Phoenix Oilfield Hauling Inc.

Phoenix Oilfield Hauling Inc.

June 05, 2006 16:44 ET

Phoenix Oilfield Hauling Inc. Announces the Revocation of Cease Trade Orders

NISKU, ALBERTA--(CCNMatthews - June 5, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Phoenix Oilfield Hauling Inc. (TSX VENTURE:PHN) ("Phoenix" or the "Company") is pleased to announce that the Alberta Securities Commission and the British Columbia Securities Commission have each issued Revocation Orders dated June 2, 2006 that grant full revocation of Cease Trade Orders that were in force against the Company and its predecessor Marine BioProducts International Corporation ("Marine"). Partial Cease Trade Revocation Orders were previously issued that allowed the Company to complete a Plan of Arrangement which amongst other things reorganized its business into a company specializing in the transportation of products, materials, supplies, and equipment required for the exploration, development and production of petroleum resources.

Subject to approval of the TSX Venture Exchange, the Company expects to commence trading shortly on the TSX Venture Exchange under the symbol PHN.

Certain information set forth in this press release contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of oil and gas prices, currency fluctuation, competition from other industry participants, 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. Actual results, performance or achievement could differ 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 will be derived there from. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor any securities regulatory authority has in any was passed upon the merits of the transaction described in this press release and any representation to the contrary is an offense.


Contact Information

  • Phoenix Oilfield Hauling Inc.
    Doug Eger
    Vice-President of Finance and CFO
    (780) 955-8840