EnerVest Energy and Oil Sands Total Return Trust TSX : EOS.UN

February 02, 2009 15:52 ET

Important Reminder for Unitholders of EnerVest Energy and Oil Sands Total Return Trust

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

EnerVest Energy and Oil Sands Total Return Trust (the "Fund") (TSX:EOS.UN) today provided unitholders with an important reminder on the pending redemption of units of the Fund.

Option to Withdraw Redemption Request

Unitholders who wish to withdraw their redemption request can do so by notifying their investment advisor to deliver a written notice to The Canadian Depository for Securities Limited ("CDS") of their intention to withdraw their redemption request. Such notice must be received by CDS prior to the Redemption Date

Background

- On October 2, 2008, unitholders had submitted redemption requests for approximately 2.3 million units, representing approximately 60% of the issued and outstanding units.

- On October 29, 2008, EnerVest Oil Sands Management Inc., (the "Administrator") concluded that, in light of market conditions at that time, it was impractical to sell sufficient securities to raise the required redemption proceeds by the initial deadline of October 31, 2008 and as such, the redemption was suspended for up to 120 days or on or before February 28, 2009 (the "Redemption Date").

- Given continued depressed market conditions in the equity and crude oil markets, as well as a limited market for selling private securities, the Administrator has been unable to sell sufficient securities to raise the required redemption proceeds. Although the Administrator will continue to seek buyers, there is no certainty that a reasonable price, if any, can be obtained prior to the February 28, 2009 deadline. If it is unable to receive a reasonable price, the Administrator will be required to write down the value of these securities, thereby further reducing the net asset value of the Fund, and the value of proceeds to be received upon redemption.

- Based on these conditions the Fund is reminding unitholders who have submitted a redemption request that they have the right to withdraw their request.

Redemption Price Calculation

If unitholders wish to continue with their redemption, the redemption price will be calculated on the Redemption Date and will be paid within 15 business days of the Redemption Date. The redemption price will equal the average net asset value per unit on the three business days immediately preceding the Redemption Date, less the total of estimated brokerage fees and other costs associated with the disposition of a corresponding amount of the portfolio securities to fund the redemption.

Ongoing Distributions

Any and all Fund Units that have been surrendered for redemption shall be deemed to be outstanding until the suspension is lifted and will receive any declared distributions up until the Redemption Date.

The Fund 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 natural gas royalty trusts. The Fund's investment objectives are to maximize total return through capital appreciation in the portfolio and to provide Unitholders with a consistent monthly cash distribution.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Oil Sands Management Inc.'s (the "Administrator") 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 Administrator 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 Administrator 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.