BlackWatch Energy Services Trust
TSX : BWT.UN

BlackWatch Energy Services Trust

July 09, 2007 09:46 ET

BlackWatch Energy Services Trust Closes $8.0 Million Rights Offering

CALGARY, ALBERTA--(Marketwire - July 9, 2007) - BlackWatch Energy Services Trust (TSX:BWT.UN) ("BlackWatch" or the "Trust") has completed its previously announced rights offering. All figures are reported in Canadian dollars unless otherwise stated. A total of 4,765,656 units of the Trust were subscribed for under the rights offering for gross proceeds of $8.0 million. The rights offering was fully subscribed.

Unitholders of record on June 11, 2007, received one right for each trust unit or exchangeable unit held. Holders were entitled to subscribe for one trust unit for each 5.2 rights at a price of $1.68 per trust unit on or before 4 P.M. (Calgary time) on July 3, 2007.

As disclosed in the Trust's rights offering circular dated May 31, 2007, the proceeds of the rights offering will be used to repay outstanding debt.

BlackWatch would also like to announce that the investor presentation from our July 6, 2007, annual and special meeting of unitholders is available for review and download on our website (www.blackwatchenergy.ca).

ABOUT BLACKWATCH ENERGY SERVICES TRUST

BlackWatch Energy Services Trust is a diversified energy services 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, coil tubing well servicing, production services, pipeline and facility construction and oilfield equipment rental services. The units of BlackWatch trade on the Toronto Stock Exchange under the symbol "BWT.UN".

Certain information regarding the Trust contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Trust believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Trust's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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

Contact Information

  • BlackWatch Energy Services Trust
    Travis Robertson
    President and Chief Executive Officer
    (403) 225-3879
    (403) 366-2067 (FAX)
    or
    BlackWatch Energy Services Trust
    Paul Partlo
    Vice President and Chief Financial Officer
    (403) 225-3879
    (403) 366-2067 (FAX)
    or
    BlackWatch Energy Services Trust
    #300, 855 8th Avenue SW
    Calgary, AB T2P 3P1
    Website: www.blackwatchenergy.ca