NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA.
EnerVest Oil Sands Management Inc., the manager of EnerVest Energy and Oil Sands
Total Return Trust (TSX:EOS.UN), is pleased to announce the financial results
for the six month period ended June 30, 2007. The following is an excerpt from
the interim management report of fund performance and interim financial
statements of EnerVest for the six month period ended June 30, 2007. The interim
report, which includes the entire interim 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
The second quarter of 2007 was considerably more bullish for oil and gas royalty
trusts than was the first quarter resulting in the S&P/TSX Capped Energy Trust
Index increasing 7.6% year to date. For the six months ended June 30, 2007,
EnerVest units have increased 14.7% and 10.8% based on market price and net
asset value, respectively.
Royalty trusts have benefited from higher energy prices and increased activity
thus far in 2007. Current forecast weakness in natural gas prices has some
trusts trading below their net asset values. Those with investments outside of
Canada (i.e. some pipeline trusts) have seen an immediate decline in their
income and net asset values as their foreign income has diminished with the
current strength in the Canadian dollar. Many of those affected have financed
with foreign debt and/or have hedged against the currency to mitigate currency
risk.
Crude oil prices rose significantly in the second quarter of 2007 and current
prices are near record highs. Conversely, significant liquefied natural gas
imports and US land-based supply have caused natural gas prices to weaken.
Though the rise in the Canadian dollar might negatively impact revenues, the
lower natural gas prices should result in lower operating costs for oil sands
operators.
As of June 30, 2007, oil sands land sales have approached 90% of annual 2006
sales and prices of recent sales have jumped to levels not seen since the land
rush in 2005 and early 2006.
The labour market remains tight in the oil sands. There is active collective
bargaining ongoing, however some unions are voting to support a strike which is
of potential concern to oil sands and related companies.
Our long-term commodity price forecast remains bullish; the current strength in
the crude markets seems more attributable to supply and demand fundamentals than
geopolitical events. The Canadian oil sands has emerged as one of the few growth
areas for supply in the next decade that is secure from geopolitical risks such
as experienced in the Middle East, Africa, Russia and Venezuela. Additionally,
Canada does not have the transportation risks that are naturally inherent in
other areas of the world.
An attractive feature of the oil sands is that none of the super majors or
national oil companies has a monopoly over these assets. This allows for a broad
range of small-, mid- and large-cap companies to be involved which makes this
sector prone to merger and acquisition activity which further supports
valuations. A natural trend of this evolving resource is that larger companies
may eventually want to have greater exposure and early stage companies can
therefore be expected to benefit from this evolution. EnerVest's portfolio
remains diversified and is invested in a wide range of companies, from companies
participating in early stage land acquisition to companies that are already well
established producers, as well as peripheral players who participate in supply
and service roles.
Portfolio
At June 30, 2007, Oil Sands Related Issuers were 53.7% of the portfolio based on
net assets and net of liabilities, down from 61.8% at December 31, 2006. Oil and
Gas Issuers comprised 46.2% of the portfolio, up from 35.9% at December 31,
2006. Private companies held in the portfolio are approximately 20.4% of the
portfolio. Athabasca Oil Sands Corp. ("Athabasca") is a private company held in
EnerVest's portfolio. During July, Athabasca began marketing a share issue
financing at $7 per share and had not yet closed as of the date of this report.
The valuation of Athabasca will be revised when or if Athabasca has successfully
completed their offering. (Note: The date of the Management Report of Fund
Performance was August 8, 2007. Athabasca completed the $7 per share offering on
August 21, 2007)
Financial Performance
Investment revenues totalled $1.6 million for the period, all from distribution
income on portfolio holdings. Distributions from portfolio assets are currently
yielding 6.7% annually, down slightly from the 7.0% yield at December 31, 2006.
Total expenses for the period were $857,293, the largest being administration
and service fees of $281,093 and interest of $268,415. Net investment income was
$735,777 for the period.
Realized gains on dispositions during the period totalled $358,489. The
portfolio had unrealized gains of $2.7 million during the period. Return of
capital on distributions received for the period totalled $68,785.
The increase in net assets from operations for the period was $3.8 million, or
$0.77 per unit. As at June 30, 2007, EnerVest's net assets totalled $39.3
million, or $8.14 per unit, after distributions of $1.2 million were paid or
payable to unitholders during the period.
