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NCE Diversified Flow-Through (06) Limited Partnership raises $159 million at initial close

TORONTO: NCE Resources Group is pleased to announce that NCE Diversified Flow-Through (06) Limited Partnership (the “Partnership”) completed its initial close on February 23, 2006, raising gross proceeds of $159,433,575 and issuing 6,377,343 units.

Final close The final close for the Partnership is scheduled to occur on or about March 21, 2006, or such earlier or later date as the Partnership may determine. The maximum offering of the Partnership is 8,000,000 units for gross proceeds of $200,000,000.

The Partnership The Partnership has been created for the purpose of investing in flow-through shares of certain resource companies. It is intended that all proceeds available for investment will be allocated by the Partnership among resource companies engaged in oil and gas exploration, development and/or production (including, to a lesser extent, resource issuers involved in renewable energy exploration and development), and resource companies engaged in mining exploration, development and/or production. The actual allocation of the Partnership’s investment portfolio will be determined based on the investment opportunities available during the investment period. The Partnership will endeavour to invest all proceeds available for investment by December 31, 2006.

Objective of the Partnership The objective of the Partnership is to achieve capital appreciation and to maximize the tax benefits received by investors.

Tax benefits Investors will be eligible to receive tax benefits through participation in the Partnership, including an approximate 100% deduction in 2006 of the amount of their investment, based on completion of the maximum offering and on certain other assumptions as set forth in the prospectus.

Offering price The price per unit is $25.00 with a minimum subscription of 200 units ($5,000).

Investment advisor and industry advisor The general partner has retained Sentry Select Capital Corp. to select potential investments, and to provide advice on and manage the investment portfolio of the Partnership. Sentry Select is a wealth management company with gross assets under management of approximately $8.5 billion, including more than $1.4 billion in energy-sector-related investments. The general partner has also retained Schachter Asset Management Ltd., a Canadian investment management firm, to provide it with general oil and gas industry advice.

ManagementThe general partner of the Partnership is a member of the NCE Resources Group, which is an oil and gas and mining investment management organization specializing in energy investments and providing a full range of technical, operational, administrative and investor services. Since 1984, the NCE Resources Group has invested, or managed the investment of, more than $2.0 billion in the acquisition, development and exploration of resource properties and securities of resource issuers, and has entered into drilling, joint venture and other similar arrangements with more than 400 oil and gas industry participants.

Agents The Agents on the offering are CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Dundee Securities Corporation, Blackmont Capital Inc., Desjardins Securities Inc., IPC Securities Corporation, Research Capital Corporation and Wellington West Capital Inc.

More informationInvestor Services (broker/investor inquiries),Brian McOstrich (media inquiries) or Katherine Pawling (Corporate Secretary)Tel: 1-888-246-6656 Fax: 416-364-1197

Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (