Sikanni Services Ltd.

Sikanni Services Ltd.

January 11, 2007 12:14 ET

Durham Capital Corp. and Sikanni Services Ltd. Announce Completion of Qualifying Transaction

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2007) - The Board of Directors of Durham Capital Corp, (the "Corporation") a capital pool company, announce that shareholders approved the Corporation's "Qualifying Transaction" at a Special Meeting of shareholders held on December 22, 2006 in Calgary, Alberta. Subsequently, the Corporation closed its amalgamation with Sikanni Services Ltd. (TSX VENTURE:SKI), of Red Deer, Alberta ("Sikanni") to complete its "qualifying transaction" as outlined in its Information Circular dated November 24, 2006.

The amalgamation was valued at $7,100,000, which was satisfied via the issuance of 28,400,000 common shares to shareholders of Sikanni. After giving effect to the transaction, including the previously issued common shares of the Corporation, approximately 32,334,420 common shares will be issued and outstanding. Effective at the market opening on January 12, 2007 the newly amalgamated entity will be posted on the TSX Venture Exchange and continue under the name "Sikanni Services Ltd." and its trading symbol will be "SKI". The former entity, Durham Capital Corp., will be delisted. Subsequent to closing the amalgamation Sikanni granted stock options to its directors, officers, employees, and consultants to acquire an aggregate of 2,840,000 common shares at an exercise price of $0.25 per share and expiring in five years.

The directors, officers, and insiders of Sikanni will collectively hold 15,851,760 Sikanni common shares or approximately 49% of Sikanni's issued common shares. Concurrently with closing the amalgamation the following individuals became directors and officers of Sikanni:

- Rod MacDonald - President, Chief Executive Officer and Director

- Thomas Lewis - Chief Financial Officer

- Paul Colborne - Director

- James Pasieka - Director

- David Heighington - Director

- Scott Harkness - Director

- Gerald Feschuk - Director

About Sikanni Services Ltd.

Sikanni commenced operations as an oil and gas service company in 2005 with offices in Red Deer and Grande Cache. Sikanni's business is dedicated to four key sectors of the oil and gas service sector: (i) oilfield waste management services; (ii) wheeled tank rentals; (iii) oilfield hauling and transportation; and (iv) mud distribution. A detailed corporate and operations update will be provided shortly.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sikanni Services Ltd.
    Rod MacDonald
    President & Chief Executive Officer
    (403) 348-2172
    Email: rmacdonald@sikanni.com
    or
    Sikanni Services Ltd.
    Thomas E. Lewis, CA
    Chief Financial Officer
    (403) 348-2172
    Email: tlewis@sikanni.com
    or
    Sikanni Services Ltd.
    208, 47114 - 51st Avenue
    Red Deer, Alberta, T4N 6H8
    (403) 348-0451 (FAX)