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, base rate Canada loans, LIBOR loans, bankers' acceptances, or any
combination thereof. During the period ended June 30, 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 the six month period ended June
30, 2007, totalled $11.2 million while the minimum amount drawn was $10.5
million. As at June 30, 2007, $11.2 million was outstanding, representing 28.5%
of EnerVest's net asset value or 22.2% 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 $0.25 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
Income Trust Tax
Bill C-52, an Act to implement certain provisions of the budget tabled in
Parliament on March 19, 2007, was given Royal Assent on June 22, 2007 thereby
passing into law the Conservative's "Tax Fairness Plan" including the proposed
tax on income trusts. Though this has removed some of the uncertainty on this
issue since its October 31st announcement, further clarification is required on
such areas as conversion of trusts into corporate structures, REIT exemptions
and allowable growth. Until these issues are clarified many trusts will not be
able to make strategic decisions on their future direction.
Investment Fund Governance Legislation
During 2006, Canadian securities regulators passed legislation requiring
independent oversight over the management of Canadian investment funds. National
Instrument 81-107 Independent Review Committee for Investment Funds ("NI
81-107") came into effect on November 1, 2006. Under NI 81-107, an Independent
Review Committee ("IRC") was required to be established by May 1, 2007. The
initial members appointed to EnerVest's IRC are Allen Clarke (Chairman), Dr.
William Byrne, and Catherine Brown. The main responsibility of the IRC is to
govern over perceived conflicts of interest between investment funds, their
managers and related third parties. Policies and procedures are to be adopted no
later than November 1, 2007 and investment funds must be in full compliance of
NI 81-107 at that time. EnerVest has made significant strides in the formation
of its IRC and its policies and will meet each implementation date requirement.
New CICA Financial Instrument Standards
On April 1, 2005, the Canadian Institute of Chartered Accountants 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 currently 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 applying the new accounting standards in calculating NAVPS for all
purposes other than financial statements. This relief is in effect until the
earlier of September 30, 2007 and the date on which legislation with respect to
calculating net asset value for purposes other than financial statements is
changed. The Canadian Securities Administrators are currently seeking comments
on proposed amendments to National Instrument 81-106 Investment Fund Continuous
Disclosure, Form 81-106F1, Companion Policy 81-106CP and other related
consequential amendments. The proposed amendments 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"). The comment period expires on August 31, 2007. 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 interim 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)
----------------------------------------------------------------------------
2007 2006
----------------------------------------------------------------------------
Net assets, beginning of period $7.64 $10.00
----------------------------------------------------------------------------
Increase (decrease) from operations:
Total revenue 0.33 0.53
Total expenses (0.18) (0.21)
Realized gains (losses) for period 0.07 (0.28)
Unrealized gains (losses) for period 0.56 (1.44)
Return of capital (0.01) (0.04)
----------------------------------------------------------------------------
Total increase (decrease) from operations (2) : 0.77 (1.44)
----------------------------------------------------------------------------
Distributions:
From net investment income (0.15) (0.31)
From capital gains (0.07) -
Return of capital (0.03) (0.02)
----------------------------------------------------------------------------
Total distributions (3) (0.25) (0.33)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net assets, end of period (4) $8.14 $7.64
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) This information is derived from EnerVest's audited annual financial
statements, except for 2007 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, reinvested in additional units of
EnerVest, or both.
(4) This information is provided as at December 31 of the year shown,
except 2007 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
----------------------------------------------------------------------------
2007 2006
----------------------------------------------------------------------------
Total net asset value (1) $ 39,574,611 $ 37,714,203
Number of units outstanding (1) 4,826,845 4,934,828
Management expense ratio ("MER") excluding
issue costs and interest (2) 3.00% 2.43%
MER including issue costs and interest (2) 4.43% 10.75%
Trading expense ratio (3) 0.15% 0.47%
Portfolio turnover rate (4) 15.78% 26.79%
Net asset value per unit $ 8.20 $ 7.64
Closing market price $ 7.71 $ 6.95
----------------------------------------------------------------------------
(1) This information is provided as at December 31 of the year shown, except
2007 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.
