IROC Energy Services Corp.

IROC Energy Services Corp.

August 05, 2008 06:00 ET

IROC Energy Services Corp. Appoints Special Committee to Evaluate Strategic Options

CALGARY, ALBERTA--(Marketwire - Aug. 5, 2008) -


IROC Energy Services Corp. ("IROC" or the "Company") (TSX:ISC) announces that it has established a special committee (the "Special Committee") of certain independent directors of IROC with a mandate to undertake a process to evaluate the various strategic alternatives available to the Company. In this regard, the Special Committee has retained Peters & Co. Limited as its financial advisor to assist in the review process.

Tom Alford, the President and CEO of IROC commented: "Management and the Board of Directors of IROC continue to recognize the strength and growth prospects of IROC's core businesses and the improving market conditions resulting from robust commodity prices and the emergence of certain resources style plays in the Western Canadian Sedimentary Basin. The Special Committee has been formed to thoroughly examine all alternatives available to IROC in order to ensure that shareholder value is maximized. The process will be carried out over a period of time and has no predetermined or preconceived outcome."

About IROC Energy Services Corp.

IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a comprehensive and diverse range of products, services and equipment to the oil and gas industry. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in six core areas: well servicing & equipment, drilling rig equipment & services, downhole temperature & pressure monitoring tools, rental services, lease building, and safety, monitoring & communications services. For more information on IROC Energy Services Corp. visit our website at

Publicly reported information for IROC Energy Services Corp. is available at

Cautionary Statements

Certain statements contained in this press release may constitute forward looking statements concerning, among other things, expected revenues, expected expenses, profits, developments and strategies for IROC's operations all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.

The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.

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