Market Overview

TerraVest Income Fund Completes Conversion to TerraVest Capital Inc.


VEGREVILLE, ALBERTA--(Marketwire - Oct. 31, 2012) - TerraVest Capital Inc. is pleased to announce the closing of the previously announced plan of arrangement (the "Arrangement") resulting in the successful conversion of TerraVest Income Fund (the "Fund") from an income trust to a corporate entity named TerraVest Capital Inc. ("TerraVest"). Pursuant to the Arrangement, each holder of Fund units received, for each Fund unit held, one common share of TerraVest (the "Common Shares"). No securities of the Fund remain outstanding. It is expected that the Common Shares will commence trading on the Toronto Stock Exchange under the symbol TVK, in two or three trading days, at which time the Fund units will be delisted.

TerraVest will continue to carry on the business previously conducted by the Fund. The trustees and senior management of the Fund will continue as directors and officers of TerraVest.

Registered holders of Fund units will be receiving a letter of transmittal from CIBC Mellon Trust Company/Canadian Stock Transfer Company, Inc. pursuant to which they may submit their certificates representing Fund units to be exchanged for certificates representing Common Shares. The holders of Fund units are not required to take any other specific action with respect to the exchange of Fund units for Common Shares.

About TerraVest Capital Inc.

TerraVest Capital Inc. has investments in two remaining portfolio businesses:

-- RJV Gas Field Services ("RJV"), one of Canada's largest providers of
wellhead processing equipment for the natural gas industry in western
Canada; and
-- Diamond Energy Services ("Diamond"), a market leader in providing well
servicing to the oil and natural gas sector in south-western

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, the expected date the Common Shares will be listed on the Toronto Stock Exchange. Readers can identify many of these statements by looking for words such as "expects" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

Assumptions regarding TerraVest's ability to meet the listing requirements of the Toronto Stock Exchange underlie these forward-looking statements, and should any of the factors or assumptions vary, actual results may differ materially from the forward-looking statements.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, TerraVest does not undertake to update such forward-looking statements.

TerraVest Capital Inc.
Dale H. Laniuk
President and Chief Executive Officer
(780) 632-7774

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