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.
Year-by-Year Returns
The table below shows EnerVest's annual performance for each of the years shown
and illustrates how EnerVest's performance has changed from year to year. This
table shows in percentage terms how much an investment made on January 1 of each
year (except 2006 which uses the inception date of April 13, 2006) would have
grown or decreased by December 31 of the same year (except 2007 which ends June
30).
----------------------------------------------------------------------------
2007 2006
----------------------------------------------------------------------------
Returns based on market price 14.7% (27.5%)
Returns based on net asset value 10.8% (15.4%)
----------------------------------------------------------------------------
Annual Compound Returns
The below table shows annual compound returns for the periods ended June 30,
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
----------------------------------------------------------------------------
Capped
Based on Based on Energy Capped
Market Net Asset Trust Energy
Price Value Index (1) Index(2)
----------------------------------------------------------------------------
Six months 14.7% 10.8% 7.6% 11.5%
One year (7.4)% (2.5)% 9.8% (4.9)%
Since Inception (14.1)% (5.2)% (5.6)% 1.8%
----------------------------------------------------------------------------
(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 7.6% increase in
this index, EnerVest's return based on its net assets was 10.8%. Based on its
market price, EnerVest's return was 14.7%, the result of a decrease in the
discount between the trust's market price and its net asset value. At December
31, 2006, EnerVest units traded at a 9.0% discount to its net asset value. The
discount has decreased to 6.0% at June 30, 2007.
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio Breakdown
Oil Sands Related Issuers 68.99%
Oil & Gas Issuers 59.34%
Cash 0.16%
Liabilities Net of other Assets (28.49%)
Net Assets 100.00%
Top 25 Holdings
Issuer Name % of Net Assets
----------------------------------------------------------------------------
Athabasca Oil Sands Corp. 8.66%
Canadian Oil Sands Trust 6.45%
Baytex Energy Trust 5.93%
True Energy Trust 5.93%
Daylight Resources Trust 5.60%
OPTI Canada Inc. 5.20%
Progress Energy Trust 4.88%
Canadian Natural Resources Limited 4.85%
Black Diamond Income Fund 4.81%
Bonavista Energy Trust 4.68%
Penn West Energy Trust 4.53%
Oil Sands Underground Mining Corp. 4.25%
Crescent Point Energy Trust 4.14%
Western Oil Sands Inc. 4.07%
Fort Chicago Energy Partners L.P. 3.59%
Enerplus Resources Fund 3.55%
Paramount Energy Trust 3.44%
Trilogy Energy Trust 3.17%
Royal Utilities Income Fund 3.15%
Petrobank Energy & Resources Ltd. 3.06%
Range Royalty Limited Partnership 3.03%
Fairborne Energy Trust 2.83%
Wajax Income Fund 2.63%
North West Upgrading Inc. 2.43%
Paramount Resources Ltd. 2.36%
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, 2007 Dec. 31, 2006
----------------------------------------------------------------------------
(Unaudited)
$ $
----------------------------------------------------------------------------
ASSETS
Investments 50,392,566 47,741,024
Cash 65,077 881,665
Distributions receivable 269,412 303,906
Prepaid interest 82,284 72,515
------------------------------
50,809,339 48,999,110
------------------------------
LIABILITIES
Credit facility 11,200,000 10,500,000
Liability for purchase of portfolio assets - 499,800
Distributions payable 201,279 205,782
Accounts payable and accrued liabilities 139,781 79,325
------------------------------
11,541,060 11,284,907
------------------------------
NET ASSETS 39,268,279 37,714,203
------------------------------
UNITS ISSUED AND OUTSTANDING 4,826,845 4,934,828
------------------------------
NET ASSETS PER UNIT $8.14 $7.64
------------------------------
Statements of Operations
For the Six Month Period Ended June 30, 2007 and the Period from Inception
on February 22, 2006 to June 30, 2006
----------------------------------------------------------------------------
