Oceanex Income Fund announces closing of sale of substantially all of its assets and redemption of all fund units

    MONTREAL, Nov. 8 /CNW Telbec/ - Oceanex Income Fund (TSX: OAX.UN) (the
"Fund"), announced today the completion of the previously announced proposed
sale of substantially all of the assets of the Fund to affiliates of South
Coast Partners Limited Partnership (the "Purchaser"), a newly established
entity owned by a consortium of investors consisting of Captain Sidney J.
Hynes, OPTrust Private Markets Group and Terrma Capital Corp. (the
"Consortium"). Under the purchase agreement dated September 19, 2007, the
Purchaser agreed to acquire all of the issued and outstanding common shares
and promissory notes of Oceanex Inc., ("Oceanex") a wholly-owned subsidiary of
the Fund (the "Transaction").
    "We are very pleased to have completed the acquisition of Oceanex and now
look forward to focusing on its continued successful operation in Newfoundland
and in Eastern Canada," said Hynes, who becomes Executive Chairman of Oceanex.
"We intend to position the company for stable, long-term success by making the
necessary investments in the business, and by focusing on excellence in
customer service, on-time delivery and safe and reliable operations."
    Immediately following the completion of the Transaction, the Fund
effected the redemption of all of its issued and outstanding trust units (the
"Units") for an amount equal to $19.00 in cash per Unit together with a pro
rata distribution of $0.0219 for the period from the first day of November up
to and including November 7, 2007, representing in the aggregate an amount of
$19.0219 in cash per Unit (the "Redemption Price"). In addition, the
unitholders of record at the close of business on November 7, 2007 will
receive a cash distribution of $0.0937 per Unit on November 15, 2007 in
respect of the regular October distribution.
    Beneficial holders of Units will be paid by their broker or other
intermediary in the normal course as a result of the payment of the Redemption
Price to CDS Clearing Depository Services Inc. on their behalf. Registered
unitholders must complete and submit a properly completed Letter of
Transmittal, together with their unit certificates, to Computershare Investor
Services Inc. in order to receive the Redemption Price. This press release
supplements the management information circular dated October 9, 2007 as to
the manner of payment of the Redemption Price.
    As a result of the completion of the Transaction and the redemption of
the Units, the Units of the Fund will no longer be traded on the Toronto Stock
Exchange and will be delisted shortly thereafter.

    Forward-Looking Statements

    Certain statements made in this release are forward-looking statements
that involve risks and uncertainties, which may prevent expected future
results from being achieved. Such factors could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
For those statements, Oceanex claims the protection of the safe harbour for
forward-looking statements contained in applicable securities laws. Future
events and results may vary substantially from what Oceanex currently
foresees. Additional information identifying risks and uncertainties is
contained in Oceanex's filings under applicable securities laws. Due to the
potential impact of these factors, Oceanex disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless required by
applicable law.

For further information:

For further information: Daniel Bélisle, Vice-President, Finance and
Administration, (514) 875-9244

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