T. Boone Pickens Energy Fund Extends Expiration Date of Exchange Option

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

TORONTO , Nov. 24 /CNW/ - T. Boone Pickens Energy Fund (the "Fund") has announced an extension of the Fund's exchange option (the "Exchange Option") with respect to its initial public offering. The cut-off date to exchange freely-tradeable listed securities ("Exchange Eligible Securities") of certain energy-related issuers, including exchange-traded funds, listed on the Toronto Stock Exchange for Class A Combined Units, Class F Combined Units or Class U Combined Units of the Fund (each Combined Unit of a class consisting of one Unit of the class and one Warrant for one Unit of the class) has been extended to December 8, 2009 .

Subject to certain conditions, the following Exchange Eligible Securities will be accepted by the Fund pursuant to the Exchange Option:

    
    Advantage Oil & Gas Ltd.  Ensign Energy Services Inc. Penn West Energy
                                                          Trust
    ARC Energy Trust          Freehold Royalty Trust      PetroBakken Energy
                                                          Ltd.
    Baytex Energy Trust       Harvest Energy Trust-Units  Petrobank Energy
                                                          and Resources Ltd.
    Birchcliff Energy Ltd.    Husky Energy Inc.           Peyto Energy Trust
    Bonavista Energy Trust    Imperial Oil Limited        Precision Drilling
                                                          Trust Unit
    Canadian Natural          iShares CDN S&P/TSX Capped  Progress Energy
    Resources Limited         Energy Index Fund           Resources Corp.
    Canadian Oil Sands Trust  Mullen Group Ltd.           Provident Energy
                                                          Trust
    Claymore Natural Gas      NAL Oil & Gas Trust         Savanna Energy
    Commodity ETF                                         Services Corp.
    Claymore Oil Sands        Nexen Inc.                  ShawCor Ltd.
    Sector ETF
    Crescent Point Energy     Niko Resources Ltd.         Suncor Energy
    Corp.                                                 Inc.
    Crew Energy Inc.          NuVista Energy Ltd.         Talisman Energy
                                                          Inc.
    Daylight Resources Trust  Pacific Rubiales Energy     Trican Well
                              Corp.                       Service Ltd.
    EnCana Corporation        Paramount Energy Trust      Trinidad Drilling
                                                          Ltd.
    Enerflex Systems Income   Pason Systems Inc.          UTS Energy
    Fund                                                  Corporation
    Enerplus Resources Fund   Pengrowth Energy Trust      Vermilion Energy
                                                          Trust
    

A prospective purchaser wishing to utilize the Exchange Option will have until 5:00 p.m. ( Toronto time) on December 8, 2009 to deposit (in the form of a book-entry deposit) Exchange Eligible Securities. CDS participants may, however, have an earlier deadline for receiving instructions from their clients to make deposits pursuant to the Exchange Option.

Under the Exchange Option, the number of Combined Units of a class issuable for each Exchange Eligible Security deposited by a prospective purchaser will be determined by dividing the weighted average trading price of the Exchange Eligible Security on the Toronto Stock Exchange during the five consecutive trading days ending on December 8, 2009 as adjusted to reflect dividends declared or distributions pending that will not be received by the Fund by $10.00 in the case of a Class A Combined Unit or a Class F Combined Unit and by U.S. $10.00 in the case of a Class U Combined Unit (in any case, being the issue price per Combined Unit of the class). To determine the exchange ratio in respect of the Class U Combined Units, the Fund will utilize the applicable rate of exchange current at, or as nearly as practicable to, December 8, 2009 .

The exchange ratios will be announced in a press release to be issued by the Fund on or about December 9, 2009 . The Exchange Option is subject to the terms and conditions set forth in the Fund's amended and restated preliminary prospectus dated November 13, 2009 which, except as described herein, remain in full force and effect.

The offerings are being made through a syndicate of investment dealers led by BMO Capital Markets and including CIBC, RBC Capital Markets, TD Securities Inc., Blackmont Capital Inc., Canaccord Adams, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities ( Canada ) Inc., Raymond James Ltd., GMP Securities L.P., Manulife Securities Incorporated, Wellington West Capital Markets Inc. and Research Capital Corporation.

For further information, please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".

About BMO Capital Markets

BMO Capital Markets is a leading full-service North American financial services provider, with over 2,400 employees operating in 14 North American offices and 27 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$385 billion in total assets and 37,000 employees as at July 31, 2009 .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933 (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

An amended and restated preliminary prospectus containing important information relating to the Combined Units, Units and Warrants has been filed with the securities commission or similar authority in each province and territory of Canada . The amended and restated preliminary prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary prospectus may be obtained from BMO Capital Markets, Distribution Department, 1 First Canadian Place, B2 Level, Toronto , Ontario, M5X 1H3 (telephone: [phone], ext. 224). There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

For further information: BMO Capital Markets, Kim Hanson, [phone], [email protected], Internet: www.bmocm.com/bmosp (Closed-End Funds)