EnerVest Natural Resource Fund Ltd. Announces Financial Results for the Six Month Period Ended June 30, 2008

CALGARY, ALBERTA–(Marketwire – Aug. 22, 2008) – EnerVest Natural Resource Fund Ltd. (“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 month period ended June 30, 2008. The interim report, which includes the entire management report of fund performance and financial statements, can be found on our website at www.enervest.com or on SEDAR at www.sedar.com.

MANAGEMENT DISCUSSION 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 return was 42.1% for the period, outperforming its benchmark S&P/TSX Capped Energy Index return of 28.6% and the Globe Natural Resources Peer Index return of 19.0%. EnerVest’s superior performance is attributable to the portfolio’s concentration in small and mid-cap energy companies which outperformed the large cap exploration and production companies and integrated producers. The junior energy exploration and production companies were able to rebound from their depressed 2007 valuations caused by a host of issues which plagued the sector, notably the Alberta Royalty Regime and lower commodity prices.

Two new areas within the Western Canadian Sedimentary Basin (“WCSB”), the Montney tight gas play in northeastern British Columbia and the Bakken light oil discovery in southeastern Saskatchewan, have garnered much attention this year. These areas have received renewed interest as recent advancements in horizontal fracturing technology have produced good results and are demonstrating that companies may be able to unlock more potential from the declining WCSB. The fund holds a number of companies that are involved in these areas of development which have contributed excellent returns year to date.

There have been a number of takeovers in the first half of 2008, with smaller and mid-sized companies combining for better leverage, income trusts acquiring companies to increase production, and senior producers acquiring smaller companies to augment land position in key areas. The fund held a number of companies involved in takeovers, including Berkana Energy Corp. purchased by Quatro Resources Inc., Bulldog Resources Inc. acquired by TriStar Oil and Gas Ltd., Burmis Energy Inc. bought by Baytex Energy Trust, Cyries Energy Inc. acquired by Iteration Energy Ltd., ExAlta Energy Inc. acquired by Galleon Energy Inc., Pacific Stratus Energy Ltd. purchased by Pacific Rubiales Energy Corp., RSX Energy Inc. acquired by Talisman Energy Inc., and Rider Resources Ltd. purchased by NuVista Energy Ltd.

On April 30, 2008, EnerVest issued 1.7 million mutual fund shares totaling $25.8 million in exchange for the investments of EnerVest FTS Limited Partnership 2006 (“FTS 2006″) and EnerVest FTS Limited Partnership 2006 II (“FTS 2006 II”), based on EnerVest’s net asset value of $15.06 per share and the net asset values of FTS 2006 and FTS 2006 II on that date. The general partners of FTS 2006 and FTS 2006 II were owned by EnerVest Management Ltd., the owner of EnerVest’s management company. The transaction with FTS 2006 and FTS 2006 II has been measured at fair value.

The fund experienced redemptions of $11.7 million during the period, largely the result of new shareholders seeking liquidity after the rollovers of FTS 2006 and FTS 2006 II into the fund. These redemptions required significant investment sales in order to fund, typically resulting in the disposition of more liquid assets such as the mid to large cap producers.

Portfolio

EnerVest focuses on well-managed companies that display strong balance sheets and flexible capital programs. EnerVest’s investment portfolio is segregated by market capitalization. At June 30, 2008, large capitalized companies represented 26.4% of the portfolio, down from 32.4% at December 31, 2007 due to sales required to fund redemptions. Emerging and junior companies combined accounted for 42.8% of the portfolio, down from 53.3%. Intermediate mid-cap producers increased from 5.2% at December 31, 2007 to 22.2% at June 30, 2008, the combined effect of corporate actions and increasing valuations moving junior companies into this market cap. Private companies were 8.3% of the portfolio at period end.

Financial Performance

Investment revenues totalled $53,568 for the period, an increase of $21,416 over 2007 largely on distributions received from Canadian Oil Sands Trust which was not held during the comparative period. Total expenses were $600,121, of which management fees of $419,794 accounted for 70%. Management fees are based on EnerVest’s daily net asset values, therefore an increase in net asset value results in an increase in management fees. The $72,728 increase in management fees is due to higher daily net asset values during the period as compared to 2007. All other expenses totalled $180,327 for the period. Since these expenses are capped at 0.7% of the daily net asset value of the fund, the increase over the prior year is also the result of higher daily net asset values.

