BlackWatch Energy Services Trust
TSX : BWT.UN

BlackWatch Energy Services Trust

December 23, 2008 19:55 ET

BlackWatch Energy Services Trust Announces Approval of Plan of Arrangement and Receipt of Final Court Order

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2008) - BlackWatch Energy Services Trust ("BlackWatch" or the "Trust") (TSX:BWT.UN) is pleased to announce that its previously announced conversion to a corporation (the "Reorganization") pursuant to a plan of arrangement transaction under the Business Corporations Act (Alberta) was approved today at the special meeting of unitholders of the Trust and holders of exchangeable partnership units of BlackWatch Energy Services Limited Partnership, with 95.4% of the votes being cast in favour of the Reorganization. The Alberta Court of Queen's Bench has also granted the final Order required in connection with the Reorganization. Subject to the satisfaction of standard closing conditions, the Reorganization is expected to be effective on December 31, 2008.

Upon the reorganization becoming effective, the Trust will have converted to a corporation known as "BlackWatch Energy Services Corp.", the common shares of which will trade on the TSX under the symbol "BWT". Trading of the common shares on the TSX is expected to commence on or about January 7th, 2009.

ABOUT BLACKWATCH ENERGY SERVICES TRUST

BlackWatch Energy Services Trust is a diversified income trust that provides a range of services to its customers operating in the western Canadian sedimentary basin including drilling, wireline services, rig transportation and hauling, production services, and oilfield equipment rentals. The units of BlackWatch trade on the Toronto Stock Exchange under the symbol "BWT.UN".

This press release may contain forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performance or achievements of BlackWatch to be materially different from results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for BlackWatch's services, competition and BlackWatch's ability to attract and retain customers and employees.

Contact Information

  • BlackWatch Energy Services Trust
    Travis Robertson
    President and Chief Executive Officer
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    BlackWatch Energy Services Trust
    Wiley Auch
    Vice President, Finance & CFO
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    BlackWatch Energy Services Trust
    300, 855 - 8 Avenue SW
    Calgary, Alberta T2P 3P1
    (403) 225-3879
    (403) 366-2066 (FAX)
    Website: www.blackwatchenergy.ca