Builders Energy Services Trust

Builders Energy Services Trust

June 02, 2005 09:18 ET

Builders Energy Closes $15 Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - June 2, 2005) -


Builders Energy Services Trust (TSX:BET.UN) ("Builders", or the "Trust") announced today the closing of its previously announced bought deal private placement of 1,200,000 trust units ("Trust Units") at a price of $12.50 per Trust Unit (including the underwriters' option of 400,000 Trust Units) for total gross proceeds to Builders of $15,000,000. The offering was completed through an agreement with underwriters Canaccord Capital Corporation and J.F. Mackie & Company Ltd.

Purchasers of Trust Units issued pursuant to the offering will be eligible for the anticipated distribution payable on July 15, 2005 to unitholders of record on June 30, 2005.

Proceeds of the offering will be used to partially fund the Trust's recently announced Electric Line ("e-line") acquisition, which is expected to close by the end of June 2005, and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Trust Units in any jurisdiction. The Trust Units offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a U.S. person, absent registration, or an applicable exemption therefrom.

Based in Calgary, Builders Energy Services Trust is an open-end unincorporated investment trust governed by the laws of the Province of Alberta and was established to acquire and operate entities that engage in oilfield services. The principal undertaking of the Trust, through its indirect wholly-owned subsidiary Builders Energy Services Ltd., is to provide a variety of services to oil and gas exploration and production companies in Western Canada, including oilfield services, oilfield transportation and oilfield equipment rentals. Builders' Trust Units are listed on the Toronto Stock Exchange and trade under the symbol "BET.UN".

When used in this news release, the words "anticipate", "estimate" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the date that the statements are made, and the Trust undertakes no obligation to update forward-looking statements if conditions or opinions should change.

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

Contact Information