EnerVest had net realized capital gains of $2.4 million, the largest gains coming from the acquisition of Bulldog Resource Inc. by TriStar Oil and Gas Ltd. and sales of Talisman Energy Inc. Unrealized gains in the portfolio increased by $11.8 million due to the significant appreciation in valuations, particularly in the emerging and junior holdings, resulting from the considerable increase in commodity prices.

The increase in net assets from operations for the period was $13.6 million, or $5.43 per share. Proceeds on the issuance of shares were $26.3 million, significantly greater than the $11.7 million in redemptions. As a result of the increase from operations and the net inflow of $14.6 million on shareholder transactions, net assets have increased $28.3 million since December 31, 2007. As at June 30, 2008, EnerVest’s net assets totalled $55.1 million, or $17.29 per share.

Recent Developments

The natural resource industry has experienced material change during the period, with stronger commodity prices, lower finding and development costs and improved transaction costs contributing to bring valuations to a reasonable level, especially in the junior and mid-cap energy sectors.

The recent strength in crude oil prices has been greater than anticipated, however it remains consistent with long term supply and demand fundamentals. While there has been much talk of the crude oil/ US dollar hedge adding a speculative premium to the current commodity price levels, the longer term view will be focused on tight supply issues. With the crude oil market remaining tight, disappointing non-OPEC supply side response and no evidence to date of demand destruction, there is support for oil prices to remain at higher levels. There also remains the increased threat of potential military action between Iran and the United States. Given Iran is OPEC’s second largest producer, any increased tension in the area will likely keep oil prices at an elevated level.

Natural gas prices remain strong even though US domestic supply increased while demand increased to a lesser degree. The growth in supply has been offset by a commensurate decrease in LNG imports as preferential pricing has being maintained in Europe and Asia. This has combined to create a more balanced market for natural gas than earlier in the year which may help to stabilize prices throughout the balance of the year. We expect continued growth in longer term natural gas demand for both electric power generation and oil sands extraction and upgrading and also expect these to be the primary drivers of pricing in North America.

Although volatility is likely to persist in oil and gas prices, strong cash flows, reasonable service costs, and solid balance sheets have all combined to form a favourable operating environment for energy companies. The recent pullback amid the broader economic concerns has led to a decline in prices while commodities have continued to remain high. 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.

Within the junior exploration and producing companies, continuing strength in commodity prices has resulted in strong cash flows for companies in the fund. We see these cash flows being applied to strengthen balance sheets, expand capital programs, and/or applied in asset or corporate acquisitions.

If higher commodity prices persist, it should translate into strong cash flows for the large cap integrated and exploration and production companies. As well, the junior and mid-cap sectors look poised to continue their recent advances due to the following key points:

– Financial strength – many small and mid-cap companies have reasonable debt levels which indicate good financial flexibility;

– Improving service costs and technology advancements – companies are having success using new horizontal drilling and multi-stage fracturing technologies in areas such as British Columbia’s Montney and Saskatchewan’s Bakken; and

– Undervalued prices – junior energy companies are currently being priced at commodity prices highly discounted to current strip prices, allowing valuations to increase along with improved cost structures, stronger cash flows and stronger commodity prices.

We continue to favour companies that are exposed to unconventional assets, strong near-term production growth rates or are likely targets for acquisition.

