Athabasca Oil Sands Corp. strategy pays off for investors in Creststreet 2007
Limited Partnership - final rollover date announced


TORONTO, April 27 /CNW/ - Creststreet Asset Management Limited ("Creststreet") is pleased to announce that with the completion of the initial public offering of Athabasca Oil Sands Corp. ("Athabasca") on April 9, 2010 the Creststreet 2007 Limited Partnership (the "Partnership") achieved liquidity on the majority of its investment in Athabasca. This has resulted in 104.5% appreciation in the Net Asset Value of the Partnership's units since the time of the initial distribution by the Partnership in May 2009. As a result of having achieved liquidity on its Athabasca investment, the Partnership has now given notice it will proceed with its final tax-deferred rollover into Creststreet Energy Opportunities Fund (the "Fund") on May 31, 2010, giving unitholders liquidity on their entire investment in the Partnership.

This will be the second and final transfer of assets from the Partnership to the Fund. In connection with the initial transfer completed in May 2009, unitholders of the Partnership received 0.20786714666 Series 2009 shares of the Fund for each Partnership unit held, which represented 70% of the value of a unitholder's units of the Partnership on the date of the initial transfer. At the time of the initial transfer the Net Asset Value of the Series 2009 shares was $9.5883. As of April 9th, 2010, the Net Asset Value of the Series 2009 shares is $18.41, representing an appreciation of 92.0% in the Net Asset Value of the Series 2009 shares since the initial transfer.

The net asset value of the the Partnership as of April 9, 2010 is $1.77 per unit. Assuming unitholders retained their Series 2009 shares of the Fund received on the initial transfer, these shares are now worth $3.83 pro-rata per Unit for a total combined value of $5.60 per unit. In addition, investors have received tax savings to date worth $4.39(1) per unit for a total value plus tax savings to date of $9.99 per original $10.00 per unit investment.

At Creststreet, we recognize that volatility in world energy markets over the past year and a half has been an extraordinarily difficult time for investors. In the second quarter of 2009 Creststreet took extraordinary steps to restructure the rollover of the Partnership into two tranches to avoid having to liquidate or transfer the common shares of Athabasca as we felt strongly that any sale of this private investments at the distressed valuations experienced early 2009 was not in the best interest of its unitholders. It is clear now that those steps were warranted and that investors have significantly benefited from the prudent judgments that we made in the extraordinarily difficult capital market conditions of the past couple years. As a result, investors in the Partnership are now nearly back to break-even on their investment in the Partnership.

Creststreet would like to thank all of its investors for their patience and understanding as we have worked our way through the volatile markets of the past couple years. We are very pleased that this patience has now paid off so handsomely for our investors.

    1) Assuming an individual investor is resident in Ontario and taxed at
       the highest marginal tax rate.

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

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.


For further information: For further information: Sheryl Chiddenton, Vice President, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: (416) 864-3125, E-mail:

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