2007 2006
(Unaudited) $ $
----------------------------------------------------------------------------
INVESTMENT REVENUES
Distribution income 1,593,070 786,954
Interest income - 28,678
------------------------------
1,593,070 815,632
------------------------------
EXPENSES
Administration and service fees 281,093 145,791
Interest on credit facility 268,415 44,795
General and administrative 72,000 22,726
Legal fees 66,363 2,165
Trustees' fees 35,202 8,658
Directors' fees 32,500 8,225
Goods and services tax 29,959 14,049
Brokerage commissions 27,782 -
Audit fees 22,710 4,328
Unitholder reporting costs 19,696 6,493
Custodial fees 1,573 1,306
------------------------------
857,293 258,536
------------------------------
NET INVESTMENT INCOME 735,777 557,096
------------------------------
GAIN ON INVESTMENTS
Net realized gains on sale of portfolio
assets 358,489 187,445
Net change in unrealized portfolio losses 2,749,589 (2,446,979)
Return of capital (68,785) (96,881)
------------------------------
3,039,293 (2,356,415)
------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS 3,775,070 (1,799,319)
------------------------------
WEIGHTED AVERAGE UNITS OUTSTANDING 4,874,327 5,043,697
------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
PER UNIT $0.77 ($0.36)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Month Period Ended June 30, 2007 and the Period from Inception
on February 22, 2006 to June 30, 2006
----------------------------------------------------------------------------
2007 2006
(Unaudited) $ $
----------------------------------------------------------------------------
NET ASSETS, BEGINNING OF PERIOD 37,714,203 -
------------------------------
FAIR VALUE ADJUSTMENT
Value adjustment as at December 31, 2006 to bid
prices (222,984) -
------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS 3,775,070 (1,799,319)
------------------------------
UNITHOLDER TRANSACTIONS
Net proceeds on issuance of units - 47,511,833
Amounts paid for repurchase of units (779,829) -
Distributions to unitholders
- from net investment income (735,777) (234,519)
- from realized gains on sale of portfolio
assets (358,489) (187,445)
- from return of capital (123,915) -
------------------------------
(1,998,010) 47,089,869
------------------------------
NET ASSETS, END OF PERIOD 39,268,279 45,290,550
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Statements of Cash Flows
For the Six Month Period Ended June 30, 2007 and the Period from Inception
on February 22, 2006 to June 30, 2006
----------------------------------------------------------------------------
(Unaudited) 2007 2006
----------------------------------------------------------------------------
$ $
----------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Net investment income 735,777 557,096
Cash proceeds on disposition of portfolio assets 7,859,099 26,742,970
Purchase of portfolio assets (7,694,332) (85,851,057)
Net change in non-cash working capital items (414,619) (289,622)
------------------------------
485,925 (58,840,613)
------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Cash proceeds on issuance of units - 50,595,180
Compensation paid on issuance of units - (3,083,347)
Repurchase of units (779,829) -
Drawings on credit facility 700,000 11,600,000
Cash distributions to unitholders (1,222,684) (210,982)
------------------------------
(1,302,513) 58,900,851
------------------------------
(DECREASE) INCREASE IN CASH (816,588) 60,238
CASH, BEGINNING OF PERIOD 881,665 -
------------------------------
CASH, END OF PERIOD 65,077 60,238
------------------------------
SUPPLEMENTARY INFORMATION
Interest paid 278,184 134,317
----------------------------------------------------------------------------
Statement of Investment Portfolio
June 30, 2007
(Unaudited)
----------------------------------------------------------------------------
Average
Units / Cost Fair Value % of Net
Shares $ $ Assets
----------------------------------------------------------------------------
OIL SANDS RELATED ISSUERS (68.99%)
Energy
