Creststreet 2007 Limited Partnership completed alternative liquidity transaction into Creststreet Energy Opportunities Fund



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES./
    

    TORONTO, May 28 /CNW/ - Creststreet 2007 General Partner Limited is
pleased to announce that, pursuant to approval by the unitholders of the
Creststreet 2007 Limited Partnership (the "Partnership") at a special meeting
held on May 14, 2009, it has completed the transfer of substantially all of
the public securities component of the Partnership's portfolio, along with
cash and certain private securities, to Creststreet Energy Opportunities Fund
(the "Fund"), in exchange for series 2009 shares of the Fund, FundSERV Code
CAM903, ("Series 2009 shares") of equal value. The Partnership then
distributed the Series 2009 shares to unitholders of the Partnership as a
return of capital distribution.
    Unitholders of the Partnership received 0.20786714666 Series 2009 shares
for each Partnership unit held, which represents 70% of the value of a
unitholder's units of the Partnership on May 27, 2009. At the time of the
transfer the Net Asset Value of the Partnership was $2.8588 and the Net Asset
Value of the Series 2009 shares was $9.5883. Unitholders will continue to hold
the same number of Partnership units, the value of which is reduced by the
value of the distribution paid. Tax reporting for this distribution will be
included on the 2009 T5013A tax reporting issued by the Partnership to all
unitholders in March 2010.
    The Partnership will continue to hold the remaining 30% of its portfolio
which is comprised principally of private securities. The Partnership will
endeavor to sell such private securities and will reinvest the net proceeds
therefrom on a basis substantially similar to Fund's investment objectives,
except that no additional private securities will be purchased. The
Partnership will then complete a second transfer of all of its assets to Fund
on a tax-deferred basis as soon as it has achieved sufficient liquidity on its
private investments to allow the transfer to proceed and, in any event, no
later than May 29, 2011. Upon completion of the second transfer, the
Partnership will be dissolved and the Fund shares received will be distributed
to unitholders of the Partnership on a tax-deferred basis.

    About Creststreet Energy Opportunities Fund

    The Fund is managed and advised by Creststreet Asset Management Limited.
The investment objective of the Fund is to provide its shareholders with long
term capital growth through fundamental securities selection by taking both
long and short investment positions in equity, debt and derivative securities
and through strategic investment decisions. The Fund's portfolio consists
primarily of securities of issuers engaged in the global energy sector. The
Fund has no geographic, asset class or market capitalization restrictions. The
Fund is not a reporting issuer. Creststreet Opportunities Fund Inc. is RRSP
and TFSA eligible.
    To track the NAV and performance and for further information on
Creststreet's Funds, please visit our website at www.creststreet.com.

    About Creststreet

    Creststreet is an investment management firm specializing in structuring
and managing high-quality energy focused investment products for Canadian and
international institutional and high-net worth investors. Since inception in
2000, Creststreet has raised over $970 million for investment in resource and
renewable energy companies.

    CERTAIN STATEMENTS INCLUDED IN THIS PRESS RELEASE CONSTITUTE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACT
(ONTARIO). SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS.
    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF CRESTSTREET AS AT MAY 28, 2009, AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. HOWEVER, CRESTSTREET
EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY
FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.






For further information:

For further information: Robert J. Toole, President & CEO, Creststreet
2007 General Partner Limited, (416) 862-7018, rtoole@creststreet.com

Organization Profile

CRESTSTREET 2007 LP

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