Strategic Energy Fund (TSX:SEF.UN) Releases 2008 Semi-Annual Financial Results

TORONTO, ONTARIO and CALGARY, ALBERTA–(EMWNews – Aug. 15, 2008) – Strategic Energy Management Corp. announces the 2008 semi-annual financial results for Strategic Energy Fund (the “Fund”) (TSX:SEF.UN) for the six-month period ended June 30, 2008.

Highlights

– For the interim period, the Fund generated strong double-digit performance of 36.6%, based on net asset value (“NAV”) and 39.3%, based on market value.

– The Fund’s NAV, in accordance with Canadian GAAP, increased to $12.23 as of June 30, 2008 from $9.23 as of December 31, 2007.

– The Fund’s net assets were $300,918,354 as of June 30, 2008, an increase from $243,569,976 as of December 31, 2007.

– For the six months ended June 30, 2008, the Fund had a net investment income of $7,633,032 (2007 – $7,874,940), consisting of investment income of $10,606,594 (2007 – $11,335,512) and expenses of $2,973,562 (2007 – $3,460,572).

– For the interim period, the Fund recorded a net gain on investments and foreign currency of $74,527,978 (2007 – a loss of $2,491,320). Contributing to the increase was a net realized gain on sale of investments of $2,619,163 (2007
– a loss of $12,248,334), and an increase in unrealized appreciation of investments of $72,278,262 (2007 -$10,448,680).

– For the six months ended June 30, 2008, through the Fund’s mandatory market purchase program and normal course issuer bid, the Fund repurchased 1,119,308 units (2007 – 942,197) for cancellation for total cost of $9,329,356 (2007 – $8,574,693).

– For the interim period, the Fund declared distributions of $0.36 per unit. Current monthly distributions are $0.06 per unit and based on the August 6, 2008 closing market price of $8.40 per unit, this represents an annual yield of 8.6%.

2008 semi-annual results

For the complete 2008 Semi-Annual Management Report of Fund Performance and Semi-Annual Financial Statements, please visit www.sentryselect.com or www.SEDAR.com.

Strategic Energy Fund

Strategic Energy Fund is an investment trust that seeks to provide unitholders with superior rates of return through a diversification strategy focused on investment opportunities within the Canadian energy sector. The Fund invests in established companies, early-stage energy companies and, to a lesser extent, special energy issuers, each with prospects for high growth in the near to medium term and the potential for long-term capital appreciation.

The Fund’s investments in established companies, including energy royalty and income trusts, are made with a view to generate sufficient income to permit the Fund to make monthly cash distributions to unitholders.

Investments in early-stage energy companies are focused on both private and public issuers with strong, experienced management teams that have proven track records of enhancing shareholder value and successfully executing exit strategies.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to Strategic Energy Management Corp. The forward-looking statements are not historical facts but reflect Strategic Energy Management Corp.’s 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, including the ability of Strategic Energy Management Corp. to pay the distribution on the date specified. Although Strategic Energy Management Corp. 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. Strategic Energy Management Corp. undertake 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.

Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615