Creststreet Asset Management Ltd. has filed a final prospectus for the initial public offering of Creststreet 2001 Limited Partnership units. Closing of the offering has been set for May 31.

The offering proposes to raise up to $20 million for investment in flow-through shares of predominantly oil and gas exploration and development companies. Creststreet says that, in order to maintain a highly selective investment strategy for the fund, the maximum amount of the offering will not be increased.

Investors are expected to receive tax deductions in of approximately 92% of the amount invested for the 2001 taxation year.

Creststreet 2001 Limited Partnership is the second flow-through offering of Creststreet Asset Management Ltd.. Its first flow-through offering, Creststreet 2000 Limited Partnership, had a net asset value of $11.72 per unit as of April 30, 2001. This represents a 67.9% after-tax total return for an individual investor in Ontario subject to the highest marginal tax rate.

The offering is being made through a syndicate of investment dealers led by Scotia Capital Inc. and which includes BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd. and Yorkton Securities Inc.