Sale of Manager

On July 2, 2008, Canoe Financial LP indirectly acquired all of the issued and outstanding shares of EnerVest Funds Management Inc., the manager 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 Share (1) ——————————————————————– ——– ——————————————————————– ——– ______________________________ 2008____ 2007__ 2006____ 2005____2004__ 2003 ——————————————————————– ——– ——————————————————————– ——– Net assets, beginning of period______________________ 12.28____16.82__20.27____14.48__ 12.25__12.32 ——————————————————————– ——– ——————————————————————– ——– Increase (decrease) from operations: Total revenue________________ 0.02____ 0.03__ 0.03____ 0.08____0.04__ 0.06 Total expenses______________ (0.24)__ (0.42) (0.55)__ (0.52)__(0.41) (0.40) Realized gains for period____ 0.95____ 0.15__ 2.37____ 2.80____2.82__ 3.21 Unrealized gains (losses) for period________________________4.70____(2.33) (5.29)____4.46____1.67__(0.33) ——————————————————————– ——– Total increase (decrease) from operations(2) : ______________________________ 5.43____(2.57) (3.44)____6.82____4.12__ 2.54 ——————————————————————– ——– ——————————————————————– ——– Distributions: From capital gains______________ -____(1.69)____ – ____(1.17)__(1.93) (2.72) ——————————————————————– ——– Total distributions(3)____________-____(1.69)____ – ____(1.17)__(1.93) (2.72) ——————————————————————– ——– ——————————————————————– ——– Net assets, end of period (4) 17.29____12.28__16.82____20.27__ 14.48__12.25 ——————————————————————– ——– ——————————————————————– ——– (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 share 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 shares ____outstanding at the relevant time. The increase/decrease from operations ____is based on the weighted average number of shares outstanding over the ____financial period. (3) Distributions were paid in cash or reinvested in additional shares 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 shareholder transactions as shown on the Statement of Changes in ____Net Assets. Columns may therefore not add. Ratios and Supplemental Data ——————————————————————– ——– ——————————————————————– ——–

______________________________2008____2007____2006____2005____2004__ 2003 ——————————————————————– ——– ——————————————————————– ——– Total net asset value ($000s) (1)(5)______________________ 56,055__27,030__36,016__52,902__29,603 23,982 Number of shares outstanding (000′s)(1)____________________3,188__ 2,184__ 2,142__ 2,610__ 2,044__1,958 Management expense ratio(2)____ 2.95%__ 2.95%__ 2.95%__ 2.95%__ 2.95%__2.95% Trading expense ratio(3)________0.26%__ 0.12%__ 0.24%__ 0.29%__ 0.42%__0.52% Portfolio turnover rate(4)______0.79%__ 4.54%__32.99%__41.57%__71.38% 49.14% Net asset value per share(5) $ 17.58 $ 12.38 $ 16.82 $ 20.27 $ 14.48 $12.25 ——————————————————————– ——– ——————————————————————– ——– (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. (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 share calculated for fund ____pricing purposes differs from the net assets and net assets per share ____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 shares 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 compared to the S&P/TSX Capped Energy Index and S&P/TSX Composite Index.

__________________________________________________________S&P/TSX__ S&P/TSX ____________________________________________________Capped Energy Composite

__________________________________EnerVest________Index(1)__Index(2) ——————————————————————– ——– Six

hs____________________________________42.1%__________28.6%______6.0% ——————————————————————– ——– One

______________________________________18.7%__________28.2%______6.7% ——————————————————————– ——– Three years____________________________________6.7%__________22.0%____ 16.2% ——————————————————————– ——– Five years____________________________________19.3%__________29.7%____ 18.2% ——————————————————————– ——– Return since inception________________________21.8%__________24.0%______8.4% ——————————————————————– ——– (1) 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. (2) The S&P/TSX Composite Index tracks the performance of some of the ____largest and most widely held stocks listed on the Toronto Stock ____Exchange. SUMMARY OF INVESTMENT PORTFOLIO Portfolio Breakdown Emerging____________________________________________________________ 18.03% Junior______________________________________________________________ 24.79% Intermediate________________________________________________________ 22.15% Senior______________________________________________________________ 26.42%

rivate______________________________________________________________ 8.32% Cash & Cash Equivalents______________________________________________ 0.87% Liabilities, net of Other Assets____________________________________ (0.58%) ____________________________________________________________________- ——- Net Asset Value______________________________________________________100.0% Top 25 Holdings Issuer Name________________________________________ % of Net Asset Value (1) ——————————————————————– ——– Nexen

