Total Energy Services Trust

Total Energy Services Trust

October 03, 2005 17:57 ET

Total Energy Services Trust Announces Closing of Black Gold Acquisition

CALGARY, ALBERTA--(CCNMatthews - Oct. 3, 2005) - Total Energy Services Trust (TSX:TOT.UN) ("Total") is pleased to announce that Total Oilfield Rentals, a division of Total's wholly-owned subsidiary, Total Energy Services Ltd, has completed the acquisition of the oilfield drilling and production rental equipment and trucking assets of Black Gold Tank Rentals 2001 Corp. and Black Gold Transport Ltd. (collectively, "Black Gold"). Aggregate cash consideration of $4.3 million was paid by Total Oilfield Rentals in connection with the acquisition transaction, which was effective October 1, 2005.

Black Gold provided drilling and production rental equipment and light oilfield transportation services to oil and natural gas companies operating in northwestern Alberta and northeastern British Columbia since 1991. The purchased assets, which include approximately 150 pieces of rental equipment and seven heavy trucks, are to be integrated into the Dawson Creek, British Columbia branch recently established by Total Oilfield Rentals. With the addition of the Black Gold assets, Total Oilfield Rentals currently owns approximately 3,100 pieces of rental equipment and 56 heavy trucks.

Total Energy Services Trust is a growth oriented oil and gas service income trust involved in contract drilling services, drilling and production rentals and natural gas compression equipment fabrication, sales, rental and service. The trust units of Total Energy Services Trust are listed and trade on the TSX under the symbol "TOT.UN".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Total Energy Services Trust
    Mr. Daniel K. Halyk
    Chief Executive Officer
    (403) 216-3921
    Total Energy Services Trust
    Mr. David A. Hawkins
    Vice-President Finance and Chief Financial Officer
    (403) 216-3920