Athabasca Oil Sands Corp.(1) 935,000 858,500 2,337,500 5.95%
Athabasca Oil Sands Corp.(1),
Warrants 850,000 - 1,062,500 2.71%
Canadian Natural Resources
Limited 27,000 1,819,806 1,905,660 4.85%
Canadian Oil Sands Trust 77,000 2,430,974 2,534,070 6.45%
Cross Oilsands Contracting
Ltd.(1) 142,800 499,800 389,844 0.99%
Cross Oilsands Contracting
Ltd. (1), Warrants 14,280 - - 0.00%
Oil Sands Underground Mining
Corp.(1) 166,700 500,100 1,667,000 4.25%
OPTI Canada Inc. 90,000 1,992,356 2,043,900 5.20%
Petrobank Energy & Resources Ltd. 45,000 712,291 1,200,600 3.06%
Suncor Energy Inc. 8,000 754,263 765,360 1.95%
UTS Energy Corporation 100,000 753,910 602,000 1.53%
Western Oil Sands Inc., Cl. A 45,000 1,408,475 1,597,500 4.07%
----------------------------------
11,730,475 16,105,934 41.01%
----------------------------------
Energy Equipment and Services
Deepwell Energy Services Trust,
Cl. B 137,300 1,359,394 858,125 2.19%
Empire Industries Ltd. 1,000,000 450,000 450,000 1.15%
Engineered Drilling Solutions
Inc.(1) 200,000 400,000 400,000 1.02%
Flint Energy Services Ltd. 20,000 580,000 570,000 1.45%
North West Upgrading Inc.(1) 225,000 900,000 956,250 2.43%
North West Upgrading Inc.(1),
Warrants 112,500 - - 0.00%
Pure Energy Services Ltd. 25,400 636,270 270,510 0.69%
Sikanni Services Ltd. 1,235,000 708,026 716,300 1.82%
Sikanni Services Ltd., Warrants 617,500 32,975 - 0.00%
----------------------------------
5,066,665 4,221,185 10.75%
----------------------------------
Industrials
Black Diamond Income Fund 165,000 1,567,533 1,887,600 4.81%
Drive Products Income Fund 75,000 743,842 427,500 1.09%
Finning International Inc. 20,000 393,500 601,800 1.53%
TORR Canada Inc. 242,400 399,960 169,680 0.43%
Wajax Income Fund 28,000 1,131,188 1,030,960 2.63%
----------------------------------
4,236,023 4,117,540 10.49%
----------------------------------
Utilities
Fort Chicago Energy Partners
L.P., Cl. A 135,000 1,599,966 1,410,750 3.59%
----------------------------------
1,599,966 1,410,750 3.59%
Materials
Royal Utilities Income Fund 100,000 998,605 1,235,000 3.15%
----------------------------------
998,605 1,235,000 3.15%
----------------------------------
OIL AND GAS ISSUERS (59.34%)
Energy
Baytex Energy Trust 110,000 2,385,919 2,329,800 5.93%
Bonavista Energy Trust 60,000 2,107,111 1,836,000 4.68%
Crescent Point Energy Trust 82,804 1,784,634 1,624,614 4.14%
Daylight Resources Trust 215,850 4,270,817 2,197,353 5.60%
Enerplus Resources Fund 28,000 1,649,734 1,395,520 3.55%
Fairborne Energy Trust 135,000 2,028,136 1,112,400 2.83%
Focus Energy Trust 50,000 1,259,961 875,500 2.23%
Paramount Energy Trust 115,000 1,401,250 1,352,400 3.44%
Paramount Resources Ltd., Cl. A 45,000 1,863,081 926,550 2.36%
Penn West Energy Trust 50,050 2,104,219 1,777,776 4.53%
Progress Energy Trust 150,000 2,562,584 1,917,000 4.88%
Range Royalty Limited
Partnership,(1) Cl. B S1 85,000 1,496,000 1,190,000 3.03%
Shiningbank Energy Income Fund 50,000 882,825 684,000 1.74%
Trilogy Energy Trust 130,000 2,522,529 1,244,100 3.17%
True Energy Trust 405,600 2,581,304 2,328,144 5.93%
Vault Energy Trust 100,000 568,537 511,000 1.30%
----------------------------------
31,468,641 23,302,157 59.34%
----------------------------------------------------------------------------
55,100,375 50,392,566 128.33%
BROKERAGE COMMISSIONS (3,408) - -
----------------------------------
TOTAL INVESTMENT PORTFOLIO 55,096,967 50,392,566 128.33%
CASH & CASH EQUIVALENTS 65,077 0.16%
LIABILITIES, NET OF OTHER ASSETS (11,189,364) (28.49%)
----------------------
NET ASSETS 39,268,279 100.00%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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.
Forward Looking Statements
This document 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
income and royalty trusts. 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 the events
anticipated by these forward looking statements will transpire or occur, or if
any of them do, what benefits, including the amount of proceeds, will be derived
therefrom.
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