nc.____________________________________________________________3.63% ——————————————————————– ——– Southern Pacific Resources Corp.______________________________________3.53% ——————————————————————– ——– OPTI Canada Inc.______________________________________________________3.42% ——————————————————————– ——– TriStar Oil & Gas Ltd.________________________________________________3.38% ——————————————————————– ——– Iteration Energy Ltd.________________________________________________ 3.09% ——————————————————————– ——– Canadian Natural Resources Limited____________________________________3.06% ——————————————————————– ——– EnCana Corporation____________________________________________________2.83% ——————————————————————– ——– Questerre Energy Corporation__________________________________________2.54% ——————————————————————– ——– Century Oilfield Services Inc.________________________________________2.50% ——————————————————————– ——– TUSK Energy Corporation______________________________________________ 2.38% ——————————————————————– ——– Pacific Rubiales Energy Corp.________________________________________ 2.30% ——————————————————————– ——– Duvernay Oil Corp.____________________________________________________2.22% ——————————————————————– ——– Birchcliff Energy Ltd.________________________________________________2.20% ——————————————————————– ——– Talisman Energy Inc.__________________________________________________2.18% ——————————————————————– ——– Crew Energy Inc.______________________________________________________1.98% ——————————————————————– ——– Twin Butte Energy Ltd.________________________________________________1.91% ——————————————————————– ——– Suncor Energy Inc.____________________________________________________1.90% ——————————————————————– ——– ProEx Energy Ltd.____________________________________________________ 1.89% ——————————————————————– ——– Petrobank Energy and Resources Ltd.__________________________________ 1.80% ——————————————————————– ——– Galleon Energy Inc.__________________________________________________ 1.80% ——————————————————————– ——– Cirrus Energy Corporation____________________________________________ 1.80% ——————————————————————– ——– UTS Energy Corporation________________________________________________1.75% ——————————————————————– ——– Oilexco Incorporated__________________________________________________1.70% ——————————————————————– ——– Canext Energy Ltd.____________________________________________________1.69% ——————————————————————– ——– Highpine Oil & Gas Limited____________________________________________1.67% ——————————————————————– ——– (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 Funds Management Inc., Suite 2800, 700 9th Avenue SW, Calgary, Alberta, T2P 3V4.

Statements of Net Assets ——————————————————————– ——– ——————————————————————– ——– As at__________________________________________June 30, 2008 __________________________________________________(Unaudited) Dec. 31, 2007 __________________________________________________________ $______________$ ——————————————————————– ——– ASSETS Investments______________________________________54,972,901____ 26,889,704 Cash________________________________________________486,101________ 35,657 Proceeds receivable for investments sold__________________- ________ 84,752 Subscriptions receivable for shares issued__________ 15,000______________- Distributions receivable____________________________ 20,060________ 15,696 ______________________________________________———————- ——– __________________________________________________55,494,062____ 27,025,809 ______________________________________________———————- ——– LIABILITIES Accounts payable and accrued liabilities____________143,389________ 66,371 Redemptions payable________________________________ 243,454________131,191 ______________________________________________———————- ——– ____________________________________________________ 386,843________197,562 ______________________________________________———————- ——– NET ASSETS________________________________________55,107,219____ 26,828,247 ______________________________________________———————- ——– ______________________________________________———————- ——– SHARES ISSUED AND OUTSTANDING______________________3,188,002______2,183,979 ______________________________________________———————- ——– ______________________________________________———————- ——– NET ASSETS PER SHARE____________________________ $____ 17.29____$____ 12.28 ——————————————————————– ——– ——————————————————————– ——– Statements of Operations and Comprehensive Income For the Six Month Periods Ended June 30, 2008 and 2007 ——————————————————————– ——– ——————————————————————– ——–

