Tricap Partners II L.P.

June 07, 2007 19:20 ET

Tricap Partners Acquires Interest in Central Alberta Wells Services Corp.

CALGARY, ALBERTA--(Marketwire - June 7, 2007) - Further to its press release on June 1, 2007, Tricap Partners II L.P. ("Tricap") announces that it has acquired an additional 10,361,688 Class A voting common shares ("Class A Shares") of Central Alberta Well Services Corp. (TSX VENTURE:CWC) (the "Corporation") pursuant to a private placement, and has converted 5,605,846 of its Class B non-voting common shares of the Corporation ("Class B Shares") into Class A Shares such that, following such private placement and conversion, it holds 44,890,421 Class A Shares representing 49.5% of the issued and outstanding Class A Shares. Prior to completion of the private placement transaction and conversion, Tricap held 28,922,887 Class A Shares and 28,219,970 Class B Shares. In addition, Brookfield Bridge Lending Fund Inc. ("BBLF"), an affiliate of Tricap, currently holds warrants entitling it to acquire, upon exercise, 12,121,212 Class A Shares. Tricap has agreed with the Corporation that no warrants will be exercised for Class A Shares, and further that no Class B Shares will be converted into Class A Shares, if such exercise or conversion would result in Tricap and its affiliates holding more than 49.5% of the then issued and outstanding Class A Shares.

Tricap has acquired the Class A Shares for investment purposes only.

For additional information, or for a copy of the early warning
report filed in respect of the above transaction, please contact:

Jim Reid
Tel: 403-770-7215

Tricap Partners II L.P. Tricap was established by Brookfield Asset Management to provide a source of patient, long-term capital and strategic assistance to mid-market companies based in North America. With strong industry and financial management expertise, Tricap is well positioned to assist companies in building value over the long term.

NOTE: This press release contains forward-looking information and other "forward-looking statements" within the meaning of certain securities laws including Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "will" and "expected" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although Tricap believes that the anticipated actions expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual outcome to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions; the behaviour of financial markets including fluctuations in interest and exchange rates. We caution that the foregoing list of important factors that may affect future results is not exhaustive. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

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

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