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NCE Diversified Flow-Through (10) Limited Partnership raises $47,488,825 at first closing
2010-02-26

TORONTO: NCE Resources Group is pleased to announce that NCE Diversified Flow-Through (10) Limited Partnership (the “Partnership”) completed its first closing, raising gross proceeds of $47,488,825 and issuing 1,899,553 units of the Partnership.

Second closing: The second closing is expected to occur on or about March 30, 2010.

Flow-through shares: The Partnership has been created for the purpose of investing in flow-through shares of resource companies engaged in oil and gas exploration, development and/or production, mineral exploration, development and/or production, renewable energy exploration and development, and related resource business issuers such as pipeline or service companies and utilities. The actual allocation of the Partnership’s investment portfolio will be determined based on the investment opportunities available at the time of investment. The Partnership will endeavour to invest all gross proceeds of this offering in flow-through shares by December 31, 2010.

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 are expected to be eligible to receive tax benefits through participation in the Partnership, which is expected to include a deduction in 2010 of an amount equal to approximately 100% 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).

Manager and Portfolio advisor: The general partner, NCE Diversified Flow-Through (10) Corp. (the “General Partner”) has retained Sentry Select Capital Inc. (the ‘‘Manager’’ or ‘‘Sentry Select’’) as the manager of the Partnership, to direct the business, operations and affairs of the Partnership and provide day-to-day management services to the Partnership on behalf of the General Partner, including, without limitation, the provision of advice on and the management of the investment portfolio of the Partnership.

General partner: The General Partner is a corporation incorporated under the laws of the Province of Ontario. The General partner is a member of the NCE Resources Group, which is an oil and gas 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 $4.1 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 oil and gas industry participants.

Agents: The syndicate of agents, co-led by RBC Capital Markets and CIBC World Markets Inc., includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Scotia Capital Inc., Canaccord Financial Ltd., Dundee Securities Corporation, Raymond James Ltd., Macquarie Capital Markets Canada Ltd., Manulife Securities Incorporated, Burgeonvest Bick Securities Limited, Desjardins Securities Inc., Industrial Alliance Securities Inc., Jory Capital Inc., Laurentian Bank Securities Inc., M Partners Inc., Mackie Research Capital Corporation and Wellington West Capital Markets Inc.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect,’’ ‘‘intend,’’ “will” and similar expressions to the extent that they relate to the Partnership. Forward-looking statements in this news release include statements regarding the eligibility and receipt of tax benefits by investors through participation in the Partnership. The forward-looking statements are not historical facts but reflect the General Partner’s and Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the General Partner and Sentry Select believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the General Partner nor Sentry Select undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Please see the prospectus dated January 28, 2010 (the “Prospectus”) for a complete description of NCE Diversified Flow-Through (10) Limited Partnership. The offering is only made by Prospectus. The Prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the Prospectus before makings an investment decision. There are a number of risks associated with this type of investment. These investments are generally speculative in nature.


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