______________________________________________________2008__________ 2007

ted)________________________________________________$______________$ ——————————————————————– ——– INVESTMENT REVENUES Distribution income__________________________________52,815________ 31,320 Interest income________________________________________ 753____________832 ______________________________________________———————- ——– ______________________________________________________53,568________ 32,152 ______________________________________________———————- ——– EXPENSES Management fees____________________________________ 419,794________347,066 Brokerage commissions________________________________49,427________ 18,958 Administration fees__________________________________46,553________ 41,472 Goods and services tax______________________________ 26,224________ 25,757 Audit fees__________________________________________ 23,265________ 18,399 Legal fees__________________________________________ 17,479__________7,560 Directors’ fees______________________________________11,125__________7,875 Securityholder reporting costs________________________3,702__________6,267 Custodial fees________________________________________1,386____________232 Independent Review Committee fees and expenses________1,166____________414 ______________________________________________———————- ——– ____________________________________________________ 600,121________474,000 ______________________________________________———————- ——– NET INVESTMENT LOSS________________________________ (546,553)______(441,848) ______________________________________________———————- ——– GAIN (LOSS) ON INVESTMENTS Net realized gains on sale of investments________ 2,394,303________597,647 Net change in unrealized portfolio gains________ 11,796,546______ (832,496) ______________________________________________———————- ——– __________________________________________________14,190,849______ (234,849) ______________________________________________———————- ——– INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS 13,644,296______ (676,697) ______________________________________________———————- ——– ______________________________________________———————- ——– WEIGHTED AVERAGE SHARES OUTSTANDING________________2,513,583______2,152,999 ______________________________________________———————- ——– ______________________________________________———————- ——– INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER SHARE________________________________________$______5.43________ ($0.31) ——————————————————————– ——– ——————————————————————– ——– Statements of Changes in Net Assets For the Six Month Periods Ended June 30, 2008 and 2007 ——————————————————————– ——– ——————————————————————– ——–

