January 21, 2015

ENERCAPITA ENERGY TRUST ANNOUNCES SUMMARY OF 2014 OPERATIONS AND UPDATE ON

2015 OPPORTUNITIES

CALGARY, ALBERTA - Enercapita Energy Trust (Enercapita, the Trust) is pleased to announce
a summary of key 2014 accomplishments and provide an update on how the Trust is well
positioned to succeed in the current low commodity price environment.
Business Strategy
Enercapitas business strategy is to engage in the exploration, acquisition, development and
production of petroleum and natural gas in western Canada and invest in assets that have
demonstrated an ability to generate substantial free cash flow. The Trusts objective is to
acquire these high quality assets and then grow incremental production through optimization,
exploitation and operational excellence. Key to this approach is to protect against downside
commodity risk through a disciplined price risk management strategy to create long term stable
free cash flow. In addition, maintaining a strong balance sheet is a key component of the
business strategy as this provides financial flexibility in volatile commodity price environments.
The Trusts investment thesis is that there will be significant opportunities for well capitalized
entities to make accretive acquisitions in low commodity price environments. Current low
commodity pricing provides a tremendous opportunity for Enercapita as competition will be
reduced and some companies will be required to sell high quality assets to protect their balance
sheets.
Enercapita will target assets which have the following characteristics:

Low risk, low decline, conventional assets;

Assets with low operating and royalty cost structures;
Assets with long term predictable production profiles;
Operated assets with high working interest; and
Exploitation and optimization upside, not drilling upside

2014 Summary
Enercapita was incorporated in February 2014 and successfully closed an acquisition of a
property with long life, low decline legacy production predominantly in East Central and North
Western Alberta (the Acquisition). Enercapita and a private junior oil and gas company
acquired approximately 800 boe/d of production for cash consideration of $15.6 million.
Enercapita's initial non operated working interest in the acquired assets was 75% which was
approximately 600 boe/d net to the Trust. Enercapitas first Acquisition positioned the Trust
well with a low decline and stable production base. The assets were acquired at attractive

metrics and generate significant free cash flow for Enercapitas future growth. The acquired
production was 90% weighted to natural gas with the balance of the production oil and liquids.
This Acquisition was consistent with Enercapitas investment premise, with the following key
attributes:

Long life, low risk production with the majority of wells producing for over 20 years
Less than 10% production decline profile
Low operating costs of approximately $11.00/boe
Low royalty costs of approximately 10%
Numerous low risk optimization opportunities identified to add production at low
capital costs

Since acquiring the assets, Enercapita and its partners have:

Not only arrested production decline but have increased gross production by +13%
from 800 boe/d (600 boe/d net) to approximately 900 boe/d (675 boe/d net).
Enercapita expects to add another 150 boe/d in Q1 2015 by tying in a newly
recompleted well.
Reduced operating costs by approximately 10% to date (approximately $275,000
annually) by streamlining operating personnel and implementing more cost
effective chemical programs.
Began licensing a water disposal facility which when constructed will further reduce
annual operating costs by an additional 10% by mid-year 2015.
Initiated a contract review process to update all processing, gathering and
compression contracts which is expected to increase revenue by $80,000 annually.
Identified numerous additional low risk optimization and exploitation opportunities
which will be implemented in 2015.
Geologically mapped the existing assets and identified development potential in the
Mannville and Viking formations.

Enercapitas first Acquisition reinforces the Trusts belief that a unique opportunity exists to
generate superior risk adjusted returns by aggregating a portfolio of high quality, low risk
conventional energy assets.
2015 Opportunities
The current commodity price environment has been extremely volatile in recent months with
current West Texas Intermediate crude oil prices below US$50 per barrel and AECO natural gas
prices below CAD$2.75 per gigajoule. Enercapitas business model allows the Trust to be in a
position of strength during periods of low commodity prices. With a strong balance sheet,
disciplined hedging strategy, and a stable, low decline asset base, the Trust is well positioned to
grow during this period of low commodity prices.
Enercapita exited 2014 with no debt and approximately 70% of our 2015 production hedged at
CAD$3.59 per gigajoule of natural gas and CAD$99.85 per barrel of oil. These financial hedges
protect the Trusts cash flow and reduce earnings volatility. In addition, the low decline

production base allows the Trust to spend minimal maintenance capital and continue to
generate significant free cash flow.
A significant portion of the oil and gas industry will be in a distressed financial condition in 2015,
which will provide opportunities for Enercapita to acquire high quality assets that meet our
investment criteria on a counter cyclical basis. As a well-capitalized entity, Enercapita is well
positioned to grow our company during this commodity price cycle and continue to add value
for our unitholders.
About Enercapita
Enercapita is an energy fund focused on low risk exploitation and optimization of existing
production. The fund is an RRSP eligible investment vehicle that streams the cash flow from its
production directly to its investors on a priority basis.
For more information please contact:
Greg Tooth, Co-Founder
Tel: 587.887-1527
E-mail: gtooth@enercapita.com

Forward Looking Information

This news release may contain certain information that is forward looking and, by its nature,
such forward-looking information is subject to important risks and uncertainties. The words
"anticipate," "expect," "may" "should" "estimate," "project," "outlook," "forecast" or other
similar words are used to identify such forward looking information. Those forward-looking
statements herein made by Enercapita, if any, reflect Enercapita's beliefs and assumptions based
on information available at the time the statements were made. Actual results or events may
differ from those anticipated or predicted in these forward-looking statements, and the
differences may be material. Factors which could cause actual results or events to differ
materially from current expectations include, among other things: risks associated with the
ownership and operation of businesses, including fluctuations in interest rates; general economic
conditions; supply and demand for businesses; competition for available businesses; changes in
legislation and the regulatory environment; and international trade and global political
conditions. Readers are cautioned not to place undue reliance on any forward-looking
information contained in this news release (if any), which is given as of the date it is expressed
herein. Enercapita undertakes no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or otherwise.