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Strategic Energy Fund (TSX: SEF.UN) Issues Early Warning Report re: Tiverton Petroleums Ltd. (TSX: TIV)
2005-12-14

EARLY WARNING REPORT PURSUANT TO NATIONAL INSTRUMENT 62-103

TORONTO - Strategic Energy Fund ("Strategic") The Exchange Tower, 130 King Street West, Suite 2850, P.O. Box 2850, Toronto, Ontario M5X 1A4 announces that its joint actor (see press release of Strategic dated November 8, 2005), C.A. Bancorp Ltd. ("CA Bancorp"), has acquired, since November 8, 2005, ownership of an additional 1,083,360 common shares of Tiverton Petroleums Ltd. ("Tiverton") in a series of transactions through the facilities of the Toronto Stock Exchange. As a result of these market purchases, CA Bancorp beneficially owns an aggregate of 2,002,860 common shares of Tiverton, representing approximately 2.00% of all issued and outstanding common shares of Tiverton. As a result of the foregoing, Strategic, together with CA Bancorp, have ownership and control over 12,002,860 common shares of Tiverton, representing approximately 11.99% of all issued and outstanding common shares of Tiverton. The manager of Strategic, Strategic Energy Management Corp., exercises the voting rights attached to securities held by Strategic, including the foregoing common shares of Tiverton.

The common shares of Tiverton held by Strategic and CA Bancorp were acquired for investment purposes. Strategic and/or CA Bancorp may increase or decrease their respective ownership positions in Tiverton at any time.

The issuance of this news release is not an admission that Strategic and CA Bancorp are joint actors for any purpose other than: (i) the requisition of the directors of Tiverton to call a special meeting of its shareholders for the purpose of removing the current board of directors and electing John F. Driscoll, H. (Bert) Alfaro, John Shiry and Mark Gardhouse as directors; and (ii) the voting of their respective shareholdings in Tiverton in support of the foregoing matters. John F. Driscoll controls and beneficially owns, together with Driscoll Family Trust (a trust for the benefit of members of Mr. Driscoll’s family) CA Bancorp.

Strategic Energy Fund is an investment trust that seeks to provide Unitholders with superior rates of return through a diversification strategy focused on investment opportunities within the Canadian energy sector. The Fund invests in established companies as well as early-stage energy companies and to a lesser extent special energy issuers, each with prospects for high growth in the near to medium term and the potential for long-term capital appreciation.

For further information or a copy of the report filed by Strategic with the various securities commissions, please contact:

Katherine Pawling
Secretary
Strategic Energy Management Corp.
Tel: 416 861-8729
Fax: 416 364-5615


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