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Strategic Energy Fund (TSX: SEF.UN) releases 2006 semi-annual financial results

Toronto/Calgary: Strategic Energy Management Corp. is pleased to announce the 2006 semi-annual results of Strategic Energy Fund for the six-month period ended June 30, 2006.

Highlights:• In May 2006, the Fund closed a rights offering that raised total gross proceeds of $64,297,860 through the issuance of 5,358,155 units. • The Fund’s net assets were $286,550,021 as of June 30, 2006, representing an increase of approximately 23% from December 31, 2005. The largest factor contributing to the Fund’s increase in net assets was the rights offering. • In the interim period, the Fund declared distributions of $0.63 per unit. As of April 2006, the Fund increased its monthly distributions from $0.10 to $0.11 per unit.• For the interim period, the Fund earned investment income of $11,152,203 (2005 - $2,146,105), mostly from royalties and dividends. Expenses for the interim period were $3,014,129 (2005 - $744,117). The increase in the Fund’s investment income and expenses reflects primarily the increase in the Fund’s net assets. • The Fund’s NAV per unit as of June 30, 2006 was $13.39 and the units closed on the Toronto Stock Exchange at $12.75, representing a 4.8% discount to NAV.• For the six-month period ended June 30, 2006, the Fund recorded a net realized gain on sale of investments of $6,670,445 (2005 - $10,216,533) and a change in unrealized depreciation of investments of $5,019,484 (2004 - 4,683,713).

2006 interim financial results: For complete 2006 Semi-Annual Management Report of Fund Performance and Semi-Annual Financial Statements, please visit or

Trading information and NAV: Strategic Energy Fund units trade on the Toronto Stock Exchange under the symbol SEF.UN. The Fund’s net asset value as of August 16, 2006 was $13.65 per unit.

Strategic Energy Fund: 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, 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.

The Fund’s investments in established companies, including energy royalty and income trusts, are made with a view to generate sufficient income to permit the Fund to make monthly cash distributions to unitholders. The Fund expects to continue to pay monthly distributions of $0.11 per unit during the remainder of 2006. However, if the make-up of the portfolio changes or if such portfolio holdings make distributions other than in accordance with their indicated guidance, distributions may differ.

Investments in early-stage energy companies are focused on both private and public issuers with strong, experienced management teams that have proven track records of enhancing shareholder value and successfully executing exit strategies. As well, the Fund may invest in undervalued issuers where Sentry Select Capital Corp., investment advisor to the Fund, believes that capital appreciation can be realized.

Sentry Select Capital Corp.: The investment advisor is Sentry Select Capital Corp., a wealth management company providing investment, administrative and marketing services to 32 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 16 mutual funds, 15 principal-protected notes and three flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of July 31, 2006, the firm had approximately $8.5 billion in gross assets under management.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416 364-1197

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