ACTIVEEnergy Completes IPO

ACTIVEnergy Income Fund, a closed-end investment trust, completed its $290 million initial public offering on November 30, 2004 and its units became listed on the Toronto Stock Exchange. The objectives of ACTIVEnergy are to pay monthly distributions to its unitholders, to return at least the original subscription price to unitholders upon termination of the trust and to enhance long-term total return through capital appreciation of the Trust’s investment portfolio. The net proceeds of the offering will be invested in an actively managed portfolio of securities consisting primarily of oil and gas royalty trusts supplemented by the common shares of North American issuers operating in the oil and gas sector. The co-advisors to ACTIVEnergy are Middlefield Capital Corp. and Guardian Capital LP, which are responsible for providing investment advice to the trust’s portfolio.

CIBC World Markets Inc. and RBC Dominion Securities Inc. acted as co-lead agents of the offering. The other syndicate members were BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., First Associates Investments Inc., Wellington West Capital Inc., Desjardins Securities Inc., Dundee Securities Corp., Raymond James Ltd., Acadian Securities Inc., Middlefield Capital Corp. and Research Capital Corp.

To assist ACTIVEnergy in achieving its objectives, a $90 million loan facility was established with the Bank of Nova Scotia.

ACTIVEnergy and Middlefield were represented by Fasken Martineau DuMoulin LLP in Toronto, with a team comprised of Stephen Erlichman, John Sabetti and Jeffrey Klam (securities), Mitchell Thaw (tax) and Jon Holmstrom and David Johnson (banking).

The agents were represented by McCarthy Tétrault LLP in Toronto, with a team comprised of Jonathan Grant and Andrew Armstrong (securities) and James Morand (tax). The Bank of Nova Scotia was represented by Richard Higa of McMillan Binch LLP.