ACTIVEnergy Income Fund - First Quarter 2009 Distributions

    TORONTO, Jan. 21 /CNW/ - Based upon a review of various factors, we have
reduced distributions payable for ACTIVEnergy Income Fund for the first
quarter of 2009 as set out in the table below. Among the more important
considerations were distribution cuts by a number of oil and gas royalty
trusts in response to the recent correction in oil and gas prices, the global
economic slowdown including its impact on corporate revenues and earnings, and
corporate conversions accompanied by distribution cuts by a number of income

    Record Date                Payable Date                 Distribution Per
                                                                Trust Unit
    January 31, 2009         February 13, 2009                     $0.07
    February 28, 2009         March 13, 2009                       $0.07
    March 31, 2009            April 15, 2009                       $0.07

    Notwithstanding the current challenging economic environment, we believe
there are some very positive developments occurring which we shall consider in
determining future quarterly distribution levels. More specifically,
Middlefield's oil and gas consultant, Groppe Long and Littell, is currently
forecasting a significant recovery in energy prices with crude oil expected to
average US$85 per barrel in 2009. In addition, we expect that the various
economic stimulus packages and interest rate cuts will begin to take effect in
the second half of 2009, thereby improving business prospects.
    Prior to December 31, 2010, we will be convening a meeting to seek
unitholder approval to provide our various funds with additional flexibility
to meet their objectives. Our goal is to invest in those companies which
generate substantial levels of cash flow and thereby have the potential to pay
out high and stable levels of dividends. As a result, we remain committed to
delivering high up front yields to investors while increasing net asset value
over time.
    The trust units trade on the Toronto Stock Exchange under the symbol

    This press release contains forward-looking information. The
forward-looking information contained in this press release is based on
historical information concerning the distributions and dividends paid on the
securities of issuers historically included in the portfolio of ACTIVEnergy
Income Fund. Actual future results, including the amount of distributions paid
by the Fund, may differ from the monthly distribution amount. Specifically,
the income from which distributions are paid may vary significantly due to:
changes in portfolio composition; changes in distributions and dividends paid
by issuers of securities included in the Fund's portfolio from time to time;
there being no assurance that those issuers will pay distributions or
dividends on their securities; the declaration of distributions and dividends
by issuers of securities included in the portfolio will generally depend upon
various factors, including the financial condition of each issuer and general
economic and stock market conditions; the level of borrowing by the Fund; and
the uncertainty of realizing capital gains. The risks, uncertainties and other
factors that could influence actual results are described under "Risk Factors"
in the Fund's prospectus dated September 17, 2008 and other documents filed by
the Fund with the Canadian securities regulatory authorities. The
forward-looking information contained in this press release constitutes the
Fund's current estimate, as of the date of this press release, with respect to
the matters covered hereby. Investors and others should not assume that any
forward-looking statement contained in this press release represents the
Fund's estimate as of any date other than the date of this press release.

For further information:

For further information: please visit our website at
or contact the undersigned: Nancy Tham, Senior Vice President, (416) 847-5349

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