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

CALGARY, ALBERTA–(EMWNews – 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 months                                    42.1%          28.6%      6.0%
----------------------------------------------------------------------------
One year                                      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%
Private                                                               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 Inc.                                                            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
(Unaudited)                                                $              $
----------------------------------------------------------------------------

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
(Unaudited)                                                $              $
----------------------------------------------------------------------------

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 Inc.                            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 ASSETS                                              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.