Creststreet Asset Management Limited today announced that it has completed the rollover of Creststreet 2005 Limited Partnership into Creststreet Resource Class Shares (Creststreet Resource Fund) of Creststreet Mutual Funds Limited.

In the rollover, units of Creststreet 2005 LP were exchanged on a tax-deferred basis for Creststreet Resource Fund – 2007 Series shares of equal value. Limited Partners of the Creststreet 2005 LP received 0.76130089269 Creststreet Resource Fund – 2007 Series shares for each Creststreet 2005 LP unit held.

The Creststreet Resource Fund – 2007 Series shares will be redeemable and exchangeable beginning May 25, 2007. The Creststreet Mutual Funds Limited does not charge redemption fees.

Creststreet offers two additional fund classes, Creststreet Managed Income Fund and Creststreet Managed Equity Index Fund, allowing investors to switch fund classes to further diversify their investment on a tax-deferred basis. Creststreet Mutual Funds are also RRSP eligible.

Creststreet 2005 LP invested in flow-through shares of companies engaged principally in the exploration and production of natural gas.

Creststreet believes that the current depressed price of natural gas is temporary.

Creststreet Resource Fund retains the same significant weighting in natural gas producers as the Creststreet 2005 LP and is therefore very well positioned to benefit from the anticipated recovery in natural gas prices.

Since its inception in 2000, Creststreet has raised over $725 million for investment in resource and renewable energy companies.

http://www.newswire.ca/en/releases/archive/January2007/23/c8396.html