Creststreet Asset Management Limited today announced that, in accordance with long established term limits for its independent directors, Larry Macdonald has resigned as an independent board member on Creststreet’s oil and gas limited partnerships and mutual fund board of directors, effective today.

“As a board member with Creststreet since the company’s inception, Mr. Macdonald has made an immense contribution to Creststreet and the very strong governance practices we have embraced since the outset” said Robert Toole, managing director of Creststreet. “On behalf of Creststreet and all our investors, I wish to thank Mr. Macdonald for the very fine wisdom and guidance he has provided over the years.”

Macdonald was a member of the board and the audit committee for each of Creststreet 2007 Limited Partnership, Creststreet 2006 (II) Limited Partnership, Creststreet 2006 Limited Partnership and Creststreet Mutual Funds Limited.

Creststreet is in the process of identifying a suitable independent director to replace Macdonald. In the interim Toole will step in as a member of the audit committee. Toole is a member of the Canadian Institute of Chartered Accountants and the founder of Creststreet Capital Corp.

Creststreet is an investment management firm specializing in structuring and managing high quality energy focused investment products for Canadian and international institutional and high net worth investors. Since its inception in 2000, Creststreet has raised over $750 million for investment in resource and renewable energy companies.