______________________________________________________2008__________ 2007

ted)________________________________________________$______________$ ——————————————————————– ——– NET ASSETS, BEGINNING OF PERIOD__________________ 26,828,247____ 36,015,663 ______________________________________________———————- ——– FAIR VALUE ADJUSTMENT Value adjustment to December 31, 2006 bid __prices__________________________________________________ -______ (206,427) ______________________________________________———————- ——– INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS______________________________________ 13,644,296______ (676,697) ______________________________________________———————- ——– SHAREHOLDER TRANSACTIONS Proceeds from issuance of shares________________ 26,325,295________120,524 Amounts paid on redemption of shares____________(11,690,619)____(9,371,330) Shares issued on reinvestment of distributions____________- ______3,572,341 ______________________________________________———————- ——– __________________________________________________14,634,676____ (5,678,465) ______________________________________________———————- ——– NET ASSETS, END OF PERIOD________________________ 55,107,219____ 29,454,074 ——————————————————————– ——– ——————————————————————– ——– Statement of Investment Portfolio June 30, 2008 (Unaudited) ——————————————————————– ——– ——————————————————————– ——– ________________________________________________Average __________________________________ Number of______ Cost Fair Value % of Net Issuer Name__________________________ Shares__________$__________$__ Assets ——————————————————————– ——– EMERGING Accrete Energy Inc.__________________ 90,925____453,019____528,274____0.96% Alberta Star Development Corp.______ 145,000____ 50,025____ 47,125____0.09% AltaCanada Energy Corp.______________960,000____574,166____268,800____0.49% Arsenal Energy Inc.__________________500,000____350,000____380,000____0.69% Bellamont Exploration Ltd., Cl. A____140,000____168,000____254,800____0.46% Bellamont Exploration Ltd., Cl. B____ 32,200____128,800____161,000____0.29% Buffalo Resources Corp.______________349,698____429,404____444,116____0.81% Canadian Zinc Corp.__________________602,173____255,924____349,260____0.63% Canext Energy Ltd.__________________ 946,658____592,715____927,725____1.68% Cash Minerals Ltd.__________________ 140,000____ 30,100____ 35,000____0.06% Cinch Energy Corp.__________________ 244,000____849,481____409,920____0.74% Desmarais Energy Corporation__________73,000____ 93,440____ 13,870____0.03% El Nino Ventures Inc.________________475,000____142,500____ 87,875____0.16% Fairmount Energy Inc.________________200,000____181,000____224,000____0.41% Flagship Energy Inc.__________________56,000____ 14,000______4,480____0.01% Great Plains Exploration Inc.________961,609__1,374,488____913,529____1.66% Masters Energy Inc.__________________120,000____455,554____435,600____0.79% metalCORP Ltd.______________________ 112,500____ 58,500____ 90,000____0.16% MGM Energy Corp.________________________ 800________584________456____0.00% NuLoch Resources Inc.________________100,000____174,000____217,000____0.39% One Exploration Inc., Cl. A__________260,000____286,000____345,800____0.63% One Exploration Inc., Cl. B__________ 58,500____215,280____266,175____0.48% Pegasus Oil & Gas Inc., Cl. A________ 90,000____198,000____180,000____0.33% Redcliffe Exploration Ltd., Cl. A____160,000____ 96,000____104,000____0.19% Redcliffe Exploration Ltd., Cl. B____ 36,000____108,360____129,600____0.24% Silverwing Energy Inc.______________ 200,000____ 15,000____ 15,000____0.03% Southern Pacific Resources Corp.__ 2,825,500__2,345,165__1,977,850____3.59% Stonefire Energy Corp.______________ 200,000____220,000____438,000____0.79% Tango Energy Inc.____________________335,000____ 97,150____142,375____0.26% Trafalgar Energy Ltd.________________ 54,000____189,000____211,680____0.38% Upper Lake Oil & Gas Limited________ 185,000____131,350____155,400____0.28% Welton Energy Corporation____________290,000____114,550____ 81,200____0.15% Yoho Resources Inc.__________________ 18,600____ 63,612____ 67,890____0.12% __________________________________———————————- ——– ____________________________________________ 10,455,167__9,907,800__ 17.98% __________________________________———————————- ——– JUNIOR Arcan Resources ltd.________________ 125,000____315,000____362,500____0.66% Berens Energy Ltd.__________________ 650,000__1,013,346____754,000____1.37% Bow Valley Energy Ltd.________________55,000____231,556____339,350____0.62% Breaker Energy Ltd.__________________ 45,600____177,840____570,912____1.04% Celtic Exploration Ltd.______________ 25,000____ 98,750____494,000____0.90% Cirrus Energy Corporation____________210,000____249,900____989,100____1.79% Cordero Energy Inc.__________________ 54,426____233,901____263,966____0.48% Crocotta Tree Energy Ltd.____________ 58,736____185,018____235,531____0.43% Crowflight Minerals Inc.____________ 760,000____501,600____361,000____0.65% Highpine Oil & Gas Limited____________70,000__1,000,269____935,200____1.70% Mahalo Energy Ltd.__________________ 264,000__1,039,555____699,600____1.27% Orleans Energy Ltd.__________________ 50,000____207,500____262,000____0.47% Profound Energy Inc.__________________68,625____253,913____328,028____0.59% ProspEx Resources Ltd.______________ 270,000__1,018,427____931,500____1.69% Pure Energy Services Ltd.____________ 23,700____213,300____187,230____0.34% Questerre Energy Corporation, Cl. A__400,659____823,452__1,426,346____2.59% Rock Energy Inc.______________________84,816____287,270____373,190____0.68% Sabretooth Energy Ltd.______________ 124,906____289,786____342,242____0.62% Terra Energy Corp.__________________ 265,000____437,250____556,500____1.01% TUSK Energy Corporation______________457,972____978,726__1,328,119____2.41% Twin Butte Energy Ltd.______________ 257,311____756,494__1,049,829____1.90% Vero Energy Inc.______________________44,784____ 78,994____485,906____0.88% West Energy Ltd.______________________61,000____204,350____234,850____0.43% Zapata Energy Corp.__________________ 64,000____240,000____294,400____0.53% __________________________________———————————- ——– ____________________________________________ 10,836,197 13,805,299__ 25.05% __________________________________———————————- ——– INTERMEDIATE Birchcliff Energy Ltd.________________80,000____880,000__1,231,200____2.24% Crew Energy Inc.______________________60,000____434,522__1,106,400____2.01% Fairborne Energy Ltd.________________ 30,000____272,400____391,500____0.71% Galleon Energy Inc.__________________ 49,000____818,970__1,008,910____1.83% Iteration Energy Ltd.________________210,000__1,350,561__1,732,500____3.14% Nuvista Energy Ltd.__________________ 36,478____601,522____638,730____1.16% Oilsands Quest Inc.__________________100,000____438,176____662,805____1.20% Pacific Rubiales Energy Corp.________ 95,833____736,000__1,285,121____2.33% Paramount Resources Limited__________ 20,000____365,000____414,000____0.75% ProEx Energy Ltd.____________________ 46,000____673,117__1,056,160____1.92% TriStar Oil & Gas Ltd.________________92,000__1,207,076__1,896,120____3.44% UTS Energy Corporation______________ 165,000____903,700____981,750____1.78% __________________________________———————————- ——– ______________________________________________8,681,044 12,405,196__ 22.51% __________________________________———————————- ——– SENIOR Canadian Natural Resources Limited____17,000____183,631__1,714,280____3.11% Canadian Oil Sands Trust______________10,000____322,500____546,900____0.99% Duvernay Oil Corp.____________________20,000____961,400__1,245,000____2.26% EnCana Corporation____________________17,000____576,403__1,587,120____2.88% Nexen

