Peak Energy Services Trust
TSX : PES.UN

Peak Energy Services Trust

January 17, 2007 17:27 ET

Peak Energy Services Trust Confirms Cash Distribution for February 15, 2007

CALGARY, ALBERTA--(CCNMatthews - Jan. 17, 2007) - Peak Energy Services Trust (TSX:PES.UN) ("Peak") confirms its cash distribution for the month of January 2007 will be Cdn. $0.09 per trust unit. This cash distribution will be paid on or about February 15, 2007 to unitholders of record on January 31, 2007. The ex-distribution date will be January 29, 2007.

Peak also announces the suspension of its Premium Distribution™, Distribution Reinvestment and Optional Trust Unit Purchase Plan (the "Plan"), commencing with the distribution to be paid February 15, 2006. Under the terms of the Plan, the Trust has the right to determine on or before each monthly distribution record date, the amount of equity, if any, that will be made available under the Plan on the next distribution payment date. Accordingly, no equity will be made available to Unitholders for reinvestment under the Plan until further notice. The Trust may, at its discretion, elect to reinstitute the distribution of equity under the Plan in the future. While the Plan in suspended, former participants will receive regular cash distributions.

About Peak Energy Services Trust

Peak Energy Services Trust is a diversified energy services organization providing oilfield equipment and related services to the energy industry in western Canada and the mid-western United States of America. Peak's trust units are listed on the Toronto Stock Exchange under the symbol "PES.UN".

Certain information set forth in this news release, including management's assessment of Peak's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, competition from other industry participants, volatility of commodity prices, currency fluctuations, environmental risks, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peak's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peak will derive there from. Peak disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX have neither approved nor disapproved the information contained herein.

Contact Information

  • Peak Energy Services Trust
    Mr. Curtis W. Whitteron
    President and Chief Operating Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Trust
    Mr. Matthew J. Huber
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Trust
    Suite 1800, 530 - 8th Avenue S.W.
    Calgary, Alberta, T2P 3S8