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Strategic Energy Fund (TSX: SEF.UN) Issues Early Warning Report re: Tiverton Petroleums Ltd. (TSX: TIV)
2006-01-30

TORONTO - Strategic Energy Fund (“Strategic”), The Exchange Tower, 130 King Street West, Suite 2850, P.O. Box 2850, Toronto, Ontario M5X 1A4 announces that, in a series of transactions through the facilities of the Toronto Stock Exchange from January 13, 2006 through January 27, 2006 (see also the press releases of Strategic dated November 8, 2005, December 14, 2005 and January 9, 2006), it acquired ownership and control of an additional 2,019,000 common shares of Tiverton Petroleums Ltd. (“Tiverton”), representing approximately 2.00% of all issued and outstanding common shares of Tiverton.

As a result of these market purchases, Strategic and its joint actors have ownership and control over an aggregate of 17,869,360 common shares of Tiverton, representing approximately 17.70% of all issued and outstanding common shares of Tiverton, of which Strategic has ownership and control over 14,931,000 common shares of Tiverton, representing approximately 14.79% 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 issuance of this news release is not an admission that Strategic and its joint actors (including C.A. Bancorp Ltd.) 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; (ii) the opposition to the proposed plan of arrangement between Tiverton, the shareholders of Tiverton and Arsenal Energy Inc., as described in the information circular of Tiverton dated January 23, 2006; and (iii) the voting of their respective shareholdings in Tiverton in respect of the foregoing matters.

The common shares of Tiverton held by Strategic and its joint actors were acquired for investment purposes, as well as for the purposes of voting such shares at the special meeting of shareholders of Tiverton called to consider the matters described above. Strategic and/or any of its joint actors may increase or decrease their respective ownership positions in Tiverton at any time.

Strategic also wishes to announce the following change in the information included in reports filed by it pursuant to National Instrument 62-103, dated December 14, 2005 and January 10, 2006, concerning its joint actor, C.A. Bancorp Ltd. On January 27, 2006, C.A. Bancorp Inc. (formerly Masthead Resources Ltd.) acquired all of the shares of C.A. Bancorp Ltd. By virtue of its ownership and control of C.A. Bancorp Ltd., C.A. Bancorp Inc. is a joint actor of Strategic in respect of Tiverton. C.A. Bancorp Ltd. continues to own 2,085,860 common shares of Tiverton, representing approximately 2.07% of all issued and outstanding common shares of Tiverton. John F. Driscoll, together with Driscoll Family Trust (a trust for the benefit of members of Mr. Driscoll’s family) and Driscoll Children’s Trust (a trust for the benefit of Mr. Driscoll and members of his family), directly or indirectly control C.A. Bancorp Inc., the parent of C.A. Bancorp Ltd.

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.

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