nc.____________________________50,000__1,410,115__2,033,000____3.69% Niko Resources Ltd.____________________9,000____476,764____879,660____1.60% Oilexco Incorporated__________________49,000____181,300____953,540____1.73% OPTI Canada Inc.______________________83,000__1,665,478__1,913,980____3.47% Petro-Canada__________________________ 4,000____118,157____227,000____0.41% Petrobank Energy and Resources Ltd.__ 19,000____887,596__1,006,240____1.83% Suncor Energy Inc.____________________18,000____200,595__1,065,600____1.93% Talisman Energy Inc.__________________54,000____712,014__1,215,000____2.21% Trican Well Service Ltd.______________16,000____ 40,058____404,800____0.74% __________________________________———————————- ——– ______________________________________________7,736,011 14,792,120__ 26.85% __________________________________———————————- ——– PRIVATE 1321713 Alberta Limited______________375,000____ 53,250____ 43,959____0.08% Artemis Exploration Inc.____________ 312,500____265,625____265,625____0.48% Cabrerra Resources Ltd.______________120,000____180,000____204,000____0.37% Century Oilfield Services Inc., Cl.A 560,000____700,000__1,120,000____2.03% Cipher Energy Inc.____________________17,508____ 17,508____ 17,508____0.03% Greenfield Resources Ltd.____________250,000____587,500____877,500____1.59% Huron Energy Corp.__________________ 210,000____336,000____336,000____0.61% Java Petroleum Corp.________________ 384,700____153,880____ 96,175____0.18% Racing Resources Ltd.________________375,000____412,500____300,000____0.55% Spry Energy Ltd.______________________ 2,475____ 13,118____ 10,519____0.02% Temple Energy Inc.__________________ 492,000____863,000____541,200____0.98% Vigilant Exploration Inc.____________250,000____250,000____250,000____0.45% ____________________________________________———————— ——–

_______________________________________3,832,381__4,062,486____7.37% ——————————————————————– ——– ____________________________________________ 41,540,800 54,972,901__ 99.76% BROKERAGE COMMISSIONS__________________________ (78,297)________ – ______ – ____________________________________________———————— ——– TOTAL INVESTMENT PORTFOLIO__________________ 41,462,503 54,972,901__ 99.76% CASH & CASH EQUIVALENTS____________________________________486,101____0.88% LIABILITIES, NET OF OTHER ASSETS__________________________(351,783)__(0.64%) ______________________________________________________ ————- ——– NET

ETS______________________________________________55,107,219__100.00% ——————————————————————– ——– ——————————————————————– ——–

EnerVest is an open-end mutual fund corporation, specializing in investing in the oil and gas industry and is actively managed by Cypress Capital Management Ltd. The fund code for EnerVest is ENV 040.

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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