fair Value % of Net
(Unaudited) Shares $ $ Assets
----------------------------------------------------------------------------
OIL SANDS RELATED ISSUERS
(67.08%)
Energy
Athabasca Oil Sands Corp.(1),
Warrants 850,000 - 9,137,500 20.64%
Canadian Natural Resources
Limited 18,200 1,226,684 1,835,288 4.15%
Canadian Oil Sands Trust 56,500 1,781,472 3,089,985 6.98%
Oil Sands Underground
Mining Corp.(1) 166,700 500,100 1,351,937 3.06%
OPTI Canada Inc. 80,000 1,709,538 1,844,800 4.17%
Petrobank Energy and
Resources Ltd. 37,000 585,661 1,959,520 4.43%
Suncor Energy Inc. 13,200 622,267 781,440 1.77%
UTS Energy Corporation 175,000 1,172,410 1,041,250 2.35%
-----------------------------------------------
7,598,132 21,041,720 47.55%
-----------------------------------------------
Energy Equipment and Services
Cross Oilsands Contracting
Ltd.(1) 142,800 499,800 571,200 1.29%
Cross Oilsands Contracting
Ltd.(1), Warrants 14,280 - 7,140 0.02%
Deepwell Energy Services
Trust, Cl. B 120,000 1,088,490 656,400 1.48%
Empire Industries Ltd. 1,000,000 450,000 410,000 0.93%
Engineered Drilling
Solutions Inc.(1) 200,000 400,000 266,000 0.60%
Enquest Energy Services Corp. 41,166 708,025 214,063 0.48%
Enquest Energy Services
Corp., Warrants 617,500 32,975 - 0.00%
North West Upgrading Inc.(1) 247,500 900,000 1,051,875 2.38%
TransCanada Corporation 15,000 556,753 591,900 1.34%
-----------------------------------------------
4,636,043 3,768,578 8.52%
-----------------------------------------------
Industrials
Black Diamond Income Fund 160,000 1,369,911 2,376,000 5.37%
Finning International Inc. 17,000 334,475 433,330 0.98%
Wajax Income Fund 23,000 929,190 762,220 1.72%
-----------------------------------------------
2,633,576 3,571,550 8.07%
-----------------------------------------------
Utilities
Fort Chicago Energy Partners
L.P., Cl. A 120,000 1,368,214 1,302,000 2.94%
-----------------------------------------------
1,368,214 1,302,000 2.94%
-----------------------------------------------
----------------------------------------------------------------------------
OIL AND GAS ISSUERS (47.58%)
Energy
Baytex Energy Trust 80,000 1,735,214 2,782,400 6.29%
Bonavista Energy Trust 65,000 2,235,814 2,434,250 5.50%
Crescent Point Energy Trust 91,604 1,937,155 3,692,557 8.35%
Daylight Resources Trust 275,850 4,739,052 3,329,510 7.52%
Enerplus Resources Fund 48,750 2,514,058 2,300,025 5.20%
Penn West Energy Trust 20,000 592,172 689,000 1.56%
Progress Energy Trust 126,000 2,152,004 1,832,040 4.14%
Range Royalty Limited
Partnership(1),Cl. B S1 85,000 1,496,000 1,275,000 2.88%
Trilogy Energy Trust 85,000 1,088,680 1,154,300 2.61%
True Energy Trust 355,600 2,221,125 1,561,084 3.53%
-----------------------------------------------
20,711,274 21,050,166 47.58%
-----------------------------------------------
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36,947,239 50,734,014 114.66%
BROKERAGE COMMISSIONS (77,999) - 0.00%
-------------------------------------
TOTAL INVESTMENT PORTFOLIO 36,869,240 50,734,014 114.66%
CASH & CASH EQUIVALENTS 127,701 0.29%
LIABILITIES, NET OF OTHER ASSETS (6,613,092) (14.95%)
-----------------------
NET ASSETS 44,248,623 100.00%
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(1) 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.
Meritus Minerals Ltd (TSXV:MER)
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