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Strategic Energy Fund (TSX: SEF.UN) withdraws the offering of warranted units
2006-11-01

Toronto/Calgary: Strategic Energy Management Corp., the manager of Strategic Energy Fund (the “Fund”) announced that it has withdrawn its current offering of warranted units. The withdrawal is due to current market conditions resulting from the October 31, 2006 Federal Government announcement to impose taxation on income fund distributions. All expenses related to the current offering of warranted units will be borne by Strategic Energy Management Corp. and not the Fund.

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 of the Fund is Sentry Select Capital Corp., a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 17 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of September 30, 2006, the firm had approximately $8.5 billion in gross assets under management.

More information: Investor Services (broker/investor inquiries), Kinga Lam (media inquiries)Tel: 1-888-246-6656 Fax: 416 364-1197 info@sentryselect.com www.sentryselect.com


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